Australia Water Heater Market Overview, 2028

Australia Water Heater Market Overview, 2028

Australia's population has been steadily increasing, and this growth often results in increased demand for housing. As more people move into urban areas, the need for water heaters in residential buildings, apartments, and commercial establishments rises. This demographic trend has driven the demand for water heaters in the country. Energy efficiency has become a major concern globally, and Australia is no exception. Consumers and businesses are increasingly looking for energy-efficient appliances, including water heaters, to reduce energy consumption and lower utility bills. The Australian government has implemented energy efficiency standards and labels, encouraging the adoption of more energy-efficient water heaters. This has led to the replacement of older, less efficient units with newer, energy-efficient models. Australia, like many other countries, is taking environmental sustainability seriously. The environmental impact of traditional water heaters, especially electric ones, has raised concerns about greenhouse gas emissions. As a result, there is a growing trend toward the adoption of renewable energy sources such as solar and heat pump water heaters, which are considered more environmentally friendly. Government incentives and rebates for solar water heaters have further fueled this shift. Modern lifestyles often require hot water for various purposes, such as bathing, cooking, and laundry. Consumer preferences for convenience and comfort have driven the demand for efficient and reliable water heating solutions. People are willing to invest in water heaters that can meet their hot water needs quickly and consistently. Australia's climate varies greatly across regions, with some areas experiencing extreme temperature fluctuations. In regions with colder winters, there is a higher demand for efficient water heaters to provide adequate hot water, especially during the winter months. This regional climate variability drives the need for water heaters that can perform well in various weather conditions.

According to the research report ""Australia Water Heater Market Overview, 2028,"" published by Bonafide Research, the Australia Water Heater market is expected to add more than USD 160 Million from 2023 to 2028. Many existing water heater installations are part of older homes and buildings with aging infrastructure. As these structures are renovated or upgraded, there is often a need for new water heaters. This creates opportunities for manufacturers and suppliers. Smart water heaters with Wi-Fi connectivity and mobile app control were becoming more popular. These connected devices allowed users to monitor and control their water heaters remotely, optimizing energy usage and convenience. As the global push for cleaner energy sources intensifies, there has been a growing interest in hydrogen as a potential future energy carrier. Hydrogen-ready water heaters are being developed to accommodate this transition. These water heaters can be adapted to use hydrogen as a fuel source when hydrogen infrastructure becomes more widespread. Water heaters with advanced digital controls and sensors are gaining traction. These systems can optimize water heating based on usage patterns, further reducing energy consumption. They also offer diagnostic features for easier maintenance and troubleshooting. ome providers are offering water heaters as a service, similar to the ""as-a-service"" model in technology. This allows consumers and businesses to pay for hot water on a subscription basis, shifting the responsibility of maintenance and upgrades to the service provider. Heat recovery systems, which capture and reuse waste heat from various sources (e.g., shower runoff, industrial processes), are being explored as a way to reduce the energy consumption of water heaters. The adoption of green building standards, such as the Green Star rating system, is driving the demand for energy-efficient water heaters. Builders and developers are choosing eco-friendly water heating solutions to meet sustainability requirements.

Gas water heaters are known for their energy efficiency, especially when compared to electric water heaters. They can provide hot water quickly and efficiently, making them an attractive option for consumers looking to reduce their energy consumption and utility bills. Gas is often more affordable than electricity in Australia, which can result in lower operating costs for gas water heaters. This cost-saving advantage is appealing to homeowners and businesses seeking to manage their energy expenses effectively. Gas water heaters can heat water quickly, making them suitable for homes with high hot water demand or commercial applications where a large volume of hot water is needed. Gas continuous flow or tankless water heaters can provide a continuous supply of hot water on demand, ensuring that there is no interruption in the supply of hot water even during periods of high demand. Gas storage water heaters have a faster recovery time compared to electric storage models. This means they can reheat the water in the tank more quickly, making them suitable for households with multiple occupants. In addition based on application, Australia is a popular tourist destination with a thriving hospitality industry, including hotels, resorts, and restaurants. The hospitality sector requires a constant and significant supply of hot water for guest rooms, restaurants, and other amenities. As tourism continues to grow, so does the demand for water heaters in the commercial sector. Restaurants, cafes, and other food service establishments rely heavily on hot water for cooking, dishwashing, and sanitation. The growth of the foodservice industry in Australia has contributed to the demand for commercial water heaters. Hospitals, clinics, and other healthcare facilities require hot water for patient care, sterilization, and cleaning. The healthcare sector's expansion in response to an aging population and increased healthcare needs has driven the demand for commercial water heaters.

Tankless water heaters are renowned for their energy efficiency. They heat water only when needed, eliminating the energy losses associated with storing and reheating water in traditional tank-type heaters. This efficiency appeals to environmentally conscious consumers looking to reduce their energy consumption and carbon footprint. Tankless water heaters can result in lower operating costs over time. While they may have a higher upfront cost compared to tank-type water heaters, the energy savings from reduced standby heat loss often provide a quicker return on investment. With energy prices rising, consumers are increasingly looking for cost-effective water heating solutions. Tankless water heaters provide an endless supply of hot water. This feature is particularly valuable in households with high hot water demand, such as large families or homes with multiple bathrooms. Users can enjoy hot water for as long as needed without running out. Tankless water heaters often have a longer lifespan compared to tank-type units. Their durable components can last for 20 years or more with proper maintenance, making them a reliable long-term investment for homeowners. In addition based on capacity, Water heaters with capacities below 30-100 litres are often suitable for residential use and small commercial applications, such as small restaurants, cafes, and offices. The growth in residential construction and small business establishments has driven demand for water heaters in this capacity range. Smaller capacity water heaters are known for their compact and space-saving design. In Australia, where space can be limited, especially in apartments and small homes, these units are preferred for their ability to fit into tight spaces like closets or under sinks. Water heaters with capacities below 30-100 litres are well-suited for point-of-use applications. These units can be installed close to the point of hot water demand, reducing the wait time for hot water and minimizing water waste.

Considered in this report:
• Geography: Australia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Australia Water Heater market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Electric
• Solar
• Gas

By Technology
• Tankless
• Storage
• Hybrid

By Capacity
• Below 30 Litres
• 30-100 Litres
• 100-250 Litres
• 250-400 Litres
• Above 400 Litres

By Application
• Residential
• Commercial

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Water Heater industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.