Hot Water Heaters Market

The global Hot Water Heaters market was valued at USD 7.61 Billion in 2020 and is projected to reach USD 37.14 Billion by 2028, growing at a CAGR of 6.31% from 2021 to 2028.

Water heating is a heat transfer process that uses an energy source to heat water above its initial temperature

The global Hot Water Heaters market was valued at USD 7.61 Billion in 2020 and is projected to reach USD 37.14 Billion by 2028, growing at a CAGR of 6.31% from 2021 to 2028.

The global Hot Water Heaters market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The rise in demand for energy efficient water heaters and increasing replacement of conventional water heating systems is anticipated to augment the growth of the hot water heaters market over the forecast period.

The rapid urbanization and increasing product customization along with growing demand from remote off grid areas is further expected to fuel the growth of the market in the years to come.

The high installation cost and availability of counterpart is anticipated to restrain the growth of the hot water heaters market during the forecast period.

Product  Analysis: Preview

On the basis of Product, the market is segmented into Electric Water Heater, Solar Water Heater, Gas Water Heater, Others,. Electric Water Heater  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Electric Water Heater in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Hot Water Heaters market growth.

Application Analysis: Preview

Based on Application, the market is segmented into Residential, Industrial Manufacturing, Others,. Commercial  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Hot Water Heaters  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

On the basis of region, the global Hot Water Heaters market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region held a leading share of the global Hot Water Heaters market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. China is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Hot Water Heaters market are Danfoss, CLAGE, Daishiba, Sole, Windhager Zentralheizung GmbH, CORDIVARI, Thchnotherm, Fondital, AERCO InternationalInc., Ruud Heating & Cooling Division, LAM Bollitori s.r.l., Immergas, Bandiniwaterheaters, Nobel, Bradford White Water Heaters, OSO Hotwater, Ferrol, DE DIETRICH, NES-New Energy Systems Ltd, Laars, AIRELEC, Boilernova S.R.L, A.O.SMITH, ACV, GASOKOL, Helional, Hewalex Solar Collectors, Lamborghini Calor SPA, Kodsan Kazan Insaat ve Ticaret A.S., NIBE Energy Systems. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• Global Hot Water Heaters Market is projected to reach USD 37.14 Billion by 2028
• Asia Pacific held the highest share of the Hot Water Heaters market
• Electric Water Heater held the largest share of the product segment in the Hot Water Heaters market
• Commercial held the major share of the application segment in the Hot Water Heaters market