Asia Pacific Instant Water Heater Market Share is anticipated to grow on account of rapid urbanization & industrialization across the emerging countries along with rising hot water requirements across both domestic & industrial applications. Growing smart city construction projects, increasing dispensable incomes and improved standards of living along with shifting consumer inclination towards energy efficient heating equipment is projected to boost the market growth.
The sudden outbreak of COVID-19 virus has severely hit the global economy making it a global public threat. This has led to lockdown enforcements in various economies, thereby limiting the industry growth. However, key market players are focusing on new strategies to continue their operations under new circumstances which is set to positively impact the industry landscape.
Strict norms pertaining to the water heating equipment across new building construction coupled with energy efficiency norms laid out by the respective governments will fuel the product penetration across the single & multifamily apartments. Moreover, technological innovations & product customizations along with wide usage in domestic applications including cooking, cleaning and personal hygiene will enhance the business outlook.
Low cost, reduced electricity bills, energy efficient and easy installation coupled with zero requirement of gas line connection and longer product life are some of the key features favouring the electric instant water heater market size. Ongoing rural electrification across the developing economies including India & Indonesia among others will further propel the business landscape.
Lower upfront purchase cost, safer installation & utilization, no connections required to the gas lines, and longer lifespan are the key factors favoring the product installation. Rapid infrastructure growth, ongoing establishment of commercial buildings, and electrification of the rural areas will drive the industry growth. Growing market competition leading to product upgradations coupled with escalating R&D investments will further augment the overall industry outlook.
India tankless water heater market is anticipated to grow owing to increasing urban population coupled with availability of high manufacturing capabilities and low-cost labour. In addition, shifting customer focus toward adoption of eco-friendly and energy efficient fuels along with ongoing government mandates will propel the business growth.
Flourishing tourism along with expanding industrial & commercial infrastructure will augment the Thailand instant water heater market growth. Growing penetration of instant heating equipment across healthcare centers on account of product longevity & greater on demand heating will augment the business landscape. In addition, growing healthcare infrastructure along with large presence of the commercial centers including shopping centers, hospitals, hotels among others will stimulate the market share.
The leading industry participants are aiming towards business expansion with the wider network of distribution channels in the developing economies is projected to influence the market growth. Major players operating across the market include Ferroli, Panasonic Corporation, Toshiba Corporation, Racold, Bosch Thermotechnology, Deka, Bradford White, A.O Smith, Ariston Thermo and Rinnai Corporation amongst others.