New York, United States , April 26, 2023 (GLOBE NEWSWIRE) -- The Global Water Heater Market Size is to Grow from USD 30.39 Billion in 2022 To USD 46.62 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.37% during the projected period. Concerns about energy efficiency are driving up demand for electric water heaters. An increase in the number of pre-plumbed unvented systems in new construction is also driving customer demand for electric heaters. Additionally, businesses are implementing highly efficient water heaters in order to reduce electrical consumption and maximize efficiency.
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In residential establishments, water heaters consume a significant amount of energy. In response to the implementation of stringent legislative requirements, product manufacturers are attempting to develop cost-effective systems such as tankless water heaters. Water heaters use electricity, gas, petroleum, or photovoltaic power to heat water to the desired temperature. The global market is being driven primarily by the rising demand for heated water from various residential applications such as cooking and housekeeping duties, which is expected to drive market expansion during the forecast period. Energy and environmental regulations are increasingly influencing the widespread adoption of energy-efficient products, which is expected to increase the popularity of cost-effective and smart water heating solutions in the future.
The tankless segment accounted for the largest market share over the forecast period.
On the basis of product, the global water heater market is segmented into tankless, storage, hybrid, and others. Among these, the tankless segment accounted for the largest market share over the forecast period. This growth is primarily driven by product advantages such as faster hot water supply and lower standby heating losses. Consumer acceptance across various business sectors is expected to drive demand for such items over the forecast period due to improved performance advantages.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Water Heater Market Size, Share, and COVID-19 Impact Analysis, By Power (Electric, Solar, Gas, Others), By Product (Tankless, Storage, Hybrid, Others), By Capacity (Less Than 30 Litres, 30 - 100 Litres, 100 - 250 Litres, 250 - 400 Litres, Greater Than 400 Litres), By End-Use (Residential, Commercial, Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The 30 - 100 litres segment is dominating the market with the largest revenue share over the forecast period.
On the basis of capacity, the global water heater market is segmented into less than 30 litres, 30 - 100 litres, 100 - 250 litres, 250 - 400 litres, and greater than 400 litres. Among these, the 30 - 100 litters segment is dominating the market with the largest revenue share of 27% over the forecast period. This is due to its widespread use in residential and commercial establishments such as financial institutions, healthcare facilities, government agencies, hotels, and shopping malls.
The electric segment is dominating the market with the largest revenue share over the forecast period.
On the basis of power, the global water heater market is segmented into electric, solar, gas, and others. Among these, the electric segment is dominating the market with the largest revenue share of 54.6% over the forecast period. This growth can be attributed to rising electric driving rates as well as improved consumer accessibility, particularly in the Asia Pacific and African regions.
The residential segment accounted for the largest revenue share of more than 49.3% over the forecast period.
On the basis of end-use, the global water heater market is segmented into residential, commercial, and industrial. Among these, residential is dominating the market with the largest revenue share of 49.3% over the forecast period. Rapid residential infrastructure development, higher disposable incomes, expanding gas pipeline networks, and rising electrification rates in several developing countries are expected to drive the popularity of water heaters in the residential market.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 43.7% market share over the forecast period. Rising demand from emerging economies such as China, Japan, India, and South Korea is further propelling the region's water heater market. Water heater demand in China and India is primarily driven by increased construction investment and creativity, as well as support for technological advancement and the implementation of mandatory carbon dioxide (CO2) reduction regulations, which will boost demand for water heaters throughout forecasting. Europe, on the contrary, is expected to grow the fastest during the forecast period. Water heater development in this region is being driven by the demand for high-quality and dependable water heaters from various commercial operations and manufacturing end-users.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Water Heater Market include A.O. Smith, Lennox International Inc., Kenmore, Robert Bosch LLC, Havells India Ltd, Ariston Thermo SpA, Rheem Manufacturing Company, FERROLI S.p.A, Watlow Electric Manufacturing Co., Rinnai Corporation, Runsun Energy Technology Co., Ltd, Bradford White Corporation, NORITZ Corporation, Whirlpool Corporation, Westinghouse Electric Corporation, Bajaj Electricals Ltd, Haier Inc., and among others.
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Recent Developments
On September 2022, A. O. Smith, a water heating and water treatment industry leader, announces the addition of the Voltex® AL (anti-leak) hybrid electric heat pump water heater to its residential product line. The Voltex AL model leads the water heating industry in efficiency, with the 66-gallon unit having the highest overall Uniform Energy Factor (UEF) of 4.02 and the 50-gallon unit having the highest UEF of 3.8. It's also available in an 80-gallon version.
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