Market Research Report
Residential Water Heater Market Size By Product, By Capacity, By Fuel, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1009672|
|Published||Content info||940 Pages
Delivery time: 2-3 business days
|Residential Water Heater Market Size By Product, By Capacity, By Fuel, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 4, 2021||Content info: 940 Pages||
The residential water heater market is expected to grow exponentially by the year 2027. Low temperature zones in various parts of the world have a dire need for water heaters in order to carry out basic household tasks. While region specific demand for the service is more noticeable, the type of product and the fuel that powers it is majorly influenced by the preferences of consumers.
Traditional methods of heating water are useful but not as efficient as the equipment readily available for households at the store. Two kinds of water heaters can be purchased with different deployment systems, one which is instant and the other electric.
Over the years, people have become increasingly aware about the benefits of cost-efficient heating systems that deliver great quality while causing minimal damage to the pocket. As a result, energy-efficient systems that boast of lower energy consumption and higher durability have become popular.
The overall residential water heating industry landscape has been categorized into different segments on the basis of product, capacity, fuel, and regional landscape.
In terms of product, the market is further bifurcated into electric and instant heaters. Among these two, electric water heaters have seen a major spike in demand due to the consumer emphasis on cost-effectiveness, and energy-efficient equipment.
Different residential spaces require different heating capacities according to the needs of the household. Water heaters come in various capacities ranging from < 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and > 400 liters to cater to the various needs of all consumers.
With the emerging trend of centralized heating systems, the demand for higher capacity heaters has been going up at a tremendous pace. Additionally, the industry has also been witnessing notable demand for water heaters with 250-400 liter and > 400 liter capacities to ensure better cost effectiveness.
Water heaters can be fueled by either natural gas or Liquified Petroleum Gas (LPG), the former witnessing a growing demand recently. Natural gas water heaters are expected to reach a CAGR of more than 5% over the forecast timeframe.
The type of fuel used by a water heating system has an impact on not only annual operating costs, but also the size and efficiency of the water heater.
Leaving aside the regions which share cold climates, where water heaters have the most utility, the Middle East and African region also makes up a sizable portion of the industry demand. In 2017, MEA accounted for over 6% revenue share in the global water heater market, with estimates expecting it to grow even higher in next few years.