The global water heater market is anticipated to grow at a CAGR of 5.7% over the forecast period. Water heaters are the extensively used water heating equipment across the globe owing to various factors favoring their adoption. Factors such as cost-effectiveness, easy-availability, compactness and efficiency are the major factors supporting the adoption of water heaters across residential, commercial, and industrial end-use. As per Energy Star, water heating represents between 13% to 17% of national residential energy consumption, making it the third largest energy end user in homes, behind heating and cooling and kitchen appliances in the US. The percentage of energy used for water heating steadily increases as homes become more energy efficient over the period.
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Major factors driving the growth of global water heaters market are government subsidy on energy efficient water heaters and growing adoption of water heaters in industrial and commercial industry over boilers for the same purpose. Government subsidies and incentives have been driving the adoption and installation of water heater especially solar water heaters across the globe. For instance, in 2018, as per Energy Star, the incentives range from $20 to $2,000 both for solar water heaters in the US.
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Moreover, despite the decline in average incentives for heat pump water heater, gas storage water heaters, and commercial water heaters; the average incentives for tankless gas water heaters and solar water heaters increased $246 to $248 and $485 to $519 respectively in the US. However, there are certain factors such as high initial cost and space requirement of solar water heater are hindering the market growth. Besides, increasing adoption of hybrid and solar powered water heater is promising ample opportunity for the market.
According to Energy Star, in 2018, the incentives range from $20 to $2,000 both for solar water heaters and heat pump water system in the US. Moreover, the average incentive amount for heat pump water heaters, gas storage water heaters, and commercial water heaters decreased from 2017 ($403 to $388, $165 to $161, and $2,300 to $346, respectively), while the average incentive amount for tankless gas water heaters and solar water heaters increased ($246 to $248 and $485 to $519, respectively) in the US.
The average incentive amount for hybrid heat pumps stayed the same at $200. The largest decrease was for commercial water heaters, which declined from an average incentive amount of $2,300 in 2017 to $346 in 2018. The largest increase was for solar water heaters, which increased from an average incentive amount of $485 in 2017 to $519 in 2018 in the US.
Current Market Trends Covered in the Global Water Heater Market Report
Based on the energy source, the electricity segment is estimated to hold a dominating market share during the forecast period.
Based on the end-user, residential held the largest market share in the global water heater market in 2018.
Asia-Pacific is estimated to dominate the global water heater industry during the forecast period.
Global Water Heater Market Segmentation
By Energy Source
• By Mode of Water Supply
• On-Demand or Tankless
• Storage or Tank
Global Water Heater Market – Segment by Region
• North America
• Rest of Europe
• Rest of Asia-Pacific
• Rest of the World
• A.O. Smith Corp.
• Ariston Thermo SpA
• Atc Electrical and Mechanical Ltd.
• Bajaj Electricals Ltd.
• Bandini Scaldabagni S.P.A.
• Bradford White Corp.
• Crompton Greaves Ltd.
• General Electric Company
• Haier Electronics Group Co., Ltd.
• Himin Solar Group Co., Ltd
• Hot Water Products Inc.
• HTP Comfort Solutions LLC
• Jiaxing Jinyi Solar Energy Technology Co, Ltd.
• Kanch (Hangzhou) Water Heater Co., Ltd.
• Noritz Corp.
• Rheem Manufacturing Company Inc.
• Rinnai Corp.
• Siemens AG
• Stiebel Eltron, Inc.
• Venus Home Appliances (P) Ltd.
• Zhongshan Inse Group Co, Ltd.
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