[FURL=https://www.industryarc.com/Report/19565/water-heater-market.html?utm_source=Briefingwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Water Heater Market[/FURL] size is estimated at $28.5 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Water Heater is an Electric Heater appliance that heats water for a variety of uses. Water heaters are available because of their energy efficiency and small scale. Electric Heater geysers have become very common for home use. Moreover, the Water Heater industry is growing, owing to the rising demand and widespread domestic applications such as hot water for cooking, bathing and cleaning. The water heater market would benefit from rising demand for energy efficient systems and geysers, as well as favorable regulatory policies on carbon emissions. For instance, in 2016, the United Arab Emirates invested $3Million in the area to introduce green strategies. Besides this, the growing number of strategies adopted by key players such as partnership, acquisition and collaboration to expand their presence and innovation in water heating technology to gain the market traction is set to drive its water heater industry.Key Takeaways
Water Heater market growth is being driven by technological advances, adoption of new techniques, and the innovation are resulting in the production of low-cost heaters and energy-efficient.
Geographically, North America Water Heater Market held the largest revenue share of 38% in 2020 owing to the presence of potential players who are creating new products, high investments in R&D, and government funding.
The Water Heater Industry is expanding owing to rising perception of the product’s benefits in various applications and consumer preferences are expected to shift as quality levels increase.
The growing demand for Storage Heater owing to easy installation and maintenance is a significant factor that is expected to push the Water Heater industry during 2021-2026.
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Water Heater Market Segment Analysis – By Geography:
Based on Geography, North America Water Heater Market accounted for the 38% revenue share in 2020. More than 9 million water heaters are sold in the United States per year, indicating that there is a strong demand for water heaters in North America, which accounts for a large portion of the industry. Tankless water heaters in the United States are compact, dependable, and long-lasting devices that provide high performance and much better energy efficiency than tank units.
Water Heater Market - Drivers
The Growing Demand for Storage Heater:
Water Heater Market top 10 companies are State Industries, Ariston Thermo, Haier Electronics, Fast Water Heater, Neighbourly Company Viessmann, Rinnai, A.O Smith, Rheem Manufacturing, Whirlpool Corporation and American Residential Services.
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