Thermostatic Water Heater Market is Expected to Register a Considerable Growth by 2026
May 04, 2022
May 04, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Thermostatic Water Heater Market.
It was estimated prior to this unanticipated outbreak that the Thermostatic Water Heater Market is likely to witness an impressive Healthy CAGR during the forecast period. The thermostatic water heater is a household device that comprises a gas or electric heating unit under a tank in which the water is heated and stored. The thermostat in the water heater is a device that keeps the temperature in the heater at the desired level. It cuts off the power supply once the required temperature is achieved. The commonly used water heaters include constant temperature gas water heater and constant temperature electric water heater.
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Market Dynamics
The global market growth is driven by high products in both residential and commercial sectors across the geographies. Increasing demand for the energy-efficient water heater to reduce energy consumption is driving the market growth at a significant rate. The market players are emphasizing investing in research and development activities to develop innovative and advanced products. Increasing consumer spending over technologically advanced products is likely to create lucrative opportunities for the market players.
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Segments' Analysis
Application Trends
By Application, the market is categorized into home, school, hotel and others.
- The home segment is projected to register the highest CAGR owing to high product demand coupled with growing urbanization and increasing purchasing power.
- Additionally, increasing prevalence of strict building energy efficient standards is also likely to fuel the demand for energy efficient water heaters.
- The hotel segment is also growing at a considerable rate because of the increasing number of hotels.
Regional Trends
On the basis of region, the Asia Pacific witnessed the largest market share in 2020 and is likely to register a healthy CAGR by the end of 2026. Increasing urbanization and expanding populace coupled with rising per capita disposable income are some of the key factors propelling the market growth in the region. Growing demand for energy efficient water heaters with rising energy efficiency standards is likely to drive the product growth in developed regions.
Key Players:
Key players operating in the global Thermostatic Water Heater market are-
- Haier Group Corporation (China),
- Midea Group (China),
- A. O. Smith Corporation (The U.S.),
- MACRO (China),
- NORITZ CORPORATION (Japan),
- Vatti (China),
- Rinnai (Japan),
- Taiwan Sakura Corporation (China),
- EuroICC (Serbia),
- Guangdong Vanward New Electric CO., LTD (China),
- Navien, Inc. (The U.S.),
- Rheem Manufacturing Company (The U.S.).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Thermostatic Water Heater analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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