A commercial heat pump water heater was launched in the Indian market by Guangdong PHNIX Eco-Energy Solution Ltd in May 2019. The company mainly focuses on expanding its global footprint, especially in developing nations. Such innovations will prove to be beneficial for the global water heater market, predicts Fortune Business Insights in their recent report.
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/water-heater-market-100940
The study on water heater market by Fortune Business Insights is titled, “Water Heater Market Size, Share and Global Trend By Type (Electric Water Heater, Solar Water Heater, Gas Water Heater, Others), By Storage Type (Tankless Heater, Storage Heater, Heat Pump Heater), By Application (Residential, Industrial, Commercial) and Geography Forecast till 2026.” The report is based on a thorough study of the water heater market, including various aspects such as growth drivers, restraints, current trends, and opportunities. It also lists various companies functioning in the market and their key strategies that will help the overall market gain benefits.
As per Fortune Business Insights, the report highlights some of the major shareholders in the global water heater market. These companies are mentioned below:
- Ariston Thermo SpA
- Grupo Zytec
- Watlow Electric Manufacturing Co.
- O.Smith Water Products Company B.V.
- Lorenzetti SA
- Sofame Technologies Inc.
- Rinnai America Corporation
- Vanguard Technology Inc.
- Ebara Corporation
- Robert Bosch LLC.
- Stiebel Eltron Inc.
- IBC Technologies Inc.
- Runsun Energy Technology Co., Ltd
- Groupe Atlantic
- Lochinvar Ltd
- Aura GmbH & Co. KG
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Key Market Driver – Shifting attention of countries towards the usage of renewable energy sources
Key Market Restraint – High operating cost of electric water heaters4.
As per the report, the global water heater market is classified on the basis of type, storage type, application, and geography. On the basis of type, the market is segmented into gas water heaters, solar water heaters, electric water heaters, and others. Based on storage type, the market is categorized into a heat pump heater, storage heater, and tankless heater. With respect to classification by application, the global water heater market is divided into commercial, industrial, and residential.
1. By Type
- Electric Water Heater
- Solar Water Heater
- Gas Water Heater
2. By Storage Type
- Tankless Heater
- Storage Heater
- Heat Pump Heater
3. By Application
- By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Increasing Demand from Various Chemical and Fertilizer Industries to Drive Market
The surge in inclination towards energy-efficient systems and the high rate of adoption of these systems is a major factor boosting the global water heater market. In addition, governments are also making efforts to promote the use of solar water heaters in order to conserve more energy and this will also help the market grow in the forecast duration. Moreover, the rising concern about saving energy and natural resources is also persuading consumers to opt for alternative water heating systems that are energy efficient.
On the contrary, the market may face certain challenges such as high operating costs, technical issues faced by these systems, and a surge in rate of electricity to run water heaters. Furthermore, the rate of installation and maintenance cost of water heaters is expensive, and this may also cause hindrance to the global water heater market growth in the forecast duration.
Nevertheless, the rapid pace of urbanization and the construction of new infrastructure for commercial and residential purposes is expected to create lucrative growth opportunities for the global water heater market in the long run.
Key Industry Developments
- In June 2019, Opras Power and Light Cooperative have awarded US$ 5.8 Million for financing projects for installation of heat pumps, water heaters, electric pump chargers, and ductless heat pumps. The company aims at financing up to US$ 3,500 for a heat pump water heater for a period of 5 years.
- In May 2019, GuangDong PHNIX Eco-Energy Solution Ltd launched a commercial heat pump water heater in the Indian market. The company is focused on increasing its global footprint through the penetration in developing countries.
- In March 2018, the government of Canada included certain products sold door-to-door such as water heaters, air conditioners and furnaces among others under the Consumer Protection Act of 2002 which states that these services or products should not be sold to the consumers unless the transaction is initiated by the consumer.
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The Asia Pacific to Show Remarkable Growth on Account of Rising Number of Industries
Geographically, the market for water heaters is anticipated to witness profit-making opportunities from North America, on account of the surge in demand from commercial and domestic spaces. Water heaters are primarily used in fertilizer and pesticide industry, natural gas and oil industries, to provide hot water as a utility for serving multiple functions. This is anticipated to boost the sales of industrial water heaters in the region.
In addition, the market for water heaters in Latin America is anticipated to rise remarkably on account of the surging number of solar water heaters, comprising about 50% share in domestic applications. As per the report, Asia Pacific holds about 56% of the world population and this is among the main reasons behind the growth of various industries such as oil and gas, pharmaceutical, chemical, and others in the region. Thus, the market in the Asia Pacific is prognosticated to grow at a rapid pace in the forecast duration.
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