Water Heater Market Size, Share & Trends Report

Water Heater Market Size, Share & Trends Analysis Report By Product (Electric, Solar, Gas), By Technology, By Capacity, By Application (Residential), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68038-824-4
  • Number of Pages: 152
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the water heater market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for water heater market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of water heater market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Water Heater Market Categorization:

The water heater market was categorized into five segments, namely product (Electric, Solar, Gas), technology (Tankless, Storage, Hybrid), capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, Above 400 Liters), application (Residential, Commercial, Industrial), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)

Segment Market Methodology:

The water heater market was segmented into product, technology, capacity, application and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The water heater market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; Germany; France; Italy; the UK; China; India; Japan; Australia; Brazil; Argentina; UAE; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Water heater market companies & financials:

The water heater market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • A.O. Smith - A.O. Smith is engaged in the manufacturing of residential & commercial water heaters and boilers. It operates through two reportable segments, namely North America and the Rest of the World. North America segment serves residential and commercial end markets through a wide range of products, including water heaters, water treatment systems, boilers, and other products, such as swimming pool and spa heaters, commercial solar water heating systems, and expansion tanks. Rest of the World segment primarily comprises China, India, and Europe. Both these segments focus on the manufacturing and marketing of residential and commercial electric and gas water heaters, tanks, boilers, and water treatment products in their respective regions across the globe. The segment also manufactures in-home air purification products in China. The company also has a sales and distribution network in more than 60 countries across the globe.

  • Robert Bosch GmbH - Robert Bosch GmbH is a German multinational company which has four main operating divisions, namely mobility solutions, consumer goods, industrial technology, and energy & building technology. The company has around 129 engineering locations worldwide. It encompasses several different brands including Autocrew, Bosch Service, Bosch Diesel Center, Rexroth, Buderus, Climatec, CoremanNet, Dakon, Dremel, Electrovoice, Freud, Telex, and Vermont American.

  • Ariston Thermo SpA - The company operates in three business segments, namely thermal comfort, burners, and components accounting for 91%, 5%, and 4% of its sales, respectively. It sells its products to more than 150 countries across the globe, however, around 58% of its sales are from Europe. The company invested USD 910.8 million in research and development. It has 25 centers of competence for product R&D in 16 countries. The company sells its products through various brands including, Ariston, Elco, Racold, Calorex, Chaffoteaux, NTP, HPI, ATAG, Thermowatt, and Elco Cuenod Ecoflam Bce.

  • Rheem Manufacturing Company - The company produces water heating, heating & cooling, pool & spa heating, commercial refrigeration, and home enhancement products. It is one of the largest manufacturers of water heating products in North America. The company sells its products through various brands including Rheem, Ruud, Richmond, Raypak, HTPG, Eemax, Ecomsmart, and IBC. It has a geographical presence in North America, Latin America, South & Central America, Asia Pacific, and the Middle East & Africa. Rheem Manufacturing Company is committed to launch a line of cooling, heating, and water heating products with a 50% reduction in greenhouse gas footprint by 2025.

  • Rinnai Corporation - The company is engaged in manufacturing and supplying comprehensive heating products. Its product portfolio includes products for a wide range of applications such as air conditioning appliances, water heaters, and other equipment utilizing cutting-edge technologies. The company manufactures various heaters such as hot water units, gas/solar hybrid hot water, bathwater units, hot water & heating units, and heating systems. Rinnai Corporation Group includes the parent company, 45 subsidiaries (14 in Japan & 31 in other countries), and three overseas affiliated companies.

  • Bradford White Corporation - Bradford White Corporation designs manufactures, and engineers water heating, combination heating, storage solutions, and space heating for commercial, residential, and industrial applications. The company has three manufacturing units situated in, Rochester, New Hampshire, Niles, Michigan, and Middleville, Michigan. The company has a distribution and training center in Ontario, Canada, and sells its products through brands namely, Bradford White Water Heaters, Laars, Niles Steel Tank (NIT), Bradford White Corporation, and Bradford White Canada.

  • NORITZ Corporation - The company manufactures and supplies water heaters, gas cookers, solar energy systems, and hydronic heating systems. It is one of the leading companies in the water heater segment in Japan. It has 12 production facilities worldwide, with six in Japan, four in China, one in Australia, and the U.S., respectively. The company has sales offices in Asia Pacific and North America only and distributes its products worldwide. In NORITZ Corporation, various domestic & international group companies are included, such as Taisei Industry Co., Ltd.; Harman Co., Ltd.; RB Corporation; NSC Corporation; NORITZ AMERICA CORPORATION; NORITZ (CHINA) CO., LTD., and a few more.

  • Whirlpool Corporation - Whirlpool Corporation is a home appliance company that manufactures and distributes home appliances, including refrigerators & freezers, laundry, and cooking appliances, among others. The company classifies its operations geographically and operates through four business segments, namely North America; Latin America; Europe, Middle East & Africa (EMEA); and Asia. Some of the major brands through which the company markets its products include Whirlpool, Maytag, KitchenAid, Consul, JennAir, Amana, Brastemp, Bauknecht, Hotpoint, and Indesit.

  • Westinghouse Electric Corporation - Westinghouse Electric Corporation offers its products through four product lines, namely home, electronics, lighting, and power. The company offers home appliances through home product lines such as hot water systems, heating pads, HVAC, grills & skillets, heated blankets, cookers & steamers, air purification, blenders & juices, and cookware. It has various subsidiaries, including Thermo King Corporation, Resource Energy Systems, Westinghouse Broadcasting Company, The Knoll Group, Westinghouse Savannah River Company, Aptus, Inc., and Westinghouse Government and Environmental Services, operating across the globe.

  • Bajaj Electricals Ltd - The company offers various home comfort, home essentials, cooking essentials, food preparation, and breakfast & cereal products in consumer goods product line. The company has a strong supply chain and distribution networks, which ensure supply of goods to 2.20 lakh retail outlets spread across India. The company has a partnership with various organizations worldwide, namely Delta Controls of Canada for Integrated Building Management Systems, DiUSA and Midea of China for Fans, Securiton of Switzerland for Luminaires, Greystone of Canada, and Magnum Energy of the USA for Wired and Wireless Sensors, and Greystone of Canada and Magnum Energy of the USA for Wired and Wireless Sensors.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Water Heater Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2022, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Water Heater Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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