Introduction of advanced water heaters Fosters the Growth of Water Heater Market

The global water heater market is anticipated to grow at a CAGR of around 5.7% during the forecast period (2021-2027). The market is mainly driven due to surging the adoption of a diversified array of water heaters in the commercial, residential as well as industrial sectors. Key manufacturers engage in launching new products and technologies that offer enhanced customer experience and reduce operating cost. The introduction of products with features such as corrosion resistance, water filtration, remote control, and monitoring are likely to boost the market growth. For instance, in August 2020, A.O Smith, manufacturer of water heaters had announced the launch of MiniBot, a 3-litre instant water heater with a unique design and cutting-edge technology. 

Browse the full report description 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 at https://www.omrglobal.com/industry-reports/water-heater-market

Moreover, in February 2019, Rinnai America Corp., a North American manufacturer of tankless gas water heaters had launched I-Series Boiler for the residential sector. The technology also includes an innovative bypass servo valve, which enables precise control of the hot-water temperature. The boiler is available in both combi and heat-only models coupled with multizone heating controls. Furthermore, in March 2018, Rheem Manufacturing Company, Inc. introduced a commercial gas water heater, Triton. The expansion in the product range enables the company to earn more revenue and to expand the products of the company. The product consists of smart monitoring technology which is designed to prevent leakage. These product launches by market players drive the growth of the water heater market. 

Market Coverage

• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segment Covered- 

o By Energy Source

o By Mode of Water Supply

o By End-User

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

Competitive Landscape- 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

• Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Water Market Market Report Segment

By Energy Source

• Gas
• Electricity
• Hybrid
• Solar

By Fiber Type

• On-Demand or Tank-Less Water Heater
• Storage or Tank Water Heater

By End-User

• Residential
• Commercial
• Industrial

Global Water Heater Market Report Segment by Region