The new report by Expert Market Research titled, ‘Global Water Heater Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global water heater market, assessing the market based on its segments like products, technologies, capacities, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 30.1 billion
- Forecast CAGR (2023-2028): 0%
The increased availability of water heating solutions across e-commerce channels is expected to drive the water heater industry growth in the forecast period. As these water heaters can quickly and conveniently heat water, the demand for the product is growing. Further, the improved living standards and rising purchasing power of consumers are leading to increased affordability of the product, which is estimated to aid the market growth.
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Further, the increasing number of hotels, restaurants, and cafes, where these water heaters are required for multiple purposes is estimated to contribute to the growth of the industry. In addition, the increasing awareness among people about hygiene and the growing demand for water heaters in healthcare centers are anticipated to bolster the market in the forecast period.
Industry Definition and Major Segments
Water heaters are appliances that provide continuous supply of hot water for household and commercial purposes. It usually comprises of dip tube, shut-off valve, heat-out pipe, thermostat, heating mechanism, drain valve, and pressure relieve valve.
The water heater industry, based on product, can be segmented into:
On the basis of technology, the market is distributed into:
Based on capacity, the market is classified as follows:
- Below 30 Liters
- 30 – 100 Liters
- 100 – 250 Liters
- 250-400 Liters
- Above 400 Liters
On the basis of application, the market is segmented into:
The regional markets of water heater include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The government subsidies for promoting the use of solar water heaters are expected to be a significant driver for the industry growth. For instance, the Ministry of New and Renewable Energy of India offers grants of 30% to general categories and loans for the installation of solar water heaters. The investments by major companies in the technological up-gradation of water heaters are expected to provide impetus to the market.
In this regard, technologically advanced tankless water heaters are anticipated to witness an increased adoption in the forecast period owing to their advantages such as increased efficiency, extended life, reduced time to dispense hot water, less space requirements, and increased safety.
Key Market Players
The major players in the market are Bosch Thermotechnology Corp, Ariston Holding NV, Rinnai America Corporation, Bradford White Corporation, and Whirlpool Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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