Water heater market is likely to witness a healthy CAGR of 4.3% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Water Heater Market
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.
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.
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Report Scope & Market Segmentation
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.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
Know more about us:
Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as Advanced Materials, Aerospace & Defense, Automotive & Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our market veterans make sure to have a deep research about the topics so that the most useful and authentic insights can be delivered to the professionals.