#waterheatermarketshare

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WATER HEATER MARKET SIZE TO GROW AT A CAGR OF 4.8% DURING THE FORECAST PERIOD 2021-2026

Water Heater Market size is estimated at $28.5 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Water Heater is an Electric Heater appliance that heats water for a variety of uses. Water heaters are available because of their energy efficiency and small scale. Electric Heater geysers have become very common for home use. Moreover, the Water Heater industry is growing, owing to the rising demand and widespread domestic applications such as hot water for cooking, bathing and cleaning. The water heater market would benefit from rising demand for energy efficient systems and geysers, as well as favorable regulatory policies on carbon emissions. For instance, in 2016, the United Arab Emirates invested $3Million in the area to introduce green strategies. Besides this, the growing number of strategies adopted by key players such as partnership, acquisition and collaboration to expand their presence and innovation in water heating technology to gain the market traction is set to drive its water heater industry.

Water Heater Market Segment Analysis – By Product Type:

Based on Product Type, Electric Heater Segment accounted for the largest revenue market share of around 75% in 2020 and is also anticipated to grow with the fastest CAGR. Electric Heater water heaters are becoming more popular as people become more concerned about energy efficiency and have huge growth in the number of pre-plumbed unvented systems in new constructions. To make Electric Heaters easier to use, manufacturers are incorporating smart heating controls. Electric Heaters are widely used in the commercial sector to help with production and for workers comfort. Water heaters are also being replaced more often as a result of energy efficiency laws variance in different countries. As a result, demand for highly efficient tankless Electric water heaters is growing and thus driving the Water Heater Industry. Solar Heater segment is anticipated to grow with the second fastest CAGR of 5.8% in the forecast period 2021-2026, attributed to the rising customer awareness of Solar water heaters and their cost-effective and environmentally friendly benefits in both the residential and commercial sectors. Furthermore, the government’s initiatives to promote Solar Heater products in India, as well as increasing product technical advances and rapid urbanization, are expected to drive segment growth.

Water Heater Market Segment Analysis – By Application:

Based on Application, Commercial accounted for the largest revenue market share in 2020. The demand for water heaters is being driven by the expansion of commercial infrastructure in various countries. Water heaters are used by small to mid-sized businesses in their everyday operations. Companies are adopting highly effective water heaters in the meantime to reduce energy consumption and operating performance. Commercial water heaters must be upgraded owing to increased use. As a result, manufacturers are incorporating new innovations that can serve as a cue for commercial water heater upgrades. Tankless heaters & Electric Heaters are gaining popularity in the commercial sector, owing to their ability to supply a large amount of hot water for an extended period of time driving the Water Heater Industry. Residential is projected to witness the fastest CAGR of 5.3% during the forecast period 2021-2026. Continuous infrastructure growth, combined with an increase in the deployment of energy efficient heating systems, would propel the segment forward. According to the IBEF, India would need over USD 777 billion in infrastructure investment by 2022. The industry will benefit from the ongoing rollout of smart cities with strict building efficiency codes and standards.

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Water Heater Market Segment Analysis – By Geography:

Based on Geography, North America Water Heater Market accounted for the 38% revenue share in 2020. More than 9 million water heaters are sold in the United States per year, indicating that there is a strong demand for water heaters in North America, which accounts for a large portion of the industry. Tankless water heaters in the United States are compact, dependable, and long-lasting devices that provide high performance and much better energy efficiency than tank units. Due to the cold weather conditions in the area, demand for heating appliances is extremely high in most North American countries. In July 2017, Rinnai America has announced that it has expanded its North American headquarters by constructing a new two-story headquarters building and opening a North America Innovation and Training Center accelerating water heater expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards economic growth in countries like China, Japan, Australia and India

Water Heater Market – Drivers

The Growing Demand for Storage Heater:

By using hot water Storage Heater tanks, Storage Heater water heaters help to maximize heating ability. Manufacturers provide Storage Heater in a range of sizes to meet the needs of customers. Storage Heater are less costly to install than other types of water heaters, and they are also simple to maintain and repair. However, since Storage Heater have been known to burst, vendors are focusing on offering standard water heater services. Furthermore, Storage Heater necessitate space for the tank; as a result, manufacturers are concentrating on reducing the size of Storage Heater to alleviate the space problem driving the Water Heater Industry.

Water Heater Market – Challenges

Increase In Electric Prices:

Rising electricity prices are expected to restrict the growth of the water heater industry. Water heating systems, such as electric heaters, are the second largest consumer of electricity in the home, accounting for 18 percent of total electricity costs, according to the US Department of Energy. Furthermore, an average water heater operates for three hours every day, as per study thereby, hampering the industry development.

Water Heater Market – Landscape:

The Water Heater Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Water Heater Market top 10 companies are State Industries, Ariston Thermo, Haier Electronics, Fast Water Heater, Neighbourly Company Viessmann, Rinnai, A.O Smith, Rheem Manufacturing, Whirlpool Corporation and American Residential Services.

Acquisitions/Product Launches:

In August 2020, A.O Smith launched MiniBot, a 3-litre instant water heater with modern technology. MiniBot’s inner tank is filled with Blue Diamond glass, which provides superior corrosion resistance to traditional glass-lined items. It also protects against premature tank failure due to India’s hard and polluted water, extending the life of the water heater.

Key Takeaways

Water Heater market growth is being driven by technological advances, adoption of new techniques, and the innovation are resulting in the production of low-cost heaters and energy-efficient.

Geographically, North America Water Heater Market held the largest revenue share of 38% in 2020 owing to the presence of potential players who are creating new products, high investments in R&D, and government funding. The scope of the Water Heater Market for various regions will be provided in the final report.

The Water Heater Industry is expanding owing to rising perception of the product’s benefits in various applications and consumer preferences are expected to shift as quality levels increase.

The growing demand for Storage Heater owing to easy installation and maintenance is a significant factor that is expected to push the Water Heater industry during the forecast period 2021-2026.

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Water Heater Market Analysis, Trends, Growth, Size, Share and Forecast 2018 to 2023

The global water heater market is anticipated to grow at a CAGR of 5.7% over the forecast period. Water heaters are the extensively used water heating equipment across the globe owing to various factors favoring their adoption. Factors such as cost-effectiveness, easy-availability, compactness and efficiency are the major factors supporting the adoption of water heaters across residential, commercial, and industrial end-use.

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As per Energy Star, water heating represents between 13% to 17% of national residential energy consumption, making it the third largest energy end user in homes, behind heating and cooling and kitchen appliances in the US. The percentage of energy used for water heating steadily increases as homes become more energy efficient over the period. 

Major factors driving the growth of global water heaters market are government subsidy on energy efficient water heaters and growing adoption of water heaters in industrial and commercial industry over boilers for the same purpose. Government subsidies and incentives have been driving the adoption and installation of water heater especially solar water heaters across the globe. For instance, in 2018, as per Energy Star, the incentives range from $20 to $2,000 both for solar water heaters in the US. 

Moreover, despite the decline in average incentives for heat pump water heater, gas storage water heaters, and commercial water heaters; the average incentives for tankless gas water heaters and solar water heaters increased $246 to $248 and $485 to $519 respectively in the US. However, there are certain factors such as high initial cost and space requirement of solar water heater are hindering the market growth. Besides, increasing adoption of hybrid and solar powered water heater is promising ample opportunity for the market.

According to Energy Star, in 2018, the incentives range from $20 to $2,000 both for solar water heaters and heat pump water system in the US. Moreover, the average incentive amount for heat pump water heaters, gas storage water heaters, and commercial water heaters decreased from 2017 ($403 to $388, $165 to $161, and $2,300 to $346, respectively), while the average incentive amount for tankless gas water heaters and solar water heaters increased ($246 to $248 and $485 to $519, respectively) in the US. 

The average incentive amount for hybrid heat pumps stayed the same at $200. The largest decrease was for commercial water heaters, which declined from an average incentive amount of $2,300 in 2017 to $346 in 2018. The largest increase was for solar water heaters, which increased from an average incentive amount of $485 in 2017 to $519 in 2018 in the US.

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Current Market Trends Covered in the Global Water Heater Market Report

Based on     the energy source, the electricity segment is estimated to hold a     dominating market share during the forecast period. 

Based on     the end-user, residential held the largest market share in the global     water heater market in 2018. 

Asia-Pacific     is estimated to dominate the global water heater industry during the     forecast period.

Global Water Heater Market Segmentation

By Energy Source

Gas

Electricity

Hybrid

Solar

By Mode of Water Supply

On-Demand     or Tankless

Storage     or Tank 

By End-User

Residential 

Commercial

Industrial

Global Water Heater Market – Segment by Region 

North America           

US

Canada

Europe

Germany

UK

France

Spain

Italy

Rest of     Europe

Asia-Pacific    

China

Japan

India

Rest of     Asia-Pacific

Rest of the World

Latin     America

Middle     East and Africa

Company Profiles

·        A. O. Smith Corp.

·        Ariston Thermo SpA

·        Atc Electrical and Mechanical Ltd.

·        Bajaj Electricals Ltd.

·        Bandini Scaldabagni S.P.A.

·        Bradford White Corp.

·        Crompton Greaves Ltd.

·        General Electric Company

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The global water heater market is anticipated to grow at a CAGR of 5.7% over the forecast period. Water heaters are the extensively used water heating equipment across the globe owing to various factors favoring their adoption. Factors such as cost-effectiveness, easy-availability, compactness and efficiency are the major factors supporting the adoption of water heaters across residential, commercial, and industrial end-use.  Browse Full Report at https://www.omrglobal.com/industry-reports/water-heater-market