Driven by increasing consumer spending on efficient & smart appliances and strict norms to control carbon emissions, the residential water heater market size will expand in the coming years. Residential water heaters are required across domestic applications such as cleaning, cooking, and personal hygiene. Growing number of smart city projects, increasing consumer preference towards luxury appliances, and fast expansion of building infrastructure is likely to drive product requirement.
Substantial initiatives are taking place in the industry such as the launch of new technologies for advanced product development, and inorganic growth alliances. In 2019, Rheem Manufacturing announced its acquisition of Netherland-based, residential water heater and boiler manufacturer Intergas.
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Along with mergers and acquisitions, residential water heater companies are shifting their focus towards low cost manufacturing and new investments for product innovation. Some of the advanced product features being introduced are Wi-fi integration, remote sensing & management, and leakage detection options. In 2020, A.O. Smith announced the launch of MiniBot, its new 3-litre instant water heater having modern technology and advanced features that enable superfast heating.
Global Market Insights, Inc., estimates that the residential water heater market could record a yearly installation of over 160 million units by 2027. Following are some of the most prominent trends favoring this projection.
- Rising eco-friendly measures
Government authorities are promoting the shift to energy efficient appliances in order to limit carbon emissions and power consumption. There are strict building efficiency standards in place along with the development of green building projects which is anticipated to propel industry progress. Better standards of living, increasing urbanization in developing countries, and the upsurge in consumer awareness regarding the benefits offered by these equipment are other factors expected to boost market growth.
- Increasing demand for electric water heaters
The demand for electric water heater units is on the rise ascribed to preference for alternate heating solutions as opposed to conventional sources consisting of coal, biofuel, and wood. Electric units offers key benefits such as longer lifespan, lower upfront cost, and better safety. Energy savings for residential water heaters mainly depends on the size & location of the heater, family size, and the placement of water pipes. Building infrastructure comprising multifamily and single apartments is expanding the requirement for electric water heaters.
- Japan emerging as a promising business avenue
The Japan residential water heater market is likely to grow over 3% over the forecast timeframe credited to robust demand for electric tankless water heaters as well as rising installation of space heating systems. There is more focus on the usage of energy efficient equipment mixed with stringent directives towards environment sustainability, which could drive product deployment. Moreover, the surging demand for clean fuels and increasing concerns about carbon dioxide emissions are expected to boost the regional industry outlook.
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