Need a report that reflects how COVID-19 has impacted this market and its growth?
COVID - 19 had a drastic impact across the European region and it has disturbed the overall production and installation programs of Electric Water Heaters across the continent. Moreover, the manufacturers have undergone a major downturn in their business cycle as the effects of COVID - 19 have affected both the demand and supply sides.
The Water Heaters are being used in the European residencies from a long time. One of the major reason is relatively lower temperatures across the continent. Of all the Water Heaters used, Tankless Water Heaters are used by a large percentage of the people in Europe, due to the simple installation and less maintenance cost. High energy efficiency of tankless water heater systems when compared with conventional storage units is expected to foster the product demand in the coming years. Germany accounts for the major share of the market owing to the maximum number of installations of tankless Water Heaters in the region. Gas tankless water heater has occupied 54% share of European market whereas 46% is occupied by electric tankless water heaters. However, Electric Water Heaters have achieved high penetration in European market in past few years.
The market growth is further expected to substantiate on account of government mandates pertaining to energy efficiency along with growing demand for replacement of existing Water Heaters. Stringent building standards as per EU towards installation of star rated heating systems will further complement the market scenario. Moreover, adoption of advanced Water Heater units with facilitated water filtration system, corrosion resistance as well as integrated monitoring and remote-control devices will positively influence the industry outlook. All these factors are expected to enhance the market further.
Scope of the Report
Hot water heaters are appliances used to heat water and to keep it at a more or less constant elevated temperature. A complete background analysis of the Europe Residential Water Heaters Market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report. Europe Residential Water Heaters Market is segmented By Product Type(Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type(Electric, Gas, Solar and Others), By Capacity(Small Water Heater, Medium Water Heater and Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online Stores and Other Distribution Channels) and By Geography (United Kingdom, Germany, France, Italy,Russia and Rest of Europe).
|By Product Type|
|Storage Water Heaters|
|Non-Storage Water Heaters|
|Hybrid Water Heaters|
|By Energy Source|
|Small Water Heater|
|Medium Water Heater|
|Large Water Heater|
|By Distribution Channel|
|Other Distribution Channels|
|Rest of Europe|
Key Market Trends
Preference for Gas Water Heaters over other types of Water Heaters
There has been a consistent preference for Gas Water Heaters over other types of Water Heaters in Europe. This primarily due to the reason that the Gas Water Heaters are less expensive and it provides instant heat. And majority of the Gas Water Heaters used in Europe typically consume natural gas, which is of low cost. On the contrary, Electric Water Heaters use a lot of power to heat water only once. Also, it takes some time to heat the water and since it is run by electricity, there are always chances of a short circuit or a fuse getting blown off. Gas Tankless Water Heaters are alternatives to regular storage tank models, which take up plenty of space and leave homes without hot water for a while whenever the supply in the tank is depleted. Gas tankless heaters are more efficient than electric heaters when it comes to heating water on demand because they deliver more gallons per minute of hot water.
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Concentration of market share being high in few countries like Germany,France and Italy
The market concentration of Water Heaters is predominantly high in the European countries like Germany, Italy and France. This is due to the factors like higher proportion of urban areas, relatively cooler temperatures than that of other countries and high income levels. The most energy used in the German heating sector is for space heating, fuelled mainly by natural gas and oil. About 18 percent of the final energy consumption in residential buildings goes into heating water. Roughly half of the country's 40 million homes are heated with natural gas, a quarter with oil and almost 14 percent with District Heating. Even in France and Italy, the high level of constructional activities are fueling for the demand of Water Heaters. Also the major Water Heater companies are focussed on selective countries due to the environmental and economical conditions. However the market is expected to be distributed evenly in the coming years.
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The report includes an overview of the top players in the Residential Water Heaters Market operating across the European region.The Europe Residential Water Heaters Market is characterized by moderately consolidated players along with some other local players operating across the European continent. The Market is classified as moderately consolidated in terms of market share, even the local players occupy a significant percentage of the market share.
- On June 2022, Water technology company, A.O. Smith has acquired Atlantic Filter Corporation, a Florida-based water treatment company in an all-cash transaction. The acquisition of Atlantic Filter was intended to further expand the capabilities in Florida and beyond. The collaboration is aimed to deliver innovative, differentiated solutions for water treatment.
- On May 2022, GE Appliances opened its USD 70 million water heating manufacturing plant in Camden, South Carolina. The site will serve as the company’s Center of Excellence for water heater manufacturing and was built for future expansion. The plant is vertically integrated and will produce units starting from coils of steel into water heaters for homes across the United States.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. INDUSTRY DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Industry Attractiveness - Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Storage Water Heaters
5.1.2 Non-Storage Water Heaters
5.1.3 Hybrid Water Heaters
5.2 By Energy Source
5.3 By Capacity
5.3.1 Small Water Heater
5.3.2 Medium Water Heater
5.3.3 Large Water Heater
5.4 By Distribution Channel
5.4.1 Multi-Branded Stores
5.4.2 Exclusive Stores
5.4.3 Online Stores
5.4.4 Other Distribution Channels
5.5 By Geography
5.5.1 United Kingdom
5.5.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 A.O. Smith
6.2.3 Nortiz Corporation
6.2.4 GE Appliances
6.2.5 Bradford White
6.2.9 Viessmann Group*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Europe Residential Water Heaters Market market is studied from 2018 - 2027.
What is the growth rate of Europe Residential Water Heaters Market?
The Europe Residential Water Heaters Market is growing at a CAGR of >3% over the next 5 years.
Who are the key players in Europe Residential Water Heaters Market?
A.O. Smith, Bosch, Nortiz Corporation, GE Appliances, Bradford White are the major companies operating in Europe Residential Water Heaters Market.