BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific water heater market size at USD 9.6 billion in 2022. During the forecast period between 2023 and 2029, the Asia-Pacific water heater market size is projected to grow at a CAGR of 5.5% reaching a value of USD 13.8 billion by 2029. Major growth factors for Asia-Pacific water heater market include improved water heater technology and rising disposable income among consumers in the middle class. These days, water heaters come with Internet of Things (IoT) sensors that allow for remote smartphone operation. An increasing number of product releases are also providing the entire market with growth opportunities. However, high upfront cost may act as a restraining factor for the market growth.
Asia-Pacific water Heater Market – Overview
Water heaters are devices that heat water and maintain it at a higher temperature for a prolonged period. They serve the crucial goal of providing a consistent and ongoing supply of water. They can be powered by electricity or gas, with gas water heaters offering quicker heating and electric variants often costing less. Hot water heaters used in homes that warm potable water for uses other than space heating are referred to as domestic hot water heaters (DHW). Tankless water heaters are one of the more recent technologies. As they are electric, no water storage system is needed.
Asia-Pacific water Heater Market – By Application
Based on application, the Asia-Pacific water Heater market is segmented into residential and commercial. The residential segment accounts for a higher market share owing to the increasing disposable income of the consumers along with substantial growth in the demand for heating appliances in single and multifamily apartments. Increasing utility costs especially in urban regions are also propelling the demand for energy-efficient appliances, propelling the overall Asia-Pacific water heater market growth. The commercial segment is also expected to register substantial growth during the forecast period.
Impact of COVID-19 on the Asia-Pacific water Heater Market
The Asia-Pacific water heater market registered significant losses during the COVID-19 pandemic in 2020. The production and supply chain for water heaters were completely halted, due to which manufacturers had to endure huge losses during this period. The reduced purchasing power of the consumers along with low demand for water heaters from commercial facilities, such as hotels. However, the demand for water heaters spiked from the healthcare facilities to mitigate the risk of healthcare-associated infections during the virus spread. The market is anticipated to get back on its track as the companies are launching affordable and low-priced water heaters.
Major players operating in the Asia-Pacific water heater market include Rinnai Corporation, Bradford White Corporation, Ariston Holding N.V., Haier, Whirlpool Corporation, State Industries, Racold, FERROLI S.p.A, Hubbell Heaters, LINUO RITTER INTERNATIONAL CO. LTD., Jaquar India, GE Appliances, Viessmann, STIEBEL ELTRON GmbH & Co. KG, Havells India Ltd., Bajaj Electricals Limited, AQUA MAX AUSTRALIA PTY. LIMITED, Deka Fan Malaysia, and Joven Electric Corporation.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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