Global Water Heater market is estimated to reach $28.5 billion in 2027, by growing at a CAGR of 5.2% during the forecast period (2021-2027). Major factors driving the growth of global water heaters market are government subsidy on energy efficient water heaters and growing adoption of water heaters in industrial and commercial industry over boilers for the same purpose. Government subsidies and incentives have been driving the adoption and installation of water heater especially solar water heaters across the globe. For instance, in 2018, as per Energy Star, the incentives range from $20 to $2,000 both for solar water heaters in the US. Moreover, despite the decline in average incentives for heat pump water heater, gas storage water heaters, and commercial water heaters; the average incentives for tankless gas water heaters and solar water heaters increased $246 to $248 and $485 to $519 respectively in the US.
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IoT innovation improving the performance of water heaters
While IoT has been gaining popularity in lighting and home security industries, the technology is also transforming the commercial water heating. The capability of using an app for getting real-time performance data offers benefits to water heater manufacturers, plumbing contractors and commercial businesses who rely on a steady, cost-effective supply of hot water. IoT in water heating system can save energy in a number of ways. A user is allowed to control the heating system; for instance, lowering the temperature of the heater when no one is in the home. It can also include web-based or mobile app control through which the temperature can be adjusted from anywhere. The water heating companies are collaborating with IoT companies for adding connectivity in their boilers. For instance, in September 2016, Aquanta Inc. entered into a collaboration with Ayla Network, under which IoT technology of Ayla Network has enabled remote and convenient control of Aquanta Water Heater, via a smartphone or web-enabled device.
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Scope of the Global Water Heater Market
Market Coverage
- Market number available – 2021-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Energy Source, Mode of water Supply and End user
- Regions Covered- North America (US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World (Middle East and Africa, Latin America)
- Competitive Landscape- 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.
Recent Strategic Initiatives in the Global Water Heater Market
- In January 2019 Noritz Corp. acquired PB Heat Company which is Bally, Pennsylvania based company. The company is the manufacturer of high-efficiency steel and iron boilers and manufacturer of indirect-fired water heaters. Through this acquisition, the company demands to increase their product portfolio, and to work effectively in competitive environment.
Global Water Heater Market-Segmentation
By Energy Source
- Gas
- Electricity
- Hybrid
- Solar
By Mode of Water supply
- On-Demand or Tank-Less Water Heater
- Storage or Tank Water Heater
By End user
- Residential
- Commercial
- Industrial
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
