Residential Water Heaters Market Analysis
The Global Residential Water Heaters Market is expected to register a CAGR of greater than 4% during the forecast period.
COVID - 19 had a slightly negative impact on the Global Residential Water Heaters Market. The supply chain was disrupted due to the imposition of lockdown by majority of the regions across the globe. Also the production rate has slowed down in the years 2020 and 2021. Although, the hygiene factors are expected to push the market in the coming years.
The rise of the real estate and a subsequent demand for modern amenities which include Water Heating is one of the factor influencing the growth of the Residential Water Heaters Market. The nuances and product enhancements will also have a profound effect on the overall market. In addition to this, the increase in the urban regions across the globe and a need for better facilities in the urban houses will also fuel the growth rate. Enhanced adoption of the instant heating units owing to low power consumption coupled with simple and compact designs is set to boost the Residential Water Heaters Market. Introduction of smart innovative models, that have high energy efficiency and cost effeciency will possibly strengthen the overall demand of the Water Heaters.
Availability of multiple capacity ranges which can be used for a wide variety of applications along with constant supply of pressurized water will complement the storage-based Residential Water Heaters Market. The adoption to the Water Heaters is encouraged by factors such as low deployment costs, easy maintenance and aesthetically sound as well as simple designs. The trend of Gas-based Residential Water Heaters will sustain on account of numerous factors including development of the gas pipeline network, ability to provide hot water for longer duration along with its usability in wide applications. Growing investments toward the manufacturing, development, and design of smart heating equipment, increasing demand for space heating along with growing installation of central heating systems will strengthen the market share.
Residential Water Heaters Market Trends
Growing Preference for Gas and Electric Water Heaters
There has been a standard growing preference for Electric and Gas Water Heaters over others. In the Asia Pacific region, Electric Water Heaters are widely used across the major countries like China, India and Japan. This is due to the fact that Electric Water Heaters are simple to use. Advanced technologies are triggering the wave of transformation in the Global Electric Water Heaters Market, as the manufacturers are introducing innovative features driven by technologies. The major reason for not prefering Electric Water Heaters in other regions like North America due to relatively high electricity bills compared to other regions. This has led people in regions like North America to prefer Gas Electric Heaters over Electric Water Heaters. Majority of Gas Water Heaters are operated with Natural Gas. Although there has been a push from the governments of different countries to promote Solar Water Heaters, they are used by only a minority of the people across the globe.
Asia-Pacific occupying majority of the market share
In terms of market share, Asia-Pacific markt have dominated the Residential Water Heaters Market. Also there is a huge potential for growth of the market in Asia-Pacific region due to the fact that majority of the countries in Asia- Pacific region fall under the category of developing countries. These developing countries are expected to grow with a significant rise of the urban regions. Also the residential sector of the urban regions are equipped with all the modern equipment which includes Water Heaters as there is growing adoption of Electric Water Heaters is further amplified with the increasing need for convenience among end users.
Residential Water Heaters Industry Overview
The report includes an overview of the top players in the Residential Water Heaters Market operating across the globe. The Global Residential Water Heaters Market is characterized by moderately consolidated players along with some other local players as the market is spread across the globe. Few players like Bosch and Haier dominate the Asia Pacific and GE Appliances dominate the North American Region. On a global basis, the market is moderately consolidated.
Residential Water Heaters Market Leaders
A.O. Smith
Ariston Thermo SpA
Bosch
GE Appliances
Haier
- *Disclaimer: Major Players sorted in no particular order
Residential Water Heaters Market News
- On January 2022, Haier Smart Home has rolled out two core platforms namely Three Winged Bird Experience Cloud and Smart Home Brain, four scenarios including smart kitchen, smart air supply, smart water supply and whole-house intelligence and other digital technologies to provide consumers a user-friendly home appliance experience.
- On September 2021, Bosch Connected Industry has collaborated with Capgemini to expand their Strategic Operations for Industry 4.0 and it was intended with a focus on strengthening production and client activities.
