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Water heater market analysis

Water heater market analysis

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Water heater market analysis

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. WATER HEATER MARKET ANALYSIS • Water Heater Market, by Product Type (Solar Heaters, Electric Heaters, Gas & Propane Heaters and Geothermal Heaters), by Storage Type (Storage Heater (tank type), Tankless Heater and Hybrids (Heat Pump) Heater), by End Use (Residential and Commercial) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  3. Market Overview • A water heater or storage water heater is a domestic water heating appliance that uses hot water storage tank to optimize heating capacity provide prompt hot water whenever needed. Conventional storage water heaters use a variety of fuels namely electricity, oil, propane, natural gas, and oil. However, unconventional heaters use solar energy to provide hot water. Solar water heater has been adopted widely around the world since it clean, renewable, and cost-efficient. The selection of a proper water solar depends upon several factors such as availability of fuels, type of building that it is being installed, fuel cost, requirements of household, and user safety. Water heaters are used for residential as well as commercial purposes. • The global water heater market is estimated to account for US$ 47,764.8 Mn in terms of value in 2019 and is expected to grow at a CAGR of 4.9% during the forecast period.

  4. Market Dynamics- Drivers • High growth construction and manufacturing industry is expected to drive growth of the global water heater market during the forecast period • Water heater has been extensively used in manufacturing as well as construction industries, owing to efficient distribution supply, ample raw material supply, and other factors. Both aforementioned industries have witnessed significant growth in the recent past, especially in developed countries. Moreover, increasing development of construction industry in emerging economies such as India and China is expected to boost the demand for water heaters during the forecast period. Furthermore, longer product life, easy reimbursement and replacement, and efficient aftermarket service are expected to drive the global water heater market growth during the forecast period. • Growing urbanization across the world is expected to propel the global water heater market growth over the forecast period • Increasing urbanization worldwide has led to consumer buying household appliances. For instance, water heater appliances have gained significant traction in market in terms of revenue contribution and product demand. According to Coherent Market Insights’ analysis, in 2018, around 54% of the world’s total population inhabited urban areas. According to the same source, majority of population from North America, Latin America, Europe, and the Caribbean region resided in urban population. Furthermore, African urban population is expected to reach around 1.2 billion between 2010 and 2050. Governments of African countries are launching programs to promote the use of solar water heaters, in order to reduce the consumption of electricity. This, in turn, is expected to boost the market growth over the forecast period. • Europe region dominated the global water heater market in 2018, accounting for 37.6% share in terms of value, followed by Asia Pacific and North America, respectively.

  5. Market Dynamics- Restraints • Constant struggle to meet quality and energy efficiency standards is expected to restrain growth of the global water heater market during the forecast period • Water heater manufacturers need to ensure that their product complies with quality and energy efficiency standards. According to Coherent Market Insights’ analysis, Energy consumed for water heating is second highest in households, accounting for around 20% of energy consumed globally under HVAC in the residential sector. Furthermore, inadequate energy efficiency, durability, and thermal insulation are other factors hindering the market growth in the near future. According to the National Appliance Energy Conservation Act (NAECA) 2015, 30-gallon capacity electric water heater needs to be pass 0.95 energy factor (EF) rating in the U.S. • Availability of specific fuel, low awareness among populace, installation challenges, and cost limitations are expected to hinder the global water heater market growth over the forecast period • Lack of awareness among populace, especially in rural areas is expected to hamper the market growth over the forecast period. Moreover, roof space availability, high cost related to solar water heaters installation, and cost-constraints are expected to hinder the market growth in the near future. According to NACEA regulations in the U.S., storage-type water heaters must comply with energy efficiency standards coupled with size specifications. Furthermore, storage-type water heaters need large space for installation, typically in closets or multi-family housing in North America and Europe. This, in turn, is expected to hinder the adoption and thereby restrict the market growth over the forecast period.

  6. Market Opportunities • Use of renewable energy instead of conventional fuel source is expected to pose lucrative growth opportunities • Consumers are increasingly shifting towards renewable energy, owing to growing awareness regarding benefits of renewable energy, cost-efficiency, and better results. Solar heaters are widely installed in residential as well as commercial building, in order to reduce electricity bills. Moreover, governments of various countries offer low interest loans and subsidies for solar heater installation, which in turn, is expected to increase adoption of solar water heaters in the near future. • Advancement in existing technologies is expected to offer significant opportunity for market players • Although water heater has been widely used, manufacturers are focused on introducing novel technologies and features in their upcoming products. Manufacturers are focused on introducing water heaters with higher wattage for quicker heating of water, auto supply, pre-set time supply, manual control of water, larger storage tanks, energy-efficient design, etc. Consumers prefer energy-efficient water heaters and are shifting towards automated appliances. This, in turn, is expected to offer excellent growth opportunities for market players in the near future.

  7. Market Trends • Development of hybrid solutions is a major trend in the market • Key companies in the market are focused on introducing hybrid water heater solutions, in order to cater to constant consumer demand energy efficiency and high performance. For instance, Rheem Manufacturing has developed a hybrid water heater that enables savings of over US$ 4,000 during the total lifespan of product. Other specifications of this product includes Wi-Fi connectivity enabling user control and temperature customization, system monitoring while at home and away. Development of hybrid water heater solutions has offered ease of use to consumers with some models offering vacation mode, which enables them to power down or switches off heaters when they are away from home. • Replacement of old tanks is another major trend in the market • In the U.S. commercial and residential sectors, replacement of old storage tanks has gained significant traction in the recent past. This is owing to increasing demand for advanced systems due to improving living standards. For instance, replacement of electric water heaters accounts for around 80% value of the total replacement market, followed by gas water heater replacement. • Electric Heaters segment of global water heater market is expected to be the largest during the forecast period and is expected to grow at a CAGR of 5.6% during the forecast period.

  8. Competitive Section • Key players operating in the global water heater market are A. O. Smith Corporation, ZhongshanInse Group Co, Ltd., Haier Electronics Group Co., Ltd., Himin Solar Co., Ltd., Ariston Thermo Group, Genrui, Bajaj Electricals Ltd., Rheem Manufacturing Company, JiaxingJinyi Solar Energy Technology Co, Ltd., Noritz Corporation, SIEMENS AG, Bradford White Corp., and Venus Home Appliances (P) Ltd. • Key Developments • Key players in the market are focused on product launches, in order to enhance product portfolio. For instance, in January 2019, Rheem Manufacturing Company showcased its sustainable air and water innovations in 2019 AHR EXPO. • Major companies in the market are involved in mergers and acquisitions, in order to enhance their market presence. For instance, in January 2019, Noritz Corporation, a Japan-based tankless water heater maker, acquired PB Heat, a manufacturer of cast iron and stainless steel boilers.

  9. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Buy Now Reference: https://www.coherentmarketinsights.com/market-insight/water-heater-market-3289

  10. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  11. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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