Global Water Heater Market Share, Segmentation, Analysis, Future Plans and Forecast 2029
Global Water Heater Market: size was valued at US$ 29.58 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 4% through 2022 to 2029, reaching nearly US$ 40.49 Bn.
Global Water Heater Market Overview:
The Global Water Heater Market study gives a comprehensive view of the competition, including the market share and company profiles of the major global competitors. The scope of the research includes a full examination of the Global Water Heater Market, as well as the reasons for variations in the industry's growth between regions.
Global Water Heater Market Dynamic:
The rising disposable income of the consumers coupled with improved lifestyle is boosting the water heater market. A growing concern among consumers regarding natural resources and energy is inspiring the consumers to shift towards the energy-efficient water heating systems that are driving the global water heater market growth.
The use of a diverse range of water heaters in both the commercial and industrial sectors is expected to drive product demand. The market is expected to grow due to rising hot water demand, mostly from hospitals and hotels. In addition, increased use of the product in various manufacturing industries, such as food and beverage processing and chemical industries, is expected to drive demand for water heaters.
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Following the completion of market engineering, which included market statistics computations, market size estimations, market forecasts, market breakdown, and data triangulation, extensive primary research was done to gather information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.
Global Water Heater Market Segmentation:
Based on the Type, the market is segmented into Gas, Storage, and Solar. Storage water heater segment is expected to hold the largest market share of xx% by 2029. Storage water heater provides plenty of benefits such as it saves the energy, easy to install, technologically advanced, it is low-cost, and others. These are the key benefits that drives the growth of the Storage water heater segment in the global market during the forecast period 2022-2029.
Solar water heaters is expected to grow rapidly at a CAGR of 4.7% during the forecast period 2022-2029. This is due to the rising focus of numerous product manufacturers on developing new systems and technologies that work with maximum efficiency is expected to drive the growth of the solar water heaters in the global market during the forecast period.
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Global Water Heater Market Key Players:
• Rinnai Corp
• Heat Transfer Products Inc.
• Bradford White Corp.
• Noritz Corp.
• Crompton Greaves Ltd.
• Haier Water Heater Co. Ltd.
• Ariston Thermo SPA.
• Rheem Manufacturing Co.
• Siemens AG
• O. Smith Corp.
• GE Co.
• Bajaj Electricals Ltd.
• Rheem manufacturing
• Bradford White
• Wagner Solar
• Linuo Ritter
• V Guard Industries
• Himin Solar Energy
• Sun Tank
• Alternate Energy Technologies
Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data.
The biggest players in the Global Water Heater market are as follows:
Individual market influencing components and changes in market laws impacting current and future market trends are also covered in the Global Water Heater market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer footing. The geographical market evaluation is based on the current environment and anticipated trends.
COVID-19 Impact Analysis on Global Water Heater Market:
Due to a break in operations, end-user sectors where Global Water Heater are used suffered a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, and Spain, France, and India. As a result, the revenues of enterprises in these industries fell significantly, as did the demand for Global Water Heater manufacturers, impacting the growth of the Global Water Heater market in 2020. Lockdowns and a surge in COVID-19 events globally have severely reduced end-user business demand for Global Water Heater.
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Key Questions Answered in the Global Water Heater Market Report are:
- In 2021, which segment owned the greatest share of the Global Water Heater market?
- What is the competitive landscape of the Global Water Heater market?
- What are the key factors influencing Global Water Heater market growth?
- In the Global Water Heater market, which region has the most market share?
- What will be the CAGR of the Global Water Heater market over the forecast period (2022-2027)?
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