The global water heater market size was valued at USD 17,772 million in 2018 and expected to grow at a CAGR of 5.7% during the forecast period. A water heater is an apparatus used for heating and usually storing the water for domestic and commercial application. Generally, a water heater has a water source unit, a heating device & power source, and a water supply system. The heating device consists of heating coils with which heat is exchanged from coil to water. Factors augmenting the water heater device market is increasing the disposable income of the people along with improving the standard of living.
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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
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