Rising disposable income and recuperating residential housing industry are expected to be the key factors driving the global water heater market growth over the forecast period. Surging demand across wide domestic applications such as bathing, cooking, space heating and cleaning may spur product demand extensively. Growing adoption in the industrial and commercial sector may also fuel industry growth. In addition, escalating hot water demand from hotels and hospitals is estimated to be a major driving force to the global water heaters market growth. Further, widespread usage of water heaters in manufacturing industries including chemicals, thermal power plants and food & beverage processing industries may also fuel the growth over the next few years.
Growth in the construction sector paired with many households replacing their old heaters owing to surging disposable income may catapult market growth in the near future. Additionally, improved standard of living and upsurge in consumer awareness pertaining to heater benefits may drive the global water heater market growth substantially. Further, technological advancements and innovations are making provisions for efficient & low-cost water heaters, and may favorably impact the growth. Moreover, evolving trends regarding to the adoption of safe water heaters may also propel product demand. Additionally, changing consumer preference coupled with energy efficiency and quality standards may offer new avenues for the opportunities over the coming years. Electricity shortage and frequent outages may act as major constraints in usage of solar heaters. However, favorable government subsidies for solar heating coupled with improved infrastructure and pipe water facilities in rural regions are anticipated to impel water heater market growth significantly over the next few years.
Water heaters can be classified on the basis of energy sources, technology and application sector. Based on energy sources they are categorized as liquefied petroleum gas (LPG), compressed natural gas (CNG), electric, hybrid, propane and solar energy based water heaters. Electric water heaters hold a significant share in the current market. However, solar water heaters are estimated to exhibit high growth and gain prominence over the forecast period. The growth may be attributed to surging government efforts and rising consumer demand for eco-friendly and energy efficient solar water heaters. Further, expansion of piped gas networks across developing countries may lead to widespread adoption of gas water heater.
On the basis of technology, the water heaters market can be categorized as demand or tank-less, storage or tank and heat pump water heaters. Increasing demand for tank-less water heaters is expected to significantly drive market growth. This may be attributed to the several benefits offered by tank-less water heaters such as energy efficiency, precise temperature control over longer duration and improved environment sustainability. Water heaters are used in residential, commercial as well as industrial units. Residential sector is expected to emerge as largest key revenue contributor over the forecast period, which may be credited to rise in number of housing projects worldwide.
Asia Pacific is anticipated to account a majority of the water heater market share closely followed by Europe and North America. This may be accredited to surging demand for tank-less and hybrid water heaters from manufacturing industries in developing countries such as India, China, South Korea and Japan.
Key water heaters market participants include Rheem Manufacturing Co., Siemens AG, A. O. Smith Corp., GE Co., Bajaj Electricals Ltd., Rinnai Corp, Heat Transfer Products Inc., Bradford White Corp., Noritz Corp., Crompton Greaves Ltd., Haier Water Heater Co. Ltd., and Ariston Thermo SPA. Key manufacturers emphasize on establishing links with prime downstream wholesaling and retailing markets in order to sustain competition. They also focus on dedicating substantial resources towards marketing and promotional activity in order to build brand.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.