The water heaters market comprises of sales of water heaters. A water heater is a device utilized for heating water above its ambient temperature, utilized generally for domestic determinations.
According to the report analysis, ‘Water Heaters Global Market Report 2020’ states that in the water haters global market there are several corporate which presently functioning more effectively for leading the highest market growth and registering the handsome value of market share around the globe in the short span of time while developing the applications of such, decreasing the linked prices, implementing the profitable strategies, studying and analyzing the strategies and policies of the government and competitors, improving the specifications of the production technologies, employing the young work force, and delivering the better consumer satisfaction includes Siemens AG, Bajaj Electricals Ltd, Bradford White, Rinnai, HTP, Bradford White, Rheem Manufacturing Co, Heat Transfer Products Inc, Bradford White Corp, Noritz Corp and several others.
The worldwide water heaters market was worth USD 18.04 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 0.15% and reach USD 31.12 billion by 2023.The water heaters market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific registers for nearly 53% of the market.
The speedy Urbanization is projected to underwrite to the growth of the water heaters market in the review period. Globally, the percentage of populace living in urban areas is projected to augment from 55% in 2018 and reach 68% by 2050. The growth in the urban populace coupled with the increase in disposable incomes and affordability amongst residents of cities will propel the requirement for water heaters.
However, growing electricity prices are projected to limit the growth of the water heater market in the reviewed period. Globally, the electricity prices are increasing due to growing transmission costs. During 2019, Australian government publicized a price hike of AUD50 for all households across Victoria, starting from 2020. Growing electricity prices coupled with the increasing power outages, and high installation costs of solar water heaters will restrict the growth of the water heaters market.
Whereas, the Water heater manufacturers are progressively producing energy-efficient products to decrease the carbon footprint and enable energy savings for the customers. The increase of energy-efficient appliances can be accredited to the stringent government rules and regulations on electric home appliances and advances in technology. Energy proficient appliances are structured to use minimum energy to complete the demanded task. Currently, over 80 regions have standards and labels for energy proficient appliances. For example, across the USA, an ENERGY STAR certified water heater saves USD 3500 over its lifetime.
Throughout 2019, Rheem manufacturing, a USA based heating and cooling products producers, through its group entity Paloma Rheem Global, obtained Inter gas for an undisclosed amount. This acquisition enables Rheem to augment product offering and also deliver it with competitive solutions to augment existence in the European market. Intergas is a Netherlands based producers of heating equipment. Therefore, in the near years, it is predicted that the market of water heaters will increase around the globe more significantly over the upcoming years.
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Ankur Gupta, Head Marketing & Communications