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Global Water Heater Market to reach USD 36.88 billion by 2028.

Global Water Heater Market Size study, by Product (Electric, Solar, Gas), By Technology (Tankless, Storage, Hybrid), By Capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters 250 - 400 Liters, Above 400 Liters), By Application (Residential, Commercial, Industrial) and Regional Forecasts 2022-2028

Product Code: OIRCGS-79385228
Publish Date: 14-08-2022
Page: 200

Global Water Heater Market is valued approximately USD 27.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.50% over the forecast period 2022-2028. Increased hot water consumption from numerous home uses such as washing, bathing, cleaning, and cooking drives the market for Water heaters. The company’s reorganization of its operations and recovery from the COVID-19 impact, which had previously resulted in tight containment measures including remote working and the suspension of commercial activities, resulting in operational issues, are principally responsible for market growth. Furthermore, continuous government rules and investments in the growth of renewable technologies will increase industrial demand. Product demand is predicted to rise as a result of increased use of a varied range of these items in commercial and industrial sectors such as the processing and chemical industries. Rising hot water demand, mostly from hospitals and hotels, is predicted to fuel market growth. Significant investments in product research and development are likely to fuel demand for the electric segment. A.O. Smith and NORITZ Corporation, for example, invest in the creation of new items and technologies that improve the consumer experience while cutting operating costs. The development of items with properties such as corrosion resistance, water filtration, remote control, and monitoring is projected to boost market growth. Favorable steps to enhance air quality, as well as increased awareness of the usage of renewable solutions, are expected to drive demand for the solar category. Furthermore, the increasing emphasis of various industry participants on product aesthetics and design, along with continued industry competition, is expected to fuel industry expansion. The high cost of Water Heater, on the other hand, stifles market expansion throughout the projection period of 2022-2028.

The key regions considered for the Global Water Heater Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the water heater market due to a variety of variables including low inflation, high industrial output, and a well-balanced vaccination deployment. Over the projection period, increased gas and electricity supplies in China’s semi-urban areas is predicted to raise demand for water heaters. In Europe, the market is predicted to grow at a CAGR during the forecast period due to increased demand for better and more dependable water heaters from various end-users, as well as the need for hot water to satisfy the essential environmental conditions due to the region’s harsh winter weather. Rapid domestic and international migration in North America has raised housing demand, resulting in increased residential building. The need for hot water in industries, as well as the function of water heaters in a well-established industrial infrastructure, is predicted to boost demand for water heaters in the North America area.

Major market player included in this report are:
A.O. Smith
Robert Bosch LLC
Ariston Thermo SpA
Rheem Manufacturing Company
Rinnai Corporation
Bradford White Corporation
NORITZ Corporation
Whirlpool Corporation
Westinghouse Electric Corporation
Bajaj Electricals Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:

By Technology:

By Capacity:
Below 30 Liters
30 – 100 Liters
100 – 250 Liters
250 – 400 Liters
Above 400 Liters

By Application

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Water Heater Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Water Heater Market, by Region, 2020-2028 (USD Billion)
1.2.2. Water Heater Market, by Product, 2020-2028 (USD Billion)
1.2.3. Water Heater Market, by Technology, 2020-2028 (USD Billion)
1.2.4. Water Heater Market, by Capacity, 2020-2028 (USD Billion)
1.2.5. Water Heater Market, by Application, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Water Heater Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Water Heater Market Dynamics
3.1. Water Heater Market Impact Analysis (2020-2028)
3.1.1. Market Drivers Increasingly hot water demand from various residential applications Growing government regulations and expenditures on the spread of renewable gadgets
3.1.2. Market Challenges High Cost of Water Heater
3.1.3. Market Opportunities Rising hot water demand, mostly from hospitals and hotels
Chapter 4. Global Water Heater Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Water Heater Market, by Product
6.1. Market Snapshot
6.2. Global Water Heater Market by Product, Performance – Potential Analysis
6.3. Global Water Heater Market Estimates & Forecasts by Product 2018-2028 (USD Billion)
6.4. Water Heater Market, Sub Segment Analysis
6.4.1. Electric
6.4.2. Solar
6.4.3. Gas
Chapter 7. Global Water Heater Market, by Technology
7.1. Market Snapshot
7.2. Global Water Heater Market by Technology, Performance – Potential Analysis
7.3. Global Water Heater Market Estimates & Forecasts by Technology 2018-2028 (USD Billion)
7.4. Water Heater Market, Sub Segment Analysis
7.4.1. Tankless
7.4.2. Storage
7.4.3. Hybrid
Chapter 8. Global Water Heater Market, by Capacity
8.1. Market Snapshot
8.2. Global Water Heater Market by Capacity, Performance – Potential Analysis
8.3. Global Water Heater Market Estimates & Forecasts by Capacity 2018-2028 (USD Billion)
8.4. Water Heater Market, Sub Segment Analysis
8.4.1. Below 30 Liters
8.4.2. 30 – 100 Liters
8.4.3. 100 – 250 Liters
8.4.4. 250 – 400 Liters
8.4.5. Above 400 Liters
Chapter 9. Global Water Heater Market, by Application
9.1. Market Snapshot
9.2. Global Water Heater Market by Application, Performance – Potential Analysis
9.3. Global Water Heater Market Estimates & Forecasts by Application 2018-2028 (USD Billion)
9.4. Water Heater Market, Sub Segment Analysis
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
Chapter 10. Global Water Heater Market, Regional Analysis
10.1. Water Heater Market, Regional Market Snapshot
10.2. North America Water Heater Market
10.2.1. U.S. Water Heater Market Product breakdown estimates & forecasts, 2018-2028 Technology breakdown estimates & forecasts, 2018-2028 Capacity breakdown estimates & forecasts, 2018-2028 Application breakdown estimates & forecasts, 2018-2028
10.2.2. Canada Water Heater Market
10.3. Europe Water Heater Market Snapshot
10.3.1. U.K. Water Heater Market
10.3.2. Germany Water Heater Market
10.3.3. France Water Heater Market
10.3.4. Spain Water Heater Market
10.3.5. Italy Water Heater Market
10.3.6. Rest of Europe Water Heater Market
10.4. Asia-Pacific Water Heater Market Snapshot
10.4.1. China Water Heater Market
10.4.2. India Water Heater Market
10.4.3. Japan Water Heater Market
10.4.4. Australia Water Heater Market
10.4.5. South Korea Water Heater Market
10.4.6. Rest of Asia Pacific Water Heater Market
10.5. Latin America Water Heater Market Snapshot
10.5.1. Brazil Water Heater Market
10.5.2. Mexico Water Heater Market
10.6. Rest of The World Water Heater Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. A.O. Smith Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.2.2. Robert Bosch LLC
11.2.3. Ariston Thermo SpA
11.2.4. Rheem Manufacturing Company
11.2.5. Rinnai Corporation
11.2.6. Bradford White Corporation
11.2.7. NORITZ Corporation
11.2.8. Whirlpool Corporation
11.2.9. Westinghouse Electric Corporation
11.2.10. Bajaj Electricals Ltd.
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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