Residential Water Heater Market size to exceed $24bn by 2027

Residential Water Heater Market size is anticipated to surpass USD 24 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

Residential water heater industry is anticipated to grow owing to rapid development & expansion of government funded green building projects coupled with stringent building efficiency codes & standards. Strict government directives and regulations to install efficient heating equipment to minimize the CO2 emissions along with ongoing expansion of the smart city projects in the evolving economies will enhance the product deployment.
 

Outbreak of the novel corona virus, known as the COVID-19 has adversely impacted the global economy. With lockdowns in various adversely affected economies, many component manufacturing facilities are not in operation, thereby affecting the business growth. It has consequently led to a significant slowdown in the overall production of the heating equipment. The requirement for massive investments to combat the pandemic will further challenge the water heater adoption. However, the leading industry players are adopting meaningful & resourceful methods to resume operations to meet up with their production needs.
 

Rapid construction of high-rise buildings coupled with ongoing expansion of the real estate industry is anticipated to augment the industry landscape. Rising consumer awareness toward the benefits of smart water heating equipment coupled with increasing installation of space and central heating systems will impact the residential water heater demand. Furthermore, new product advancements coupled with introduction of technically advanced interactive features comprising of remote control & management, leakage detection and Wi-Fi integration will enhance the product penetration.
 

Strict government mandates owing to growing consumer awareness on reducing the overall carbon footprint will fuel the residential water heater market statistics

Electric based residential water heater market is set to grow on account of stringent government regulations to reduce the carbon emissions along with increasing adoption of clean fuels. The major mandates regulating the industry comprise of Eco Design, Energy Efficiency Directive, Energy Performance of Buildings and Minimum Energy Performance Standards (MEPS), among others. Growing deployment of low emission heating appliances to adhere to the existing standards and policies will further augment the business landscape. Additionally, ongoing research & development activities supported by growing product innovations offering efficient and low cost & water heating units is set to complement the market scenario.
 

Browse key industry insights spread across 940 pages with 1,987market data tables & 35 figures & charts from the report, “Residential Water Heater Market Outlook By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas{< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Fuel (Natural Gas, LPG), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/residential-water-heater-market
 

Low maintenance and cost-efficient storage water heaters will accelerate the market expansion

Significant investments to expand the existing gas and pipeline network primarily in the developing economies will augment the industry landscape. Availability in multiple capacities, hassle free installation, coupled with low standby losses are the prime factors which will drive the demand for residential water heaters. The units face a number of challenges owing to the inability to supply hot water for simultaneous uses at homes coupled with offering continuous supply at different flow rates. Nevertheless, simple operation, feasible installation charges, low repair & maintenance combined with wide-ranging usability in the household comprising space heating, cooking, bathing, and personal hygiene will help to sustain the residential water heater market growth.
 

Increasing disposable incomes, growing urban migration coupled with advanced product customization will fuel the Asia Pacific market size

Growing investments in infrastructure development by both private and government organizations along with the increasing electrification specifically in the upcoming economies will augment the Asia Pacific residential water heater market share. Rising number of smart city and green building projects coupled with mounting demand for tankless and hybrid water heaters will drive the regional market outlook. Moreover, introduction of energy efficient standards coupled with favorable regulatory measures for sustainable components will strengthen the product demand.
 

Major players operating in the residential water heater market consist of Noritz Corporation, Ferroli, A.O Smith, Whirlpool Corporation, Bosch Thermotechnology, Bradford White, Havells India Ltd., State Industries, Rheem Manufacturing, Ariston Thermo, Rinnai Corporation, and General Electric Appliances among others.