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Water Heaters Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Water Heaters Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072034
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the water heaters market are Siemens AG, Bajaj Electricals Ltd, Bradford White, Rinnai, HTP, Bradford White, Rheem Manufacturing Co, Heat Transfer Products Inc, Bradford White Corp and Noritz Corp.

The global water heaters market is expected to grow from $38.59 billion in 2020 to $42.68 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $62.05 billion in 2025 at a CAGR of 10%.

The water heaters market consists of sales of water heaters. A water heater is a device used for heating water above its ambient temperature, used generally for domestic purposes.

Rapid Urbanization is expected to contribute to the growth of the water heaters market in the forecast period. According to the world economic forum (WEF) (2020), urban populations made up the highest share in Northern American countries with 83.6 percent of residents lived in cities and 56.2 percent of the world population was urban. . The growth in the urban population coupled with the rise in disposable incomes and affordability among residents of cities will drive the demand for water heaters.

Rising electricity prices are expected to limit the growth of the water heater market in the forecast period.Globally, electricity prices are rising due to increasing transmission costs.

In 2019, Australian government announced a price hike of AUD50 for all households in Victoria, starting from 2020. Rising electricity prices coupled with the rising power outages, and high installation costs of solar water heaters will limit the growth of the water heaters market.

The water heaters market covered in this report is segmented by type into solar heaters, electric heaters, gas and propane heaters, geothermal heaters.It is also segmented By End User into residential, commercial, industrial.

It is also segmented by distribution channel into supermarket/hypermarket, specialty stores, E-commerce, others (wholesalers, distributors).

Water heater manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers.The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology.

Energy efficient appliances are designed to utilize minimum energy to complete the required task.Currently, over 80 countries have standards and labels for energy efficient appliances.

For example, in the USA, an energy star certified water heater saves $3500 over its lifetime.

In 2019, Rheem Manufacturing, a USA based heating and cooling products manufacturer, through its group entity Paloma Rheem Global, acquired Intergas for an undisclosed amount.This acquisition allows Rheem to increase product offering and also provide it with competitive solutions to increase presence in the European market.

Intergas is a Netherlands based manufacturer of heating equipment.

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