Market Size of Global Residential Water Heaters Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| 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?
Residential Water Heaters Market Analysis
COVID - 19 had a slightly negative impact on the Global Residential Water Heaters Market. The supply chain was disrupted due to the imposition of lockdown by majority of the regions across the globe. Also the production rate has slowed down in the years 2020 and 2021. Although, the hygiene factors are expected to push the market in the coming years.
The rise of the real estate and a subsequent demand for modern amenities which include Water Heating is one of the factor influencing the growth of the Residential Water Heaters Market. The nuances and product enhancements will also have a profound effect on the overall market. In addition to this, the increase in the urban regions across the globe and a need for better facilities in the urban houses will also fuel the growth rate. Enhanced adoption of the instant heating units owing to low power consumption coupled with simple and compact designs is set to boost the Residential Water Heaters Market. Introduction of smart innovative models, that have high energy efficiency and cost effeciency will possibly strengthen the overall demand of the Water Heaters.
Availability of multiple capacity ranges which can be used for a wide variety of applications along with constant supply of pressurized water will complement the storage-based Residential Water Heaters Market. The adoption to the Water Heaters is encouraged by factors such as low deployment costs, easy maintenance and aesthetically sound as well as simple designs. The trend of Gas-based Residential Water Heaters will sustain on account of numerous factors including development of the gas pipeline network, ability to provide hot water for longer duration along with its usability in wide applications. Growing investments toward the manufacturing, development, and design of smart heating equipment, increasing demand for space heating along with growing installation of central heating systems will strengthen the market share.
