The global water heater market size is expected to reach USD 37.52 billion by 2027, accelerating at a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. The augmenting residential housing sector coupled with rising disposable income is anticipated to bolster the global market growth.
Increasing urban migration coupled with propelling demand for a diversified array of water heaters across the real estate sector is anticipated to drive the market growth in the forthcoming years. In addition, stringent building standards are likely to encourage the adoption of star rated water heaters, thereby augmenting the product demand over the forecast period.
The availability of water heaters with wide-ranging capacity is anticipated to drive the product demand in various end-use industries. Increasing demand for 30 – 100 liters capacity water heaters across small businesses in the residential sector is projected to complement the product demand over the forecast period.
Timely availability of hot water supply coupled with growing need to address the hot water demands at peak hours across various commercial infrastructures is expected to augment the demand for water heaters over the forecast period. Furthermore, competitive and flexible product pricing along with new features and product assortments are likely to drive market growth.
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Further key findings from the report suggest:
- North America accounted for 21.5% of the revenue share in 2019 on account of elevated refurbishment activities and rising demand for high-efficiency water heaters in the region
- The demand for solar water heaters is estimated to witness a CAGR of 4.7%, over the forecast period owing to the growing demand for sustainable and cost-effective water heating technology to decrease the overall electricity consumption
- Tankless water heaters accounted for 34.3% of the global revenue share in 2019 on account of the increasing adoption of the product across a wide array of residential and commercial end-user applications
- Germany dominated the Europe market by accounting for 20.4% of the revenue share in 2019, owing to the technological advancements coupled with government regulations driving the demand for energy-efficient products
- Eminent market players such as A.O. Smith, Bajaj Electricals, Ltd., Rheem Manufacturing Company, and Rinnai Corporation are focusing on product innovation and mergers and acquisitions as their key growth strategies