TBRC's water heaters market forecast shows it reaching almost $54 billion by 2026
LONDON, May 25, 2022 /PRNewswire/ -- Asia Pacific has the largest water heater market share, accounting for 34.1% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the water heaters market will be Asia Pacific and Middle East, where growth will be at CAGRs of 10.9% and 10.8% respectively from 2021-2026.
The global water heaters market size is expected to grow from $29.47 billion in 2021 to $34.34 billion in 2022 at a compound annual growth rate (CAGR) of 16.5%. Growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The water heater market size is expected to reach $53.58 billion in 2026 at a CAGR of 11.8%.
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Water Heaters Market Segmentation
The water heaters market is segmented by product type into solar heaters, electric heaters, gas water heaters, propane heaters, and geothermal heaters. The electric water heater market is the largest segment of the water heaters market by product type, accounting for $17,301.5 million or 58.7% of the total market in 2021. Solar heaters are expected to be the fastest-growing segment going forward at a CAGR of 11.5%.
The water heaters market is also segmented by end user into residential, commercial, and industrial, and by distribution channel into supermarket/hypermarket, specialty stores, e-commerce, and others.
Water Heaters Market Opportunities
The top growth potential in the water heater market by product type will arise in the Electric Heaters market, which will gain $9.8 billion of global annual sales by 2026. The top growth potential in the water heaters market by end user will arise in Residential market, by distribution channel will arise in the Specialty Stores market. The water heaters market size will gain the most in the USA at $3.6 billion.
Key Players And Their Strategies In The Water Heaters Industry
The global water heaters market is concentrated, with a large number of players. The top ten competitors in the market made up to 24.92% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. Major players in the market are A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, and Bajaj Electricals Ltd.
Player-adopted strategies in the water heaters industry includes include growing business through strategic acquisition and strategic collaboration to expand geographic reach and strengthen product portfolio and modernize IT estate and workplace, which helps to ensure the continued security, stability and resilience existing technology.
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