The Water Heater Market is being driven by Increasing demand for tankless water heaters
The Water Heater Market is expected to grow at a CAGR of 5.97% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8054.5 million. The global water heater market is witnessing a significant trend towards the adoption of smart water heating solutions. Advanced portable devices and monitoring systems enable users to effectively manage their water heaters, ensuring optimal performance and energy efficiency. Incorporated smart technologies, such as smart thermostats and sensors, enhance water heater functionality with learning capabilities and improved firmware. These innovations not only boost energy efficiency but also reduce maintenance costs by detecting and eliminating allergens, harmful particles, and virus-causing contaminants. The expanding presence of smart technologies in the electrical equipment sector is driving the development of these advanced water heater components.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
197 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.97% |
Market growth 2024-2028 |
USD 8054.5 million |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
5.28 |
Key countries |
China, US, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Water Heater Market is witnessing significant growth due to the demand for high-performance and innovative products. Two major categories in this market are Storage Water Heaters and Tankless Water Heaters. Storage water heaters, with their large storage tanks, cater to residential establishments and commercial applications such as hospitals, where patient hygiene is crucial. These water heating systems have been traditionally fueled by natural gas or electricity, but the shift towards energy efficiency and environmental impact reduction is driving the adoption of solar water heating systems. On the other hand, Tankless Water Heaters, also known as on-demand or instant water heaters, are gaining popularity due to their high energy savings and compact design. Smart technology and the Internet of Things are transforming water heating systems, with electric tankless products and smart city projects integrating these innovative solutions. As aging water heaters are replaced, there is a growing emphasis on carbon footprint reduction and the adoption of green projects. Overall, the Water Heater Market is poised for growth, with a focus on energy efficiency, environmental impact, and advanced technology.
In the expansive landscape of the global household appliances market, manufacturers of electric water heaters and related products contribute significantly to the sector's revenue. This market segment falls under the broader category of major household appliances. The global household appliance industry is segmented into five distinct sectors: major appliances, small appliances, hand tools, power tools, and garden improvement tools. Exclusions from this market include consumer electronics such as televisions and audio-video products, as well as personal computers, machine tools, and agriculture equipment, which are classified under industrial machinery and agriculture and farm machinery, respectively.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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