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Residential Water Heater Market exceeding 4.2% CAGR to cross $20bn by 2026

Author : Rahul Sankrityayan | Published Date : 2020-10-08 

On the regional front, Latin America is considered to be a promising market for residential water heaters and is expected to register over a 3% growth rate within the forecast period. Factors like mounting demand for tankless water systems coupled with rising installation of central heating systems may play a crucial role in developing regional business landscape.

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  1. Pages: 950
  2. Tables: 1990
  3. Charts / Figures: 37
  4. Companies covered: 17

The residential water heater market is estimated to record noteworthy growth on the basis of increasing urbanization and rising demand for energy efficient water heating systems. Consumers are willing to spend more on energy-efficient systems that minimize power consumption and operational cost. Federal regulators are laying out strict mandates & norms to curb carbon and GHG emissions. Such initiatives would encourage the installation of efficient water heaters across residential spaces. 

These heaters are used in multiple domestic applications like cleaning, personal hygiene, and cooking. Its key features include high efficiency, low cost- and hassle-free installation, making it ideal for these household applications. Development of smart cities and infrastructures have created a heavy demand for efficient water heating systems across residential establishments. Considering these aspects, Global Market Insights, Inc., predicts that the residential water heater market might register a yearly installation of over 119 million units by the year 2026.

Gowth Drivers:

North America & Latin America:

Growing demand for energy efficient water heaters

Replacement of conventional water heating systems

Europe

Government mandates pertaining to energy efficiency

Growing demand for replacement of existing water heaters

Asia Pacific

Rapid urbanization and advancing product customization

Increasing demand for water heating systems

Middle East & Africa

Technological advancements coupled with rising emission standards 

In terms of products, the residential water heater market is categorized into instant and storage water heating units. Storage units are witnessing an overwhelming demand from consumers as it comes as a viable alternative for conventional water heating systems. Rampant development of large-scale construction projects, like multistory apartments and large villas, and proliferating demand for central water heating solutions may propel the adoption of 250-400 liters capacity storage water heaters. While benefits like better safety, longer lifespan, and lower upfront cost would massively support industry growth over the coming years.

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Notably, regional authorities have shifted their focus on promoting the use of energy-efficient systems by imposing stern directives on environmental sustainability. Growing concerns over CO? emissions and rising adoption of renewable energy infrastructure may support the residential water heater market of LATAM. 

In a bid to produce sustainable water heater solutions that fulfill multiple energy efficiency norms, prominent players have begun to heavily invest in a number of R&D activities that focus on product innovations and low-cost manufacturing.

Companies are working on integrating new and advanced technologies like Wi-fi integration, leakage detection systems, and remote sensing & management to enhance product features. Taking October 2019 for instance, A.O.Smith launched its advanced water heating system, HeatBot, which comes with sophisticated tech-features such as energy meter, wireless remote and a smart timer. Apart from A.O. Smith, other major industry players include Rheem Manufacturing, Bradford White, Ariston Thermo, and Ferroli.

Browse Related Reports:

Water Heater Market revenue to hit $29 billion by 2026, Says Global Market Insights, Inc.

Gas Water Heater Industry is set to achieve over a 6% CAGR from 2020 to 2026, owing to increasing demand for energy-efficient and reliable heating appliances.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. [email protected] | https://twitter.com/sankritsays

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