Asia Pacific Residential Water Heater Market size exceeded USD 4.9 Billion in 2019 and is projected to witness 3.6% CAGR between 2020 and 2026.
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The market growth is owing to the rising hot water demand across various single and multifamily apartments along with growing consumer inclination toward smart technologies and advanced water heating units. Further, stringent government regulations aimed at promoting the energy efficient devices coupled with reduced electricity bills is projected to enhance the industry outlook.
Increased consumer spending owing to rising per capita income coupled with growing urbanization is set to fuel the industry growth. Furthermore, rising smart city development projects specifically in the emerging economies, rapid expansion of high-rise buildings, along with investment programs & initiatives by both private and government organizations for infrastructure development will complement the business landscape.
The outbreak of COVID-19 novel virus has severely affected the global economy leading to restricted trade activities and lockdowns in various economies. The virus traces were first discovered in China’s Hubei province, thereby becoming a global public health. However, key market players are formulating new strategies to continue their operations along with focus on infrastructure development which is anticipated to drive the industry growth.
Instant water heater market is set to rise owing to rising requirement for on demand heating along with their ability to consume low power compared to their available counterparts. Introduction of advanced models and compact designs including key features including low upfront cost, energy efficiency and easy installation will drive the market scenario. Additionally, rising consumer awareness toward zero emission buildings coupled with growing refurbishment and replacement of the conventional units will strengthen the business landscape.
Stringent environmental norms centered at limiting the overall carbon emissions along with shifting customer trend toward clean fuels will enhance the gas-based water heater market. Various government incentives aimed at promoting energy efficient units along with availability of multiple capacity ranges is set to positively influence the gas water heater market growth.
Australia residential water heater market is set to rise on account of mounting demand for heating systems along with rapid development of the piped gas networks. Moreover, upsurge in installation of water heater units owing to rising utilization in various domestic applications including cleaning, cooking and personal hygiene will encourage the mass product adoption.
Various development & design initiatives coupled with new product introduction with smart integrated features comprising remote monitoring, leakage detection, and Wi-fi are the substantial intiatives taken by leading industry manufacturers. In addition, inorganic growth ventures coupled with M&A’s with leading technology providers is anticipated to boost the business scenario.
The eminent players for the market include Whirlpool Corporation, Ferroli, Deka, Bosch Thermotechnology, Bradford White, Panasonic Corporation, A.O Smith, Alpha Electric, Rinnai Corporation, Havells India Limited and Ariston Thermo (Racold), among others.