APAC Residential Water Heater Market size is poised to cross USD 6.6 billion by 2026, according to a latest forecast report by Graphical Research.
The Market size is anticipated to grow shifting customer focus toward advantages of smart heating appliances. Increasing industrialization & urbanization along with various investment programs by both national and international organizations for infrastructure development is set to enhance the business landscape.
Advanced technological product developments including Wi-Fi enabled remote monitoring along with AI integrated user interface will enhance the industry outlook. Low installation cost, easy repair & maintenance and innovative product designs are the key factors influencing the product penetration across the developing economies.
Electric is anticipated to grow owing to low upfront price and availability of points of connection coupled with vital features including safer connections, longer product lifespan, hassle free installation and low maintenance. In addition, ongoing rural electrification projects on account of development of rural areas and growing urban migration will increase the electric water heater market size.
Rising population in the developing nations along with availability of multi capacity variants of the heating systems will stimulate the market share of water heater with 30-100 liters capacity. Additionally, higher cost of available counterparts owing to additional labor charges & high maintenance requirement along with its ability to provide optimum volume of hot water is set to positively enhance the market growth.
Availability of un-compromised water pressure, easy installation, compact designs and low cost are some of the features which will fuel the storage water heater market growth. Mounting demand for space heating coupled with rising installation of central heating systems will influence the product adoption. Rising demand across the multifamily apartments coupled with ongoing building standards focussed at installation of energy efficient devices will influence the product adoption.
China residential water heater market size is projected to grow on account of its high manufacturing capabilities and easy availability of low-cost labour. Strict government mandates toward energy efficiency standards along with replacement of the conventional water heating systems will positively influence the overall business outlook.
Key players operating across the Industry comprises of Bradford White, Ferroli, Alpha Electric, Havells India Limited, Rinnai Corporation, Deka, Whirlpool Corporation, Panasonic Corporation, A.O Smith and Ariston Thermo (Racold) amongst others.