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Thermostatic Water Heater Market Report
Global Thermostatic Water Heater Market, Dynamics and Market Analysis
The Global Thermostatic Water Heater Market is expected to grow from USD xx billion in 2020 to USD xx billion by 2026 at a robust CAGR of x% during the forecast period.
Figure: Global Thermostatic Water Heater Market Size, 2020-2026 (USD Billion)
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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.
Key players operating in the global Thermostatic Water Heater market are-
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.
By Application, the market is categorized into home, school, hotel and others.
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.
The Thermostatic water heater market has seen significant growth in the past few years. But the imposition of lockdown due to the unprecedented COVID-19 outbreak resulted in supply disruptions and closure of manufacturing facilities which affected the thermostatic water heaters manufacturing and installation. However, some players did continue the manufacturing but with the minimal workforce in line with the rules and norms set by the governments across geographies.
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Here is the list of the group of customers that the Thermostatic Water Heater market hopes to have the greatest opportunity to convert-
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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.) and Rheem Manufacturing Company (The U.S.) are among the key players in the thermostatic water heater market.
Asia Pacific witnessed the largest market share in 2020 and is likely to register a healthy CAGR in the years to come.
Increasing urbanization and expanding populace coupled with rising per capita disposable income are some of the key factors propelling the growth of thermostatic water heater market in the Asia-pacific region.
The home segment is expected to register the highest CAGR in the thermostatic water heater market over the next five years.
Thermostatic water heater suppliers, Thermostatic water heater manufacturers, Thermostatic water heater distributors, Government bodies, Organizations are the target audience in the thermostatic water heater market.
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