Water Heater Market Trends, Status, Opportunities, Regulations And Competitive Landscape
Appliances that utilize different energy sources to heat water above its initial temperature in order to provide water in the different range of temperatures are called water heaters. Water heaters are widely used in many domestic applications such as cooking, bathing, cleaning, and space heating. Water heaters also find wide applications in the manufacturing industries such as chemicals, food and beverages processing, and thermal power plants. Water heaters utilize various energy sources, such as gas, electric, solar, and geothermal, to heat and supply hot water.
The global water heater market is driven by factors such as a development of hybrid solutions in order to cater to the demand for energy-efficient, high-performance, and easy to install water heaters, rising popularity of renewable technologies, and replacement of old tanks, among others. Strategic alliances by players across the value chain of the market are playing a key role in catering to the demand for water heaters across the domestic markets.
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The global water heater market report begins with an overview of different types of water heaters and fuel types used in water heaters. This section also includes PMR’s analysis of key trends, drivers, and restraints, which are influencing the water heater market currently. This report covers the water heater market performance in terms of revenue and volume contribution. Impact analysis of the key growth drivers and restraints, based on the weighted average model, is included in this report on the water heater market across various regions, to better equip clients with crystal clear decision-making insights.
The water heater market is segmented by:
- Product Type
- Storage Type
Regions covered in the report are as follows:
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
To arrive at the market size, the report considers the market value and volume of global water heaters across the aforementioned geographies. The forecast presented here assesses the total revenue generated by the global water heater market and the total water heater units installed during the forecast period. When developing the market forecast, the starting point involves sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. For this, PMR sought inputs from several subject matter experts in the water heater domain. Given the characteristics of the market, we triangulated the outcome based on various analyzed with respect to the supply side, demand side, and dynamics of the market. Quantification of data has been conducted along with the provision of quality insights collected directly from the market through discussion with distributors, suppliers, and subject matter experts. This is how the market analysis for the forecast period is carried out.
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We have also taken into consideration year-on-year growth, based on regional growth analysis, to understand predictability of the market and to identify right opportunities in the global water heater market. All the segments have been analyzed in terms of Basis Point Share (BPS) to understand the individual segments’ relative contribution to market growth in terms of revenue contribution.
PMR has developed the market attractiveness index for all four segments, namely regional, product type, storage type, and end-use segment. This index helps identify the real opportunities in the market.
In the final section of the report, the global water heater market landscape is included to provide report audiences with a dashboard view, based on categories of providers in the global water heater market and their product portfolio; their key developments and strategies have also been included wherever possible.
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Key players profiled in this report on the global water heater market include Venus Home Appliances (P) Ltd., AO Smith Corporation, Rheem Manufacturing Co., Siemens AG., HTP Inc., Ariston Thermo SPA., Bajaj Electricals Ltd., Bradford White Corp., Haier Electronics Group Co., Ltd., Noritz Corp., and Rinnai Corp. Also, China-based manufacturers covered in the report include Zhejiang KANCHQUAN Electric Appliance Co., Ltd, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Genrui, Himin Solar Co., Ltd, and Zhongshan Inse Group Co, Ltd. These key market players’ profiles include various attributes such as company overview, recent developments, and growth strategies.