Water Heaters Market Grows At 17% Rate As It Recovers From Labor Shortages During COVID

TBRC's water heaters market forecast shows it reaching almost $54 billion by 2026

LONDON, May 25, 2022 /PRNewswire/ -- Asia Pacific has the largest water heater market share, accounting for 34.1% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the water heaters market will be Asia Pacific and Middle East, where growth will be at CAGRs of 10.9% and 10.8% respectively from 2021-2026.

The global water heaters market size is expected to grow from $29.47 billion in 2021 to $34.34 billion in 2022 at a compound annual growth rate (CAGR) of 16.5%. Growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The water heater market size is expected to reach $53.58 billion in 2026 at a CAGR of 11.8%.

Request a free sample of the Water Heaters Market Report

Water Heaters Market Segmentation

The water heaters market is segmented by product type into solar heaters, electric heaters, gas water heaters, propane heaters, and geothermal heaters. The electric water heater market is the largest segment of the water heaters market by product type, accounting for $17,301.5 million or 58.7% of the total market in 2021. Solar heaters are expected to be the fastest-growing segment going forward at a CAGR of 11.5%.

The water heaters market is also segmented by end user into residential, commercial, and industrial, and by distribution channel into supermarket/hypermarket, specialty stores, e-commerce, and others.

Water Heaters Market Opportunities

The top growth potential in the water heater market by product type will arise in the Electric Heaters market, which will gain $9.8 billion of global annual sales by 2026. The top growth potential in the water heaters market by end user will arise in Residential market, by distribution channel will arise in the Specialty Stores market. The water heaters market size will gain the most in the USA at $3.6 billion.

Key Players And Their Strategies In The Water Heaters Industry

The global water heaters market is concentrated, with a large number of players. The top ten competitors in the market made up to 24.92% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. Major players in the market are A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, and Bajaj Electricals Ltd.

Player-adopted strategies in the water heaters industry includes include growing business through strategic acquisition and strategic collaboration to expand geographic reach and strengthen product portfolio and modernize IT estate and workplace, which helps to ensure the continued security, stability and resilience existing technology.

See more on the Water Heaters Market Report

Check out similar market reports:

Water Meter Global Market Report 2022– By Product Type (Mechanical Water Meter, Smart Water Meter), By Technology (Automatic Meter Reading, Advanced Metering Infrastructure), By Component (Meter and Accessories, IT Solutions, Communications, Wired, Wireless), By Application (Residential, Commercial, Industrial) – Market Size, Trends, And Global Forecast 2022-2026

Water Purifiers Global Market Report 2022 – By Technology Type (RO Water Purifier, UV Water Purifier, Gravity-Based Water Purifier), By End-User (Industrial, Commercial, Household), By Distribution Channel (Retail Stores, Direct Sales, Online), By Portability (Portable, Non-Portable), By Device Type (Wall Mounted, Countertop, Tabletop, Faucet-mounted, Under-The-Sink (UTS)) – Market Size, Trends, And Global Forecast 2022-2026

Water Transport Global Market Report 2022 – By Type (Deep Sea, Coastal, And Great Lakes, Inland Water Transport), By Application (Onshore, Offshore) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

Contact Information

The Business Research Company 
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
LinkedIn: https://in.linkedin.com/company/the-business-research-company 
Twitter: https://twitter.com/tbrc_info 
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ 
Blog: http://blog.tbrc.info/

SOURCE The Business Reseach Company

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED