March 13, 2020
As per the report titled ‘Asia Pacific Water Heater Market Analysis By Capacity, Product, Application, Fuel, Regional Outlook, Industry Size, Share, Growth Trends & Forecast, 2018 – 2025’, available with Market Study Report LLC, Asia Pacific water heater market is anticipated to accrue USD 8 billion by the year 2025.
Rapid economic growth and urbanization, along with increasing expenditure towards establishment of efficient building networks is driving the demand for water heaters in Asia Pacific. Increasing number of smart city projects and ongoing construction of residential and commercial spaces are positively impacting the market growth. Moreover, growing population and rising awareness towards advanced water heater technologies are complementing the business outlook.
Emergence of advanced water heating technologies, rising disposable incomes, improving living standards, and ongoing replacement of conventional systems to comply with building codes and standards are the other factors supporting the demand for water heating solutions across the region.
Based on the product, solar water heater segment is presumed to grow considerably during the study period, on account of government subsidies and incentives encouraging the adoption of renewable heating technologies. Lack of proper electrical network and frequent power outages are further supporting the adoption of solar water heaters. Low installation and maintenance cost will further boost the product penetration.
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Speaking of the application spectrum, residential segment is anticipated to record substantial growth during the estimated timeframe. Increasing adoption of hydronic underfloor heating units on account of high efficiency and sustainability, coupled with rising demand for hot water in residencies are favoring the segment growth. Emergence of advance power saving units coupled with the integration of technologies such as extensive control & monitoring, Wi-Fi, and leakage detection will further enhance the product demand in the residential sector.
Considering the geographical landscape, Asia Pacific water heater market is split into Australia, China, Indonesia, India, Singapore, Thailand, Japan, and South Korea. As per the report, growing inclination towards clean energy sources in tandem with increasing adoption of sustainable heating systems is stimulating the growth of Australia water heater market.
Stringent emission norms and regulations towards energy efficiency, such as water heater installation requirement 2009 which mandates installation of low emission water heaters across new and existing homes, are further enhancing the business outlook in Australia. In addition, the Australian government is encouraging the use of solar water heating units by granting Renewable Energy Certificates.
Major players in Asia Pacific water heating market include Havells India Limited, State Industries, Rheem Manufacturing, Hubbell, A.O Smith, Viessmann Group, Bosch Thermotechnology, Whirlpool Corporation, General Electric Appliances, Rinnai Corporation, Bradford White, and Ariston Thermo.
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