According to the study published by Insure Insights, the global water heating market is projected to grow at a CAGR of 4.9% during the forecast period. The water heater is electrical equipment used to heat water for various purposes. There are several types of water heaters, such as storage heaters, electric rods, used in homes, and electric heaters. Energy efficiency and compact size are significant features that make water heaters available. For domestic use, the electric geysers have gained wide popularity. Water heaters equipped with solar and geothermal technologies are incorporated in many manufacturing industries. Some conventional water heaters are immersion-type heaters, instant heaters, storage heaters, gas heaters, solar heaters and solar and pump heaters, etc.
Top Driver: Increasing Number of Residential Housing Projects and Growing Demand for Tankless Water Heaters
The global electric water heaters market is expected to grow due to the increasing number of residential housing projects worldwide. Growing demand for tankless water heaters and rising disposable income is expected to drive the market. Factors such as energy efficiency, improved environmental sustainability, and temperature control over a longer duration are anticipated to drive demand. Increasing demand across broad domestic applications such as cooking, cleaning, bathing, and commercial areas such as hospitals and hotels, may propel electric water heaters market growth.
However, electricity shortages and the availability of alternative fuels such as solar power and the adoption of hybrid products may hamper market growth.
Residential Segment Accounted for a Larger Market Share
On the basis of application, the global water heating market can be segmented into Residential, Commercial. The Residential segment occupied a larger share since the demand for water heaters at home is high and constantly increasing with growing infrastructures across the globe. On the basis of product, the market is segmented into instant and storage. The instant segment is expected to show steady growth in the forecast period. On the basis of capacity, the market is segmented into Below 30 Liter, 30-100 Liter, 100-250 Liter, 250-400 Liter, Above 400 Liter.
Rising Large Scale Development Of Smart Cities To Benefit Asia Pacific Market
Asia Pacific, Latin America, and Europe are anticipated to gain highest revenue shares in the global market in the coming years. The increase in the large scale development of smart cities and green buildings is anticipated to propel the industry. Furthermore, the rise in the strict regulatory & environmental norms concerning the carbon emissions from heating systems will intensify the business growth. In addition, surge in tourism, higher GDP growth across emerging nations coupled with shifting focus toward advance water heating equipment will influence the market size in the coming years.
Players to Focus on Water Heating Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Westinghouse Electric Corporation, American Standard Water Heaters, Vaillant Group, Noritz Corporation, Thermann, Hubbell, Linuo Ritter International, Jaguar, Viessmann Group, Nihon Itomic, Midea Group, Watts Water Technologies, Stiebel Eltron, Havells India Limited, Toshiba Corporation, Deka, Alpha Electric, Aquamax Australia, Joven Electric, Bajaj Electricals, and Panasonic Corporation among others could be at the forefront of the competition in the global market.
Westinghouse: In September 2018, Westinghouse is set to launch an exclusive media campaign with The Home Depot, highlighting the hot water heaters and generator products. This would help the company gain maximum shares in the forecast period.
Havells India Limited: In September 2015, Havells India Limited inaugurated an electric water heaters manufacturing plant, the company’s 12th manufacturing units in India, at Neemrana, Rajasthan. Havells water heater plant, which would be part of the 40-acre Havells’ Neemrana complex, is company’s first manufacturing facility in home appliances segment. The plant, build with an investment of Rs 100 crore, has a manufacturing capacity of 5,00,000 units per annum and will initially manufacture 3,00,000 units per annum.
Scope of the Report
Key Reasons to Purchase this Report
Table of Content
Please fill out the form to receive sample pages of the report