Water Heater Market To Register Substantial Expansion by 2021-2031
The global water heater market is anticipated to witness massive growth during the forecast period (2021 to 2031). The global water heater market is projected to expand as a result of rising demand and widespread home applications such as hot water for cooking, bathing, and cleaning.
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The market is expected to benefit from increased demand for energy-efficient systems and geysers and favorable carbon emissions regulations.
Moreover, rapid urbanization is likely to contribute to the growth of the water heater market during the forecast period. As per the World Economic Forum (WEF) (2020), urban populations constituted the largest percentage in Northern American countries, with 83.6% of people living in cities and 56.2% of the global population living in cities. The expansion in the urban population, combined with rising disposable incomes and affordability among urban people, is projected to fuel the water heater market.
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Water Heater Market - Competitive Landscape
The leading market players are forming technological partnerships to build and develop innovative product lines in order to broaden their consumer base. In addition, variables such as evolving customer preferences combined with quality requirements and energy efficiency are projected to bring up new opportunities for market participants in the coming years.
Key players operating in the global water heater market include Rheem Manufacturing Company A.O. Smith, Havells India Ltd, Ariston Thermo SpA, Rinnai Corporation, Robert Bosch LLC, Bradford White Corporation, NORITZ Corporation, Lennox International Inc., Westinghouse Electric Corporation, Whirlpool Corporation, Haier Inc., FERROLI S.p.A, Bajaj Electricals Ltd, and Kenmore.
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Water Heater Market - Trends and Opportunities
The increasing usage of a diverse range of water heaters in the commercial and industrial sectors is expected to drive the global water heater market. Rising hot water demand, primarily from hospitals and hotels, is expected to boost the market expansion. Furthermore, rising product usage in various industrial sectors such as food and beverage processing and chemical industries is expected to drive demand for water heaters.
Key manufacturers are investing in the development of new products and technology that will enhance the consumer experience while cutting down the maintenance expenses. The advent of products with features like corrosion resistance, remote control, water filtration, and monitoring is expected to propel the global water heater market during the forecast period.
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Moreover, over the years, rising energy-efficiency concerns have led growth in demand for electric water heaters. The growing number of pre-plumbed unvented systems in new constructions is also boosting demand for electric heaters. Manufacturers are incorporating smart heating controls into electric heaters to make them easier to use. Electric heaters are widely utilized in the commercial sector to aid production. Moreover, energy efficiency norms in several nations have also resulted in an increase in the replacement of water heaters. As a result, there is an increasing need for extremely effective tank-less electric water heaters.
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