The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Water Heater Market.
It was estimated prior to this unanticipated outbreak that the Water Heater Market will reach CAGR of 4.3 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Water Heater Market Insights
Water heater market is likely to witness a healthy CAGR of 4.3% during the forecast period. The prime factor contributing to the demand for water heaters is the growing residential and commercial construction market.
Market Share Analysis
Water Heater Market Share: By Capacity Type
Based on the capacity type, the market is segmented as <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. The 30-100 liters segment is expected to maintain its dominance over the forecast period, owing to the high demand from residential as well as commercial establishments, such as hotels, shopping complexes, theatres, and government institutions.
Water Heater Market Share: By Product Type
Based on the product type, the market is segmented as instant and storage. The storage segment accounted for the larger share of the market in 2019, and is expected to maintain its command, bolstered by its high energy conversion potential and low maintenance, during the forecast period.
Water Heater Market Share: By Fuel Type
Based on the fuel type, the market is segmented as electric and gas. The electric segment captured the larger share of the market in 2019, and is expected to lead the market, supported by growing accessibility to electricity, especially in the Asia-Pacific and African economies, over the forecast period.
Water Heater Market Share: By Application Type
Based on the application type, the market is segmented as residential and commercial. The residential segment held the larger share of the pie in 2019, and is likely to remain the vanguard, during the forecast period. The segment’s growth is attributed to the growing residential construction activities across the globe coupled with increasing disposable income.
Water Heater Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for water heaters during the forecast period. The region’s market growth is due to increasing electrification, expanding piped gas network, rapid residential and commercial constructions, and growing disposable income of the population. China and India are the growth engines of the region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.