June 15, 2020
As per the report titled ‘Residential Water Heater Market Size By Product, By Capacity, By Fuel, 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 projected to amass substantial returns by the year 2026.
Global residential water heater market is primarily driven by consumer inclination towards energy efficient systems and replacement of conventional water heaters which consume abounding amount of electricity with new heating solutions that offer significant power savings.
While selecting new water heater, customers often consider factors such as fuel type, its availability and cost, alongside size of water heater, energy efficiency, cost-savings, annual operating costs, and quality of different models.
A wide variety of water heaters with varying sizes that can operate on a fuel source such as LPG or natural gas are available in the market. In addition, latest and modern water heaters enable easier installation and offer more convenience and safety over previous iterations, indicating a higher product adoption in the coming years.
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Based on capacity, above 400-liter segment is expected to gain decent traction over the forecast period, owing to inflow of investments towards development of large houses and villas.
In terms of fuel, natural gas segment of residential water heater market is predicted to record substantial growth in the forthcoming years, due to focus towards lowering electricity bills along with ongoing initiatives aimed at replacing conventional water heaters with natural gas-based water heaters.
As per the regional analysis, Eurasia market is reckoned to expand at 4% CAGR over the estimated timeframe. The report cites that Europe residential water heater market will register an appreciable growth, owing to stringent government norms & policies regarding deployment of energy efficient systems while reducing carbon emissions.
Major industry players include Ariston Thermo SpA, A.O. Smith, Bosch Thermotechnology, General Electric Appliances, Bradford White Corp., Haier Electronics, Rheem Manufacturing Company, Racold, Whirlpool Corp., State Water Heaters, Rinnai Corp., Ferroli S.p.A., HTP Comfort Solutions LLC, Lennox, BDR Thermea Group, Westinghouse Electric Corp., Havells India Ltd., American Standard Water Heaters, Noritz Corp., and Vaillant Group.