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.
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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.
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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 – Segmentation
By Energy Source
Gas
Electricity
Hybrid
Solar
By Mode of Water Supply
On-Demand or Tank-Less
Storage or Tank Water Heater
By End-User
Residential
Commercial
Industrial
Global Water Heater Market – Segmentation by Region
North America
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Company Profiles
A. O. Smith Corp.
Ariston Thermo SpA
ATC Electrical and Mechanical, Ltd .
Bajaj Electricals Ltd.
Bradford White Corp.
Ferroli Ltd.
General Electric Co.
Haier Group
Himin Solar Co., Ltd
Hot Water Products Inc.
Jinyi Solar Ltd.
KANCH (HANGZHOU) WATER HEATER CO., LTD.
NORITZ Corp.
Rheem Manufacturing Company, Inc .
Rinnai America Corp.
Robert Bosch GmbH
Siemens AG
Stiebel Eltron, Inc.
Venus Home Appliances (P) Ltd.
Vaillant Group
Whirlpool Corp.
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