June 01, 2020
According to the research report titled ‘Global Water Heater Market Size By Product, By Capacity, By Application, By Fuel, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global water heater market is expected to register annual installation of 165 million units by the year 2026.
Increasing infrastructure development coupled with booming service sector are major factors driving the water heater market growth. Growing preference for less power consuming and instant water heating technologies in residential sector is also aiding the market expansion. Strict regulatory scenario aimed towards replacement of traditional water heating technologies with efficient heaters in commercial and domestic applications is further stimulating the industry outlook.
As per product type, instant water heater segment is anticipated to expand significantly during the forecast period. Growing demand for low cost and efficient water heating solutions along with rising adoption of the product across commercial establishments is favoring the market outlook.
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By fuel type, natural gas segment is expected to register decent growth during the analysis timeframe. These systems offer exceptional mass flow as well as efficient heating capabilities with low operating cost. Moreover, the product comprises of various features that allow user to control gas flow, ignition and temperature. Installation of natural gas-based water heaters in resorts and hotels owing to their better mass flow is fueling the segmental share. However, strict government regulations pertaining to the safety while installing the product as well as placing the vent pipes may hinder the market outlook. Nevertheless, rising adoption of the product in remote areas will create lucrative growth avenues for the market.
Worldwide water heater market share from residential application is anticipated to grow substantially during the estimated timeframe. Surging investments in retail sector in tandem with widespread modernization of existing infrastructures are complementing the business outlook. Inflowing investments by public entities towards development of green infrastructure along with rising R&D activities in order to develop innovative energy-efficient heating technologies are also positively influencing the growth of the segment.
From the regional frame of reference, Europe water heater industry is predicted to amass substantial gains by the year 2026, primarily due to strict regulatory scenario pertaining to emission mitigation. Also, there has been an upsurge in demand for seasonal hot water owing to extreme & unpredictable climatic conditions. In addition to this, easy availability of natural gas is impelling the sales of water heaters in Europe.
The prominent companies operating in global water heater industry are Haier Electronics, Noritz Corp., Vaillant Corp., American Standard Water Heaters, Westinghouse Electric Corp., Havells India Ltd., Whirlpool Corp., BDR Thermea Group, HTP Comfort Solutions LLC, Lennox, Ferroli S.p.A., State Water Heaters, Rinnai Corp., Rheem Manufacturing Co., Racold, General Electric Appliances, Bosch Thermotechnology, Bradford White Corp., Ariston Thermo S.p.A. and A.O. Smith.