One of the recent developments in the Asia Pacific water heater market comprises the roll-out of new product models. Recently, Minibot, a 3-litre instant water heater equipped with new technology and unique design was launched by key industry participant, A.O. Smith. According to the company’s Managing Director, Parag Kulkarni, A.O. Smith is elevating the bar in the instant water heater industry with this product launch, further redefining the standards across the global water heater market.
The inner tank of the Minibot has a Blue Diamond glass lining which has been designed to provide the product with superior corrosion resistance in comparison to the traditionally utilized glass-lined products. The Minibot also has the capability to offer protection against premature tank failure caused by the contaminated and hard water, which is usually found in developing economies, fostering the improvement of the life of the water heater.
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Similar developments are touted to drive the demand for water heaters, in turn stimulating revenue expansion over the forthcoming years.
According to the latest research by Global Market Insights, Inc., the Asia Pacific water heater market share is calculated to surpass annual installations of over 56 million units by 2026.
This surge in demand is primarily attributed to parameters such as minimal maintenance, energy savings, longer lifespan, as well as product availability in multiple capacities. Key water heater manufacturers in the Asia Pacific comprise Bajaj, Racold, A.O. Smith, Alpha Electric, and Ariston Thermo amongst others.
Below are some of the prominent trends that would shape Asia Pacific water heater industry growth include:
Rising number of rural electrification projects
An increasing number of rural electrification initiatives by the state and regional governments are likely to drive the demand for 30-100 liters heating systems through the forthcoming years.
The rising number of small-scale industries in the region, coupled with ongoing product deployment across numerous single and multi-family apartments are expected to augment the revenue stream for heating systems over the estimated period.
Additionally, surging number of investments from the World Bank and the International Development Organizations (IDOs) are expected to fuel product adoption further, stimulating the APAC water heater industry outlook through 2026.
Presence of favorable government initiatives
Supportive government initiatives and strategies in the region have been instrumental in augmenting the adoption of renewable technologies, which is in turn likely to increase overall product penetration over the assessment period.
Various initiatives pertaining to the development of smart cities is leading to the expansion of infrastructure. This is subsequently expected to result in the higher installations of water heaters, bolstering the commercial water heater market demand through the analysis timeframe.
Furthermore, numerous end use players as well as water heater manufacturers are focusing on various R&D initiatives, which id leading to the development of advanced and smart heating equipment, augmenting revenue growth further.
Escalating domestic application scope across Thailand
Increasing requirement for hot water across various domestic applications is set to impel the expansion of the residential water heater market in Thailand.
Moreover, an additional surge in the adoption of smart, high-end, and large capacity products is expected to escalate the demand for water heaters in the country over the assessment span. The Thailand water heater market is projected to exhibit a substantial growth rate of more than 2% through the forecast timeframe.
On the whole, with soaring investments towards product innovation and the shifting focus towards lowering manufacturing costs, the APAC water heater market has been earmarked to witness surging revenue growth over the projected span.
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