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Water Heater Market Size, Competitive Analysis, Share, Forecast- 2018-2023
Water Heater Market
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Government subsidiaries regarding the energy efficient water heater for the domestic and industrial purpose are also augmenting the market. Increasing commercialization globally especially in emerging economies is also one of the major factors for increasing market. Commercial places such as hotels, hospitals, Spa have a huge application of water heater. Significant commercialization has been observed globally. As per WHO, about 54% population were living in the urban area in 2014 which was only 34% in 1960. The percentage is expected to further go up in upcoming years. It is expected that the global urban population will grow with 1.84% per year from 2015 to 2020 and 1.63% per year from 2020 to 2025.
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Rising adoption of solar water heater is a significant opportunity for augmenting the solar heater market. The cost of heated water is very less compared to other water heaters. 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.
Global water heater market is segmented by energy source, mode of water supply and end-user. By energy source, the market is segmented into gas, electricity, hybrid, and solar. Electricity water heaters are widely accepted whereas solar is expected to have a significant market growth due to it being eco-friendly and energy conservation products. By mode of water supply, the market has been segmented into on-demand or tankless water heater and storage or tank water heater. Tank water heater is further segmented into water heater of 0-20 liters, 20-50 liters, and more than 50 liters. Tank water heater of 0-20 liter is expected to have a major market share due to high usage in domestic and commercial usage. By end-user, the market has been divided into residential, commercial and industrial. As expected, residential will show significant market growth during the forecast period.
By geography, the global water heater market is divided into North America, Europe, Asia-Pacific and Rest of the World. During the forecast period, it is expected that the Asia-Pacific region would hold a significant market during the forecast period. A major contributor to the market is China, India, Japan, Indonesia, and South Korea. Additionally, it is expected that the Asia-Pacific market would show the highest growth rate during the forecast period. It is due to increasing disposable income and rising adoption of solar water heater in the region. North America and Europe are also expected to have a significant market due to significant usage in the commercial, domestic and industrial sector.
Some of the key players operating in the global water heater market are A. O. Smith Corp., Ariston Thermo SPA, Bradford White Corp., Crompton Greaves Ltd., General Electric Co., Haier Electronics Group Co., Ltd., Noritz Corp., Rheem Manufacturing Company, Rinnai Corp., and Siemens AG. In order to sustain in the competitive market, these players adopt various strategies such as acquisitions, mergers, expansions, joint ventures, and product development and so on. For instance, in January 2018, Rinnai Corporation launched three new products in tankless water heater as Sensei Tankless Water Heater, M-Series Condensing Boiler and the Demand Duo 80 Hybrid Commercial Water Heating System.
Market Segmentation
Global Water Heater Market by Energy Source
Gas
Electricity
Hybrid
Solar
Global Water Heater by Mode of Water Supply
On-Demand or Tank-Less Water Heater
Storage or Tank Water Heater
Global Water Heater Market by End-User
Residential
Commercial
Industrial
Competitive Landscape
Key Strategy Analysis
Key Company Analysis
Regional Analysis
North American
United States
Canada
Europe
UK
Germany
Italy
Spain
France
RoE
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
Rest of the World
Company Profiles
O. Smith Corp.
Ariston Thermo SpA
Atc Electrical and Mechanical Ltd.
Bajaj Electricals Ltd.
Bandini Scaldabagni S.P.A.
Bradford White Corp.
Crompton Greaves Ltd.
General Electric Company
Haier Electronics Group Co., Ltd.
Himin Solar Group Co., Ltd
Hot Water Products Inc.
HTP Comfort Solutions LLC
Jiaxing Jinyi Solar Energy Technology Co, Ltd.
Kanch (Hangzhou) Water Heater Co., Ltd.
Noritz Corp.
Rheem Manufacturing Company Inc.
Rinnai Corp.
Siemens AG
Stiebel Eltron, Inc.
Venus Home Appliances (P) Ltd.
Zhongshan Inse Group Co, Ltd.
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Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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