Asia Pacific Water Heater Market Size 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 C

Asia Pacific Water Heater Market Size 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), By Application (Residential, Commercial), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The Asia Pacific water heater market is set to experience significant growth through 2030 owing to soaring demand for water heating solutions across the APAC region. In addition, changing customer preference toward the adoption of sustainable products is expected to further spur market growth over the forecast period.

Recently, key companies have been investing in technological innovation to offer greener solutions and extend their consumer reach across the region, which has positively influenced the product scenario. For instance, in May 2022, Rinnai Corporation, the Japan-based appliance expert, announced that it had developed a 100% hydrogen combustion technology designed for residential water heaters. In a world-first, a water heater was powered by hydrogen, which has gained prominence as a clean fuel source with no CO2 emissions.

The Asia Pacific water heater market has been segregated based on product, application, capacity, and country.

From the capacity perspective, the market has been divided into <30, 100-250, 30-100, 250-400, and >400 liters. Among these, the <30 liters segment is estimated to grow at a CAGR of around 5% by 2030. The >400 liters segment is projected to grow by $1 billion by the end of the analysis timeframe.

Based on country, the Asia Pacific water heater market has been further divided into China, India, South Korea, Malaysia, Thailand, Philippines, New Zealand, Singapore, Indonesia, Japan, and Australia. In South Korea, the water heater market is anticipated to expand at a rate of about 5% by 2030. The Malaysia water heater industry was valued at nearly $170 million in 2021 and is poised to showcase a favorable growth trajectory between 2022 and 2030.

The Thailand water heater market is expected to depict notable expansion at a CAGR of approximately 5.5% through 2030. The Asia Pacific water heater market share from Philippines is estimated to grow by more than $170 million in revenue by 2030.

Meanwhile, in New Zealand, the market is speculated to grow significantly through the study timespan owing to continuous product development. Driven by increasing uptake of renewable heating appliances, the Singapore water heater market is primed to progress at a steady pace over 2022-2030. In Indonesia, the market is set to witness considerable growth over the assessment timeline on account of prevalent concerns about carbon emission.

In 2021, the Japan water heater market was worth above $1 billion and is set to amass substantial gains by the end of 2030. The Asia Pacific water heater market from Australia is likely to record strong growth through the forecast time period backed by mounting demand for energy-efficient heating systems in the country.