Global Water Heater Market Is Estimated To Witness High Growth Owing To Increasing Public Awareness1/25/2023 Overview:
Water heaters come in various shapes and sizes. They can range from a small electric point-of-use water heater to a large tank-type model. A more energy-efficient model can save money. Most domestic hot water heaters use natural gas or electricity. Some are even powered by geothermal power. Tank-type water heaters are the most common, as they have their downsides. They may not supply enough hot water during peak demand periods. This is a problem known as standby heat loss. Electric models are usually more expensive than gas or natural gas heaters of the same size. The Energy Saver website has a calculator that can help in finding the best first-hour rating. Market Dynamics: Growing product launches is estimated to augment growth of the global Water Heater Market during the forecast period. For instance, a compact, instant water heater was launched by A.O. Smith in 2020. This water heater has 3-liter capacity and it has a heating component covered with glass to help in working efficiently. Moreover, high installation costs are anticipated to restrain growth of the global water heater market during the forecast period. Impact of COVID-19: The pandemic was first recognized in 2019 in Wuhan and later it was transmitted to various parts of the world. The virus was being transmitted from infected individuals to healthy individuals through coughing or sneezing, and close contact. To avoid tis governments across the world implemented strict COVID-19 restrictions. This led to shutting down manufacturing units, and shortage of raw materials. Supply chains were also disrupted in several regions. The pandemic also hampered the installation and maintenance activities in any sectors. There is a high dependency on China for export of raw materials. Due to this the growth of global Water Heater Market was hampered during the pandemic. Key Takeaways: The global Water Heater Market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to increasing partnerships among major players. For instance, Systemair and Panasonic Corporation partnered up in August 2020, for launching heating and cooling products. Both these companies have different sales channels and branding for their brands. Asia Pacific is anticipated to witness significant growth in the global Water Heater Market over the forecast period, owing to rising access to electricity and gas in rural areas. Major players operating in the global water heater market are A.O. Smith, Kenmore, Robert Bosch LLC, FERROLI S.p.A, Ariston Thermo SpA, Havells India Ltd, Rheem Manufacturing Company, Haier Inc., Rinnai Corporation, Bajaj Electricals Ltd., Bradford White Corporation, Westinghouse Electric Corporation, NORITZ Corporation, and Whirlpool Corporation.
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