Water Heater Market Segments: by Product Type (Solar, Electric, and Gas); by Application (Residential, Industrial, and Commercial) and Region–Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030
Product Overview
Water heater Market is an electrical appliance used for various purposes to heat water. Several kinds of heaters are used in houses, storage heaters, and electric heaters, such as electric rods. Energy efficiency and small design are essential characteristics for heating water. The electric geysers have become very popular for domestic use. In many industrial sectors, water heaters powered by solar and geothermal technologies are integrated. Some common water heaters include immersion heaters, instant heaters, storage heaters, gas heaters, solar and solar heaters, and heaters for pumps, etc.
Market Highlights
Global Water heater Market is expected to project a notable CAGR of 4.2 % in 2030.
Global Water heater market to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 4.2% in the coming years, i.e., 2021-30. The growth of the global water heating industry will be influenced by higher consumption spending in the property sector coupled with growing renovation work in the existing construction infrastructure. The business landscape will enhance the growing demand for energy-efficient heating equipment together with growing research, improvement, design, and product developments. Additionally, current incentive schemes for the Government are intended to encourage the penetration of the product by financing commercial infrastructure consisting of airports, hospitals, and educational institutions.
Global Water Heater Market: Segments
Solar segment to grow with the highest CAGR during 2020-30
Global Water heater Market is segmented by Product Type into Solar, Electric, and Gas. During the projected timeline, Electric segment is expected to have the highest market share. Electric water heaters dominated the market in 2019, accounting for XX% of revenue, attributable to increasing electrification rates, especially in Asia Pacific and African economies. Over the projected timeframe, demand for electric water heaters is expected to grow due to rising electrification rates and increased market accessibility. Due to rising market demand for energy-efficient and environmentally friendly water heating systems, solar water heaters are expected to rise at a CAGR of XX% from 2020 to 2030. Growing product manufacturers' emphasis on designing new systems and solutions that are more effective is likely to push the market forward.
Residential segment to grow with the highest CAGR during 2020-30
Global Water heater Market is divided by Application into Residential, industrial, and commercial. The residential sector was market leader and accounted for XX% of worldwide revenues in 2020. The demand for water heaters in the residential sector is expected to be driven by factors like rising availability revenue, rapid development of residential infrastructures, the increase of electricity, and enhancing the piped gas network, especially in different developing countries.
Global Water Heater Market Dynamics
Drivers
Growing demand for instant heating technologies
Increased use of instant heating technologies due to the main advantages offered, which include low standby losses and high supply performance, is designed to support market demand compared to traditional storage systems. The growing demand across the business applications will favorably boost the global water heating industry due to the advanced monitoring features including Wi-Fi among others.
Expansion of grid infrastructure
With continuous grid infrastructure expansion and increased contact point for consumers, the electric water heater market will grow. The industrial landscape will be complemented by a considerable improvement in grid effectiveness and the availability of constant energy supplies. Furthermore, the major advantages of low maintenance requirements, low restraint losses, and easy installation compared to gas-fired units will help to support global water heating trends.
Restraint
Rising prices of electricity
Rising cost of electricity and availability of power sources throughout the region may hinder the market growth. Since power is not available in many regions thus it becomes less feasible for people to use this technology. Moreover, the constant rising prices of electricity and gas have limited the market growth to some extent. Solar-powered water heaters are a good substitute but the initial cost of setting the unit is comparatively high.
Global Water Heater Market: Key Players
A.O. Smith
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Robert Bosch LLC
Ariston Thermo SpA
Rheem Manufacturing Company
Rinnai Corporation
Bradford White Corporation
NORITZ Corporation
Whirlpool Corporation
Westinghouse Electric Corporation
Bajaj Electricals Ltd
Haier Inc.
Havells India Ltd
Lennox International Inc.
FERROLI S.p. A
Kenmore
Other Prominent Players
Global Water heater Market: Regions
Global Water heater Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
During the projected timeline, APAC ought to have the highest share in the total market for Water heater. This market has been segmented into China, Japan, South Korea, and APAC's Rest (RoAPAC). RoAPAC contains Singapore, Thailand, Malaysia, India, New Zealand, and Australia. In combination with the increased availability of gas and electricity in rural areas, the economic development in countries such as China and India are anticipated to boost demand for water heaters during the projected timeframe. Over the projected timeframe, the European water heating market is expected to be XX% CAGR. This increase can be explained by a growing demand from multiple commercial and industrial consumers for better and reliable water heaters. In addition, due to extreme cold weather in the area, hot water is likely to propel product demand to fulfill the necessary ambient conditions.
Global Water Heater Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Water heater Market report also contains analysis on:
Water Heater Market Segments:
By Product Type:
Solar
Electric
Gas
By Application
Residential
Industrial
commercial
Water heater market Dynamics
Water heater market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Contents
1. Executive Summary
2. Global Water heater Market
1. Product Overview
2. Market Definition
3. Segmentation
4. Assumptions and Acronyms
3. Research Methodology
1. Research Objectives
2. Primary Research
3. Secondary Research
4. Forecast Model
5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
1. Growth Drivers
2. Restraints
3. Opportunity
4. Trends
7. Correlation & Regression Analysis
1. Correlation Matrix
2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
1. Demand Risk Analysis
2. Supply Risk Analysis
10. Global Water heater Market Analysis
1. Porters Five Forces
1. Threat of New Entrants
2. Bargaining Power of Suppliers
3. Threat of Substitutes
4. Rivalry
2. PEST Analysis
1. Political
2. Economic
3. Social
4. Technological
11. Global Water heater Market
1. Market Size & forecast, 2020A-2030F
1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. Global Water heater Market: Market Segmentation
1. By Regions
1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. By End user vertical: Market Share (2020-2030F)
1. Solar, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Electric, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. Gas, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. By Application: Market Share (2020-2030F)
1. Residential, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. industrial, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. commercial, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030
Company Profile
1. A.O Smith
1. Company Overview
2. Company Total Revenue (Financials)
3. Market Potential
4. Global Presence
5. Key Performance Indicators
6. SWOT Analysis
7. Product Launch
2. Robert Bosch LLC
3. Ariston Thermo SpA
4. Rheem Manufacturing Company
5. Rinnai Corporation
6. Bradford White Corporation
7. NORITZ Corporation
8. Whirlpool Corporation
9. Westinghouse Electric Corporation
10. Bajaj Electricals Ltd
11. Haier Inc.
12. Havells India Ltd
13. Lennox International Inc.
14. FERROLI S.p.A
15. Kenmore
16. Other Prominent Players
Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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