Water Heater Market is set to exceed 150 million units by 2024
Date: 2019-01-28   Author: Rahul Sankrityayan  Category: #news

Water Heater Market is set to exceed 150 million units by 2024

Water Heater Market share is stimulated by the surging concerns about energy efficiency and increasing importance for renewable energy sources have had a significant impact on the manufacturers of water heaters. The revenue graph of water heater market has been depicting a rise with the transformative shift from conventional water heating systems to smart products. In accordance, energy companies have been continuously investing in capacity expansions and portfolio enhancements to combat the rising product demand. 

In fact, most of the companies have now shifted their focus toward the development of renewable energy based products such as solar water heaters. Most players in water heater industry have also been striving to integrate smart technologies in the upcoming products to gain a competitive edge in the market.

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Recently, a renowned smartphone manufacturer, Xiaomi introduced a smart gas water heater in China, in which the firm has integrated a smart app control and digital LED display that can be operated through a smartphone. In addition, the water heater is also equipped with digital thermostat technology with which users can control the temperature of water accurately. The increasing popularity of gas-based water heaters owing to their capability to provide hot water instantly at a lower costs as compared to other fuel variants is poised to propel gas water heater market share over the years ahead.

The shifting focus of regulators toward the deployment of energy efficient and renewable energy solutions has prompted water heater market players to invest in R&D activities. Most of the regional governments also have been providing subsidies and incentives over the purchase of solar water heaters to enhance product adoption. With the increasing awareness about the hazardous impact of GHG emissions from conventional water heater, most of the residential and industrial consumers have been giving preference for solar water heaters.

The frequent inventions related to solar water heater systems have also augmented the product demand. In India for example, the Himachal Pradesh State government, presented an innovation award to the Himalayan Research Group for the development of a cost-effective mountain solar water heating system in 2016. Indeed, the product has been reported to have had a positive influence on the water heating practices of people living in the rural areas of the region. The usage of the mountain solar water heating system in fact, has also drastically reduced the traditional practice to use firewood. This proves that clean energy initiatives by the regional governments will further encourage companies in the water heater market to come up with cost-effective and innovative energy solutions.

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Over the last few years, India has emerged as one of the lucrative business destinations for the companies in the water heater industry. The major factor attracting the investors toward the Indian sub-continent is the surge in industrialization and urbanization trends that has been fueling the demand for water heating systems on a large scale.

Validating the aforementioned fact, the Chinese electric appliance manufacturer, Midea Group has recently decided to set up its home appliances production plant in India to manufacture the product locally. In the next five years, it is planning to invest INR 1,350 crore in this plant to modernize it and aims to increase the product portfolio by 2020. At this plant, Midea Group would also manufacture appliances like water heaters, water purifier, washing machine, and refrigerators.

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In yet another instance affirming the popularity of capacity expansions, the Italian water heater manufacturer, Ariston Thermo commenced its first manufacturing plant in Bahrain. At this newly constructed plant, the firm plans to manufacture nearly 250,000 electric water heaters, with the help of which it is likely to emerge victorious amidst its rivals in the water heater industry, specifically across MEA, since the region has been experiencing substantial demand for water heaters across commercial as well as residential applications.

Aided by the progressive growth in the global economy, several countries have emerged as manufacturing grounds for potential investors. The growing preference for solar energy based water heaters and the rising number of clean energy initiatives have also been encouraging water heater manufacturers to launch a range of advanced products. Driven by the surging adoption of renewable energy facilities, water heater market will surpass a revenue collection of USD 30 billion by 2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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