Asia-Pacific Water Heater Market to Hit $7 Billion by 2026, Says Global Market Insights, Inc.

SELBYVILLE, Del., Nov. 16, 2020 /PRNewswire/ -- Asia-Pacific's water heater market share is set to cross USD 7 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Key factors, including energy savings, availability in multiple capacities, combined with a longer lifespan and minimal maintenance, will influence the industry landscape. Increasing standards of living, growing distribution centers by the eminent players in Tier 2 cities, coupled with greater consumer focus on smart heating appliances, will accelerate the product demand.

Ongoing construction of smart cities along with expanding infrastructure development will result in the greater installation of water heaters, thereby impacting the commercial water heater industry's demand. Supportive government strategies and initiatives will lead to the growing adoption of renewable technologies, leading to greater penetration of water heating equipment in the sector. Various industry and end use players are focused on research and development activities, leading to the development of smart and advanced heating equipment, thereby influencing the business landscape.

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Thirty to 100 liters heating systems will observe swelling demand on account of growing rural electrification projects by the state & regional governments in the upcoming countries. Ongoing deployment across various multi & single-family apartments coupled with increasing small-scale industries will further sway the product demand. Growing investments from the International Development Organizations (IDOs), along with the World Bank, are projected to positively influence product penetration.

Some major findings of the Asia-Pacific water heater market report include:

    --  The demand for water heaters in Asia-Pacific region is strengthening
        owing to rising adoption in both commercial & residential sectors.
    --  Growing smart city projects combined with the ongoing expansion of the
        building infrastructure is projected to drive the water heating demand
        across the Asia-Pacific.
    --  The eminent players operating in the Asia-Pacific water heater market
        comprise of Ariston Thermo, Alpha Electric, A.O. Smith, Bajaj, Rheem
        Manufacturing, and Racold.
    --  The leading industry players aim at expanding their distribution
        channels to provide innovative product advancements.

Browse key industry insights spread across 435 pages with 548 market data tables & 50 figures & charts from the report, "Asia-Pacific Water Heater Market Analysis By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas{< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Application (Residential, Commercial), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:

Thailand's water heater market is anticipated to register over a 2% CAGR through 2026. Growing hot water requirements across the domestic applications coupled with significant cost savings with the utilization of energy-efficient models will augment the market statistics. Increasing adoption of high-end, smart & large capacity products, witnessing technological development will fuel product penetration.

Strategic inorganic growth ventures are the substantial initiatives adopted by the leading industry players is set to foster the business landscape. Product advancements including Wi-fi integration, remote sensing & management, along with leakage detection options will boost product adoption. Shifting focus on low-cost manufacturing coupled with rising investments toward product innovations will support competitive pricing. Furthermore, the companies are pursuing expansion initiatives comprising increasing the number of distribution channels in Tier 3 and Tier 2 cities will help gain a competitive edge for Asia-Pacific water heater market.

Impact of COVID-19 has led to a global pandemic which has affected the global economy, impacting various industries including component manufacturing & construction, among others. The industry manufacturers worldwide bear supply shortages on account of lockdowns imposed by the respective countries.

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Browse Related Report:

Worldwide Water Heater Market By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), Fuel (Electric, Gas [Natural gas, LPG]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

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