Water Heater Market Forecast To Grow

The water heater market size is expected to surpass $28 billion by 2026, says a study by Global Market Insights, Inc. The study says product innovation and technological advancements will boost the demand for storage heaters and is set to register over four per cent compound annual growth rate through 2026. Customer preferences for luxurious and compact designs, along with introduction of smart communication and monitoring features, will boost the product adoption. Technological advancements coupled with rising R&D initiatives by the manufacturers have led to the introduction of energy efficient models. Moreover, stringent regulations toward the adoption of energy efficient heating appliances across the residential and commercial establishments will further stimulate the product demand. Increasing disposable incomes, rising consumer spending coupled with improvements in living standards will drive the global water heater industry demand. In addition, product innovations including Wi-Fi connectivity, corrosion resistance, communication, and monitoring features, coupled with the integrated advanced leakage detection solutions, will positively enhance the industry outlook.