
Hot Water Heaters Market
Hot Water Heaters Market Global Industry Assessment & Forecast
Segments Covered
By Product Electric Water Heater, Solar Water Heater, Gas Water Heater, Others
By Application Residential, Industrial Manufacturing, Others
Snapshot
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2021 - 2028 |
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2016 - 2020 |
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7.61 Billion |
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37.14 Billion |
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6.31 |
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Asia Pacific |
Customization Offered
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market Dynamics
Region Level Market Share
Import Export Analysis
Production Analysis
Others Request Customization Speak To Analyst
Key Insights
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.

Years | Parameters |
---|---|
Historical Data (Actual Data) | 2016-2020 |
Base Year Data | 2020 |
Current Year Date | 2021 |
Projected year data | 2021-2026 |
Annual Market Size (2028) | 37.14 Billion |
Annual Market Size (2021) | |
CAGR (2021 - 2028) | 6.31% |
Definition And Overview
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.
COVID-19 Impact Analysis
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.
Market Insights
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.
Global Hot Water Heaters Market Report Scope
Parameter | Details |
---|---|
Market Size Provided for Years | 2016-2028 |
Base Year | 2020 |
Historic Years | 2016-2020 |
Forecast Years | 2021-2028 |
Market Size Provided In Terms Of | Revenue & Volume |
Segments Covered | Product, Application |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Countries Covered | The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | 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 |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis |
Market Segmentation
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.
Global Hot Water Heaters Market: Product Segment Analysis
-
- Electric Water Heater
- Solar Water Heater
- Gas Water Heater
- Others
Global Hot Water Heaters Market: Application Segment Analysis
-
- Residential
- Industrial Manufacturing
- Others
Regional Analysis Preview
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.
Market Size, 2021 (USD Billion)
Global Hot Water Heaters Market: Regional Analysis
- 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
Competitive Landscape
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.
Key Highlights – Global Hot Water Heaters Market
FAQ
Frequently Asked Question
What is the global demand for Hot Water Heaters in terms of revenue?
-
The global Hot Water Heaters valued at 7.61 Billion in 2020 and is expected to reach 37.14 Billion in 2028 growing at a CAGR of 6.31%.
Which are the prominent players in the market?
-
The prominent players in the 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.
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 6.31% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
The driving factors of the Hot Water Heaters include
- 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.
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Hot Water Heaters in 2020.