Market Size of Europe Residential Water Heaters Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Residential Water Heaters Market Analysis
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.
