The Global water heater market was valued at US$ 32.02Bn in 2019 and is expected to reach US$ 50.50Bn by 2026, at a CAGR of 5.74% during a forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
A water heater is also called a geyser. It is a heating device that uses energy from various external sources and transfers it to heat the water. Water heaters are available in various types such as gas-based water heaters, instant water heaters, storage water heaters, and solar water heaters.
The rising disposable income of the consumers coupled with improved lifestyle is boosting the water heater market. A growing concern among consumers regarding natural resources and energy is inspiring the consumers to shift towards the energy-efficient water heating systems that are driving the global water heater market growth.
An upsurge in electricity prices and technical issues related to electric water heaters are expected to limit the growth of the global water heater market
The residential segment is expected to hold significant growth in the water heater market. The consumers are focusing to select a proper water heater. Availability of fuel types, fuel cost and efficiency of the system, storage and distribution temperature, installation and maintenance cost, and safety of the users are some factors that are driving the demand for the water heater. The increased standards of living and growing consumer awareness relating to heater benefits may drive the global market growth substantially. Technical advancements and innovations are being supportive for the efficient & low-cost water heaters and positively impacting the growth of the water heater market.
The solar water heaters segment is expected to dominate the growth in the global water heater market. The growth can be attributed to the increasing demand for energy-efficient water heater systems. Solar power seems the best solution, which is uniquely capable of generating clean energy at a low cost. Growing awareness of the benefits to energy conservation by solar power is also driving the water heater market.
North America is estimated to dominate the growth in the global water heater market. Growing demand for energy-efficient systems coupled with new technological advancements to reduce the environmental concerns will boost the water heater market growth in the region. Growing focus towards the tourism and hospitality industries is booming the water heater market growth in the region.
The key market players profiled and analyzed in the report include Rinnai Corp, Heat Transfer Products Inc., Bradford White Corp., Noritz Corp., Crompton Greaves Ltd., Haier Water Heater Co. Ltd., and Ariston Thermo SPA. Rheem Manufacturing Co., Siemens AG, A. O. Smith Corp., GE Co., Bajaj Electricals Ltd.,Viessmann, Rheem manufacturing, Bradford White, Wagner Solar, Linuo Ritter, Bosch, Racold, V Guard Industries, Rinnai, Himin Solar Energy and Chromagen, Notable industry players include Sun Tank, Alternate Energy Technologies.
The report gives a clear representation of the current market scenario of the global water heater market, which includes projected market size in terms of value and volume, pestle analysis, porter’s analysis factors in the market.
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The Scope of the Report for Global Water Heater Market
Global Water Heater Market, By Type
• Gas
• Storage
• Solar
Global Water Heater Market, By Application
• Commercial
• Residential
Global Water Heater Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key players operating in the Global Water Heater Market
• Rinnai Corp
• Heat Transfer Products Inc.
• Bradford White Corp.
• Noritz Corp.
• Crompton Greaves Ltd.
• Haier Water Heater Co. Ltd.
• Ariston Thermo SPA.
• Rheem Manufacturing Co.
• Siemens AG
• O. Smith Corp.
• GE Co.
• Bajaj Electricals Ltd.
• Viessmann
• Rheem manufacturing
• Bradford White
• Wagner Solar
• Linuo Ritter
• Bosch
• Racold
• V Guard Industries
• Himin Solar Energy
• Chromagen
• Sun Tank
• Alternate Energy Technologies.
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