Water Heater Market
Global Water Heater Market Size, Share & Trends Analysis Report By Energy Source (Gas, Electricity, Hybrid, and Solar), By Mode of Water Supply (On-Demand or Tank-Less, and Storage or Tank Water Heater), By End-User (Residential, Commercial, and Industrial) Forecast 2021-2027 Update Available - Forecast 2024-2030
The global market for the water heater is projected to have a CAGR of around 5.7% during the forecast period. Factors augmenting the water heater market is increasing the disposable income of the people along with improving the standard of living in emerging economies. Along with that government subsidiaries regarding the energy-efficient water heater for the domestic and industrial purpose is also propelling the market. The growing application of water heater in commercial sectors such as hotels, hospitals, Spa has a significant application of water heater. The rising adoption of solar water heater is further projected to create ample opportunity for to solar heater market in the near future. However, the solar water heater has a comparatively high installation cost and requires more space for installing the solar panels. Less penetration in developing and under-developed economies is also one of the major factors restraining the market.
Impact of COVID-19 Global Water Heater Industry
The Covid-19 has disrupted the global water heater market. To maintain the social distancing norms and to curb the spread of COVID-19, most of the economies across the globe implemented lockdown, which has negatively affected the supply chain of materials and production of the water heater due to the shortage of labour and shut down of transportation & logistics hence the market has registered the decline during COVID outbreak. The market growth is majorly impacted by the economies such as China and India as these economies have most of the cases and log period lockdown. China is the major economies with the largest energy consumption. The disruption in electronics manufacturing and reduced spending in the upcoming projects also hampers the market growth in China during the lockdown. Post Covid-19, the market is expected to regain its momentum with the gradual decline in cases and rising consumer demand for HVAC equipment. The market will witness “L” shape recovery in near future owing to the restart of key industries in major economies.
Segmental Outlook
The global water heater market is segmented by energy source, mode of water supply and end-user. Based on the energy source, the market is segmented into gas, electricity, hybrid, and solar. Among these, solar water heaters are anticipated to grow at a significant pace during the forecast period. The market is mainly driven due to its being eco-friendly and energy conservation products. Based on the mode of water supply, the market has been segmented into on-demand or tankless water heater and storage or tank water heater. On the basis of end-user, the market has been categorized into residential, commercial and industrial.
Global Water heater Market Share by End-User, 2020 (%)
The residential segment is projected to dominate the global water heater market
Based on End-user, the residential water heaters held the major share in 2020, and it is projected to grow at a considerable CAGR during the forecast period. The segment growth is mainly attributed to the increase in disposable income and rapid residential infrastructural development that increases the usage of water heaters. The growing population across the globe due to which the energy consumption increase, resulting in demand for effective energy systems, that led to the growth of the market. Moreover, the significant benefits of small smart water heating appliances and growing demand for hot water in small and mid-size families also driving the market growth.
Regional Outlook
Geographically, the global water heater market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, ASEAN and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is expected to have considerable growth due to significant usage in the commercial, domestic and industrial sector. The US dominated the market in term of revenue. The dominance of the region is mainly attributed to the rising demand for the replacement of conventional water heaters with advanced systems. Moreover, the presence of major market players and high expenditure by them to advance technology also drives the market growth.
Global Water Heater Market Growth, by Region 2021-2027
Asia-Pacific to be the major region in the global water heater market
Geographically Asia-Pacific held the major share in 2020, it is projected to dominate the market during the forecast period. A major contributor to the market is China, India, Japan, Indonesia, and South Korea. Increasing disposable income, large potential to generate solar power and rising adoption of solar water heater in the region are the factors driving the growth of the market. Along with that supportive government initiatives for the adoption of solar water heaters in the region further creates ample opportunity for market growth. For instance, The Indian Government offers a subsidy of nearly 30% to 60% to water heater consumers on the basis of the category of users and states.
Market Players Outlook
The key players in the water heater market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are A.O. Smith Corp., Ariston Thermo S.P.A., Bradford White Corp., General Electric Co., Bajaj Electricals Ltd., Noritz Corp., Haier Group, Havells India Ltd, Rheem Manufacturing Co., Vaillant Group, and Whirlpool Corp., Venus Home Appliances (P) Ltd. among others. These market players adopt different marketing strategies such as mergers and acquisitions, R&D, product launches, and geographical expansions so on. For instance, in April 2019, A.O. Smith, a water heater technology announced the acquisition of Water-Right, Inc. for $107 million in cash. The acquisition includes all Water-Right subsidiaries, real estate, and sister company Mineral-Right, Inc.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global water heater market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Water Heater Industry
• Recovery Scenario of Global Water Heater Industry
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Water Heater Market, By Energy Source
5.1.1. Gas
5.1.2. Electricity
5.1.3. Hybrid
5.1.4. Solar
5.2. Global Water Heater Market, By Mode of Water Supply
5.2.1. On-Demand or Tank-Less
5.2.2. Storage or Tank Water Heater
5.3. Global Water Heater Market, By End-User
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Russia
6.2.7. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
6.4.1. Latin America
6.4.2. Middle East Africa
7. Company Profiles
7.1. A. O. Smith Corp.
7.2. Ariston Thermo SpA
7.3. ATC Electrical and Mechanical, Ltd .
7.4. Bajaj Electricals Ltd.
7.5. Bradford White Corp.
7.6. Ferroli Ltd.
7.7. General Electric Co.
7.8. Haier Group
7.9. Himin Solar Co., Ltd
7.10. Hot Water Products Inc.
7.11. Jinyi Solar Ltd.
7.12. KANCH (HANGZHOU) WATER HEATER CO., LTD.
7.13. NORITZ Corp.
7.14. Rheem Manufacturing Company, Inc .
7.15. Rinnai America Corp.
7.16. Robert Bosch GmbH
7.17. Siemens AG
7.18. Stiebel Eltron, Inc.
7.19. Venus Home Appliances (P) Ltd.
7.20. Vaillant Group
7.21. Whirlpool Corp.
1. GLOBAL WATER HEATER MARKET RESEARCH AND ANALYSIS BY ENERGY SOURCE 2020-2027 ($ MILLION)
2. GLOBAL GAS WATER HEATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL ELECTRICITY WATER HEATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL HYBRID WATER HEATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL SOLAR WATER HEATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL WATER HEATER MARKET RESEARCH AND ANALYSIS BY MODE OF WATER SUPPLY, 2020-2027 ($ MILLION)
7. GLOBAL ON-DEMAND OR TANK-LESS WATER HEATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL STORAGE OR TANK WATER HEATER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL WATER HEATER MARKET RESEARCH AND ANALYSIS BY END-USER 2020-2027 ($ MILLION)
10. GLOBAL WATER HEATER IN RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL WATER HEATER IN COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL WATER HEATER IN INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL WATER HEATER IN INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
14. NORTH AMERICAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
15. NORTH AMERICAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY ENERGY SOURCE, 2020-2027 ($ MILLION)
16. NORTH AMERICAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY BY MODE OF WATER SUPPLY, 2020-2027 ($ MILLION)
17. NORTH AMERICAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY BY APPLICATION, 2020-2027 ($ MILLION)
18. EUROPEAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
19. EUROPEAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY ENERGY SOURCE 2020-2027 ($ MILLION)
20. EUROPEAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY MODE OF WATER SUPPLY, 2020-2027 ($ MILLION)
21. EUROPEAN WATER HEATER MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
22. ASIA-PACIFIC WATER HEATER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
23. ASIA-PACIFIC WATER HEATER MARKET RESEARCH AND ANALYSIS BY ENERGY SOURCE, 2020-2027 ($ MILLION)
24. ASIA-PACIFIC WATER HEATER MARKET RESEARCH AND ANALYSIS BY MODE OF WATER SUPPLY, 2020-2027 ($ MILLION)
25. ASIA-PACIFIC WATER HEATER MARKET RESEARCH AND ANALYSIS BY END-USER 2020-2027 ($ MILLION)
26. REST OF THE WORLD WATER HEATER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
27. REST OF THE WORLD WATER HEATER MARKET RESEARCH AND ANALYSIS BY ENERGY SOURCE, 2020-2027 ($ MILLION)
28. REST OF THE WORLD WATER HEATER MARKET RESEARCH AND ANALYSIS BY MODE OF WATER SUPPLY, 2020-2027 ($ MILLION)
29. REST OF THE WORLD WATER HEATER MARKET RESEARCH AND ANALYSIS BY END-USER 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL WATER HEATER MARKET, 2020-2027 (% MILLION)
2. IMPACT OF COVID-19 ON GLOBAL WATER HEATER MARKET BY SEGMENT, 2020-2027 (% MILLION)
3. RECOVERY OF GLOBAL WATER HEATER MARKET, 2020-2027 (%)
4. GLOBAL WATER HEATER MARKET SHARE BY ENERGY SOURCE, 2020 VS 2027 (%)
5. GLOBAL WATER HEATER MARKET SHARE BY MODE OF WATER SUPPLY, 2020 VS 2027 (%)
6. GLOBAL WATER HEATER MARKET SHARE BY END-USER, 2020 VS 2027 (%)
7. GLOBAL WATER HEATER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL GAS WATER HEATER MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL ELECTRICITY WATER HEATER MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL HYBRID WATER HEATER MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL SOLAR WATER HEATER MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL ON-DEMAND OR TANK-LESS WATER HEATER MARKET SHARE BY TYPE, 2020-2027 ($ MILLION)
13. GLOBAL STORAGE OR TANK WATER HEATER MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL WATER HEATER IN RESIDENTIAL MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL WATER HEATER IN COMMERCIAL MARKET SHARE BY TYPE, 2020-2027 ($ MILLION)
16. GLOBAL WATER HEATER IN INDUSTRIAL MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
17. US WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
18. CANADA WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
19. UK WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
20. FRANCE WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
21. GERMANY WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
22. ITALY WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
23. SPAIN WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
24. RUSSIA WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
25. REST OF EUROPE WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
26. INDIA WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
27. CHINA WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
28. JAPAN WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
29. SOUTH KOREA WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
30. ASEAN WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
31. REST OF ASIA-PACIFIC WATER HEATER MARKET SIZE, 2020-2027 ($ MILLION)
32. REST OF THE WORLD WATER HEATER MARKET SIZE, 2021-2027($ MILLION
