Asia Pacific water heater market to gain massive momentum from commercial applications over 2020-2026

Growing prominence of smart and energy efficient heating solutions is set to provide major impetus to Asia Pacific water heater market. Additionally, numerous advantages of water heaters such as availability in various capacities, longer lifespan, minimum maintenance and significant cost saving has impelled their adoption to great extent. According to a report by Global Market Insights, Inc., Asia Pacific water heater market is expected to witness yearly installations of over 56 million units by 2026.

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Besides, increasing initiatives from the leading industry players such as Alpha Electric, Ariston Thermo, A.O. Smith, Rheem Manufacturing, Bajaj, Haier Electronics and Racold to develop advanced solutions will foster the application of water heater further. For instance, in 2018, Haier Electronics, one of the prominent companies in the region announced the launch of its new floral shockproof water heater in the Indian market for the first time. Apparently, this product launch will help the company strengthen its product portfolio as well as its market position.

The overall Asia Pacific water heater market is bifurcated in terms of application, capacity and regional landscape.

Based on the application segment bifurcation, commercial water heater segment is estimated to register substantial gains over the ensuing years. The growth can be credited to increasing product installation driven by growing construction of smart cities coupled with growing infrastructure development in the region. According to credible sources, China is a home for around 500 smart city pilot projects covering small and big cities across the country. Favorable regulatory scenario and investments in the country are major driving factors for the development. The country further aims to nurture 100 new smart cities over the span of 2016 to 2020 as a part of its urban planning and development.

Moreover, favorable government initiatives encouraging the adoption of renewable technologies will stimulate the demand for water heaters. In addition, several industry players are focusing on increasing R&D activities for developing smart and advanced heating equipment, which is likely to open new growth avenues for the segment.

In terms of capacity, 30-100 liters heating systems are projected to experience exponential demand over the forthcoming years on account of growing rural electrification projects initiated by the state and regional governments across developing countries. Ongoing installation across several multi and single-family apartments as well as small-scale industries will fuel the product demand further. Furthermore, growing investments from the World Bank and the International Development Organizations (IDOs) will support the segment growth significantly.

With respect to the regional landscape, countries such as Thailand, India, China, etc., are expected to come up as viable growth avenues for the regional water heater industry. As per estimates, Thailand water heater market is expected  to observe a substantial growth rate of 2% through 2026 owing to rising hot water requirements for the domestic applications along with growing inclination towards energy efficient models for saving costs. Besides, technological advancements and growing adoption of sophisticated, smart and large capacity products will foster the product penetration. Moreover, elevating demand for clean fuels coupled with rising concerns regarding carbon dioxide emissions will propel the industry growth.