A new report has been published by Stratview Research, titled, “Water Heater Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023–2028” The experts authoring this report have made an effort at providing in-depth information on leading growth drivers, restrictions, challenges, current and upcoming trends, and opportunities to offer a comprehensive assessment of the Water Heater Market. Users can use the analysis included in this report to plan effective growth strategies and prepare for future challenges beforehand.
The water heater market was estimated at USD 28.47 billion in 2022 and is likely to grow at a CAGR of 4.48% during 2023-2028 to reach USD 37.13 billion in 2028.
The prime factor contributing to the demand for water heaters is the growing residential and commercial construction market.
What is a water heater?
An appliance consisting of a gas or electric heating unit under a tank in which water is heated is called a water heater. One of the most important components in water heaters is the inner container [tank]. By housing the heating element, it stores the hot water. In a way, the inner container [tank] is the heart of the water heater and if the inner container [tank] leaks or corrodes, generally the entire unit needs to be replaced.
Market segmentation has been done correctly to help the users define and better understand their target audiences and ideal customers. Market segmentation in this report allows you to identify the right market for your products and then target your marketing more effectively.
Based on the capacity type, the market is segmented as <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. The 30-100 liters segment is expected to maintain its dominance over the forecast period, owing to the high demand from residential as well as commercial establishments, such as hotels, shopping complexes, theatres, and government institutions.
Based on the product type, the market is segmented as instant and storage. The storage segment accounted for the larger share of the market in 2022 and is expected to maintain its command, bolstered by its high energy conversion potential and low maintenance, during the forecast period.
Based on the fuel type, the market is segmented as electric and gas. The electric segment captured the larger share of the market in 2022 and is expected to lead the market, supported by growing accessibility to electricity, especially in the Asia-Pacific and African economies, over the forecast period.
Based on the application type, the market is segmented as residential and commercial. The residential segment held the larger share of the pie in 2022 and is likely to remain the vanguard, during the forecast period. The segment’s growth is attributed to the growing residential construction activities across the globe coupled with increasing disposable income.
In terms of regions, Asia-Pacific is estimated to be the largest market for water heaters during the forecast period. The region’s market growth is due to increasing electrification, expanding piped gas networks, rapid residential and commercial constructions, and growing disposable income of the population. China and India are the growth engines of the region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.
Relying on data to make business decisions and to have a competitive advantage, is a critical aspect every key player needs to be familiar with. The report throws light on the competitive scenario of the Water Heater Market along with a list of Key players.
Here are a few–
- Robert Bosch LLC
- Ariston Thermo SpA
- Rheem Manufacturing Company
- Rinnai Corporation
- Bradford White Corporation
- NORITZ Corporation
- Whirlpool Corporation
- Haier Inc.
- Lennox International Inc.
Report Features –
This market report includes the following features –
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints.
- Market trend and forecast analysis.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, M&As etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
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About Stratview Research –
Stratview Research is a leading market research firm that offers wide range of services like syndicated market reports, consulting, sourcing intelligence, and customer research, etc. Stratview Research’s offerings include comprehensive market intelligence in the form of research reports, and consulting services. Our team which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 500 companies.