The Water Heaters Global Market Report 2023 by The Business Research Company, provides water Heaters market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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In accordance with The Business Research Company's comprehensive analysis presented in the Water Heaters Global Market Report for the year 2023, the market is poised for significant expansion, projected to escalate from the valuation of $33.91 billion in 2022 to an estimated $37.87 billion in 2023, signifying a noteworthy compound annual growth rate (CAGR) of 11.7%. However, this promising trajectory is notably influenced by the geopolitical landscape, particularly the Russia-Ukraine conflict, which has imparted substantial ramifications on the global economic recovery from the throes of the COVID-19 pandemic, albeit in the short term.
The repercussions of the conflict extend to the imposition of economic sanctions on numerous nations, an upswing in commodity prices, and disruptions within supply chains, thereby inducing inflation across diverse sectors. This confluence of factors inevitably impacts markets worldwide, making it imperative for stakeholders to navigate through this intricate landscape with acumen.
Projections extending to the year 2027 paint a more expansive picture for the global water heaters market, anticipating a robust market size of $57.04 billion, propelled by a commendable CAGR of 10.8%.
Rapid Urbanization is expected to contribute to the growth of the water heaters market in the forecast period.
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The water Heaters market is segmented:
1) By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
2) By End User: Residential, Commercial, Industrial
3) By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
This trajectory underscores the resilience of the market, showcasing its ability to surmount external challenges and maintain a trajectory of sustained growth.
A pivotal aspect of this growth narrative is the strategic focus of water heater manufacturers on developing energy-efficient products. This paradigm shift is not merely an industry trend but a conscientious response to environmental imperatives, with the overarching goal of minimizing carbon footprints and delivering substantial energy savings to end-users. The impetus behind this surge in energy-efficient appliances emanates from stringent government regulations governing electric home appliances and continuous technological advancements.
This progressive wave of energy efficiency transcends national boundaries, with over 80 countries implementing rigorous standards and labeling mechanisms for appliances that adhere to stringent energy efficiency criteria. A pertinent example is the United States, where an Energy Star certified water heater is not only emblematic of environmental stewardship but also translates to tangible economic benefits, promising a lifetime savings of $3500 for the discerning consumer. This confluence of regulatory frameworks and technological advancements underscores the pivotal role of energy-efficient appliances in shaping the contemporary landscape of water heater markets, poised for sustained growth and environmental responsibility.
The water Heaters market report table of contents includes:
1. Water Heaters Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
.....
21. Key Mergers And Acquisitions In The Water Heaters Market
22. Global Water Heaters Market Opportunities And Strategies
23. Water Heaters Market, Conclusions And Recommendations
24. Appendix
25. Copyright and Disclaimer
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The global electric water heaters market size is expected to value at USD 29.32 billion by 2022.
Factors responsible for the robust growth of electric water heaters industry, in the recent years, include increasing popularity of tank less water heaters and rising per capita income in both developed and developing economies worldwide.
Globally, electric water heaters market is predicted to grow at CAGR of 6.9% in forecast period, providing numerous opportunities for market players to invest in research and development of these products.
The electric water heater is capable of performing day-to-day applications such as cooking, cleaning, and bathing.
Increasing penetration of electric water heaters in rural areas in both developing and underdeveloped economies coupled with lowered cost are anticipated to boost market performance for electric water heater industry, in the near future.
Additionally, easy availability of electric water heaters due to presence of supermarkets, hypermarkets, retail stores and e-commerce retail chains is positively affecting market growth.
