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APAC Instant Water Heater Market size to hit $3.3 Bn by 2026
Published Date: 2020-07-08
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APAC Instant Water Heater Market size is predicted to surpass USD 3.3 billion by 2026, according to a latest forecast report by Graphical Research.
Asia Pacific Instant Water Heater Market Share is anticipated to grow owing to increased adoption of energy efficient building solutions along with ongoing government initiatives centred at curtailing the carbon emissions. Moreover, rising urbanization and industrialization along with increasing smart city projects across the developing nations will augment the product landscape.
Rapid urban migration owing to large scale residential infrastructure development coupled with rising living standards and consumer spending toward advanced & smart technologies will boost the overall industry growth. Growing research and development activities leading to product customizations will influence the product penetration.
Commercial instant water heater market is set to grow on account of booming tourism in the South east Asian countries coupled with growing hot water demand across establishments including healthcare, hotels among others. Growing investments by various private and non-private organizations toward the development of the hospitality sector will further foster the business growth.
Rising consumer awareness toward the upgradation of the conventional water heaters owing to introduction of smart & advanced water heating systems coupled with stringent government mandates towards the adoption of energy efficient systems will augment the product demand. In addition, key product features including easy installation, space optimization along with innovative aesthetic designs to suit the customer demands will further accelerate the business outlook.
Japan instant water heater market size is anticipated to grow on account of large-scale infrastructure development coupled with shifting consumer focus toward smart appliances owing to reduced electricity bills. In addition, availability of high-end technologies and product innovations will stimulate the market size.
Major players are focussed at developing a strategic partnership with their competitors in order to maintain their market share and to provide their customers with a wider range of technological advanced products. Some of them include A.O Smith, Deka, Ferroli, Toshiba Corporation, Bosch Thermotechnology, Bradford White, Racold, Ariston Thermo and Panasonic Corporation, Rinnai Corporation amongst others.