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Water Heaters Market Report 2023-2032: Industry Share, Market Size, demand And Forecast | Siemens AG, Bajaj Electricals Ltd., Bradford White, Rinnai, HTP
Water Heaters Market
The Business Research Company's Water Heaters Global Market Report 2023 identifies Rapid Urbanization as the major driver for the Water Heaters market's growth in the forecast period. According to the world economic forum (WEF) (2020), urban populations made up the highest share in Northern American countries with 83.6 percent of residents lived in cities and 56.2 percent of the world population was urban.
The global water heaters market size will grow from $33.91 billion in 2022 to $37.87 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global water heaters market size is expected to grow to $57.04 billion in 2027 at a CAGR of 10.8%.
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Major competitors in the Water Heaters market are Siemens AG, Bajaj Electricals Ltd., Bradford White, Rinnai, HTP.
A key trend in the Water Heaters market includes rising electricity prices. Globally, electricity prices are rising due to increasing transmission costs. For instance, in March 2022, according to U.S. Energy Information Administration, a US-based government agency, the average nominal retail electricity price paid by residential electric consumers in the United States increased at the highest rate since 2008 in 2021, rising 4.3% from 2020 to 13.72 cents per kilowatt-hour (kWh). Rising electricity prices coupled with the rising power outages, and high installation costs of solar water heaters will limit the growth of the water heaters market.
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The Water Heaters market is segmented -
1. By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
2. By End User: Residential, Commercial, Industrial
3. By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
4. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Water Heaters market.
The Business Research Company's "Global Water Heaters Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Water Heaters Market Include:
1. Executive Summary
2. Water Heaters Market Characteristics
3. Water Heaters Market Trends And Strategies
4. Water Heaters Market - Macro Economic Scenario
5. Water Heaters Market Size And Growth
……
26. Africa Water Heaters Market
27. Water Heaters Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Water Heaters Market
29. Water Heaters Market Future Outlook and Potential Analysis
30. Appendix
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