The gas water heater segment will boost the growth of the market in the forecast period – The Manomet Current
The global water heater market is projected to reach $ 41.3 billion by 2028 and grow at a CAGR of 5.48% from 2021 to 2028. A geyser, also known as a water heater, is a heating device that transfers energy from various external sources to heat water. There are several types of water heaters, including gas-fired water heaters, instantaneous water heaters, storage water heaters, and solar water heaters. The type of building in which it will be installed, the needs of the homeowner, the availability of fuel types, fuel costs and system efficiency, storage and distribution temperature, installation and maintenance costs, and the safety of the user are important factors to consider when choosing a Consider the water heater.
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Global market drivers and reluctance for water heaters:
The main factors driving the growth of the water heater market are increased consumer preference for energy efficient systems, cheap government subsidies promoting the use of solar water heaters, the increase in the number of hospitals and hotels, and improved infrastructure in rural areas, and others.
An improved consumer lifestyle:
Consumers are more concerned about natural resources and energy, which is driving them to switch to energy efficient water heating systems. This has fueled the demand for solar water heaters which has led to increased adoption by many families as using solar energy as a heat source can save the most money. Although the initial purchase and installation costs are significant, the ongoing costs are low.
The market is being held back by rising electricity prices, high operating costs and technical concerns.
Effects of COVID-19 on the Water Heater Market:
- Influence on the market size
- End user trend, preferences and budget impact
- Regulatory Framework / Government Policies
- Key actors’ strategy to combat negative impacts
- Window of opportunity
Global Water Heater Market Segments:
The global Water Heater Market is further divided into Type, Application, Distribution Channel, and Geography.
By type: Electric water heater, gas water heater, solar water heater
After application: Industry, trade, housing
By sales channel: E-commerce, hypermarket / supermarket, specialty stores and others
Key region / countries covered
- North America (USA, Canada, Mexico)
- Europe (Germany, Great Britain, France, Italy, Russia, rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, rest of Asia-Pacific)
- Rest of the world (Middle East & Africa and South America)
The Asia-Pacific region dominated the world market, with China becoming the largest solar water heater economy and the largest share in the region due to its enormous solar power potential. Changes in energy regulation and a greater reliance on renewable energy sources to reduce pollution should fuel market growth.
Main actors of Global Water Heater Market:
- Thermal group
- Bajaj Electrical Ltd.
- Noritz Corporation
- Bradford White Corporation
- Rinnai Corporation
- Production company Rheem
- Ao Smith Corporations
- Haier Electronics Group Co
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Key questions answered by the report:
- The effects of COVID-19 on the world market
- What are the potential opportunities for newcomers on the world market?
- What is the market size and forecast from 2020 to 2028?
- Major players in the global water heating market
- Value chain analysis of the global Water Heater Market
- What is the CAGR of the Global Water Heater Market from 2021-2028?
- Main growth factor, challenges, trends and opportunities in the world market
- Main results of the SWOT analysis
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