Global Residential Water Heater Market to Record Significant Growth Over 2020-2026

August 26, 2020

According to the research report titled ‘Residential Water Heater Market Size By Product, By Capacity, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report LLC, global residential water heater market is anticipated to accrue exponential growth during 2020-2026.

Consumer inclination towards energy efficient systems and shifting trend of substituting conventional water heaters with latest heating systems for significant power savings are the major factors driving the growth of global residential water heater market.

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Factors such as energy source, price, range of products, and annual operating costs are usually taken into consideration while purchasing residential water heaters. Easy installation, convenience of use, and safety offered by the latest equipment leading to improved living standards are propelling the growth of residential water heater market.  

Based on capacity, the market is categorized into below 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and above 400 liters. Among these, above 400-liter segment is poised to witness modest growth over the forecast period, owing to rise in investments toward development of large houses and villas.

With respect to the fuel type, residential water heater market is classified into LPG and natural gas. The report cites that natural gas power water heaters are recording escalated demand, owing to focus towards minimizing electricity bills along with ongoing initiatives for replacement of conventional water heaters.

Considering regional overview, residential water heater market in Europe is expected to showcase momentous growth through 2026, due to strict government rules for deployment of energy efficient systems and emphasis on limiting carbon emissions in the region.

Key players operating in global residential water heater market are Racold, American Standard Water Heater, Noritz Corporation, Ferroli S.p.A, Rheem Manufacturing Company, Ariston Thermo SpA, Bradford White Corporation, Bosch Thermotechnology, Vaillant Group, General Electric Appliances, BDR Thermea Group, State Water Heaters, Whirlpool Corporation, HTP Comfort Solutions LLC, Westinghouse Electric Corporation, Havells India Limited, Lennox International Inc., Rinnai Corporation, Haier Electronics, and A.O. Smith.

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