Residential Water Heater Market 2022 By Regional Projections & Analysis To 2027
An increase in the adoption of various initiatives such as mergers, acquisitions, and product developments by leading industry participants is anticipated to impel residential water heater market growth.
An increase in the adoption of various initiatives such as mergers, acquisitions, and product developments by leading industry participants is anticipated to impel residential water heater market growth. Many companies are also focusing on the implementation of collaborative agreements and partnerships for consolidating their industry position.
Considering an instance, in May 2022, GE Appliances opened a USD 70 million water heater manufacturing plant in Camden. The unit was known for the production of residential water heaters from steel coil. These included welding and metal fabrication equipment, enameling systems, as well as robotic material processing and handling.
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Similar advancements are anticipated to impel the business expansion over the ensuing years. As per the latest research conducted by Global Market Insights Inc., residential water heater market size is anticipated to surpass an annual installation of over 160 million units by 2027 end.
Some of the major players in the industry comprise State Industries Inc., Noritz Corporation, Bosch Thermotechnology, Rinnai Corporation, Bradford White, General Electric Appliances, Havells India Ltd., Aristo Thermo, Ferroli, and others.
Enlisted below are a few of the prominent trends that are poised to propel the market growth over the ensuing years:
1# Rising product launches in the Asia Pacific
In the APAC region, Japan residential water heater market is anticipated to register a growth rate of 3% through 2027. The rise can be credited to the launch of a range of products. Considering an instance, in August 2021, Rheem Australia rolled out its new generation Ambiheat heat pump water heater.
The solution was developed for the provision of a renewable, flexible, and reliable alternative for household hot water requirements. The product utilized heat from the surrounding air, generating hot water with less electricity as compared to conventional water heaters.
2# Increasing development of electric water heaters
Numerous industry players are focused on the rollout of various types of electric water heaters. Quoting an example, in October 2021, Bradford White announced the availability of RE255T, its residential electric water heater line. The solution constituted a significant addition to the company’s portfolio.
As per official sources, the water heater would become the largest electric-resistance solution offered by the company after the expiry of the DOE Commercial Water Heater Enforcement Policy.
3# Escalating demand for tankless water heaters
The demand for tankless water heaters is surging universally enabling several manufacturers to depict a keen interest in the development of these solutions on a large scale. These industry players are participating in trade conferences for driving the market expansion. Considering an instance, in April 2022, Noritz America- a tankless water heater manufacturer- unveiled an updated version of Scale Shield, the company’s hard water-treatment solution.
As a leader in superior hot water delivery and energy savings, Noritz continued to lead with innovation in the industry. Similar advancements are slated to impel residential water heater market share over the forecast period.
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The coming years are anticipated to record the rapid expansion and development of government funded green building projects in addition to strict building efficiency standards and codes. The industry growth can be driven by the presence of stringent government regulations and directives for the installation of efficient heating equipment.
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