The bucket water heater market is expected to expand to a valuation of USD 795 million in 2023 and is anticipated to exhibit a CAGR of 5.2% from 2023 to 2033 and reach USD 1,319.85 million in 2033. Bucket water heaters are in great demand owing to their adaptability and low cost. The market is gradually growing and is expected to surpass previous highs.
The increasing adoption of less data storage and cleaner energy is cruising the bucket water heater industry. These heaters are in great supply because of their compact shape and flexibility. Electricity is the primary source of power for bucket water heaters. Unlike conventional geysers, it is very simple to install and efficiently heat water in a short period of time. It is best suited for the domestic sector where people are concerned with conserving time and space.
The configuration is straightforward and does not necessitate the services of a skilled electrician. Bucket water heaters are fuel intensive and can help to save money on utility bills. Development of new technologies is also propelling the bucket water heater industry forward.
Smart bucket water heaters, for instance, permit customers to remotely oversee the water's temperature and power utilization via a cellphone or other device. bucket water heaters have become more efficient and user-friendly as a result, increasing their prominence.
Furthermore, it is primarily used for heating substances across industry sectors such as gas and oil, compound, automobiles, and others to provide a renewable energy source that does not leave contaminants or residual disposal. As a result, the market expansion is anticipated to pick up.
Furthermore, the quick development of sustainable construction projects, in conjunction with rigorous government rules and end-user desire for updating heaters with low electrical consumption, is projected to stimulate worldwide market expansion.
North America is uniquely positioned to dominate the market. It is credited to various governmental policies aimed at reducing the prevalence of low-efficiency and environmentally polluting equipment.
Europe is expected to experience significant market expansion over the forecast duration as a result of stringent environmental regulations governing fuel efficiency innovations and carbon emissions in the United Kingdom, Germany, Italy, and other European nations.
Because of its enormous population, APAC has developed into an established market for water heaters. India and China alone account for two-thirds of global bucket water heater consumption. The Middle East and Africa, as well as South America, are expected to grow significantly. It is primarily due to the growing emphasis on replacing traditional heating systems with bucket water heaters, which abide by cost-saving and energy-efficient devices.
Brazil, Saudi Arabia, and others are primarily emphasizing it because they are primarily focused on delivering modern, high-quality products to their customers.
People's lifestyles have changed as their disposable income and spending power has enhanced. Individual expenditure is much higher, and financial institutions' widely available consumer credit is resulting in seamless availability and demand of consumer goods.
The intense competition in the bucket water heater market is being shaped by technological advancements and strategic partnerships. For instance, the KD heater has an embedded thermostat that enables the consumer to set the desired temperature.
Automakers are incorporating novel technologies to enhance product competitiveness. For instance, the Boxtech bucket water heater maintains a temperature range of 68°F to 90°F to facilitate freshwater sea creatures. Also, KD heater has launched a titanium-based design that can heat heavy water, as opposed to a stainless steel-based layout that can be destroyed if totally absorbed in heavy water.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 795 million |
| Anticipated Forecast Value (2033) | USD 1,319.85 million |
| Projected Growth Rate (2023 to 2033) | 5.2% CAGR |
The bucket water heater market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study.
This study is one of the most comprehensive documentation that captures all the facets of the evolving bucket water heater market. Electricity is not just an alternate fuel but also energy-efficient and cost-effective. Products running on electricity are always demanding as compared to conventional energy-based products.
Bucket water heaters are portable electric device which serve the same purpose of water geyser, however its more efficient in saving electricity and requires less space. It is portable which makes it more popular
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Electricity-based products have registered decent growth in past years and will continue to follow same trajectory in near future. Bucket water heater are in high demand due to its portability and affordability. The market size is gradually increasing and anticipated to surpass previous records.
The rising demand of less storage space and a clean energy id driving force behind the bucket water heater market. Due to compact size and portability these heaters are in high demand Bucket water heaters are mainly powered by electricity. It is very easy to install unlike traditional geysers and are effectively heating water in a short span of time. It is best suited for residential purpose where people are keen to save space and time.
The installation is quite simple and does not require skilful electrician. Bucket water heaters are energy efficient and can substantially reduce utility bills. Government in many countries are mandating the installation of portable bucket water heater in collaboration with private companies to make green and energy efficient homes. There is surges in demand of domestic application goods for bathing and cooking may spur demand extensively
Based on geographical region, APAC has emerged a strong market for water heaters due to large population base. India and China alone contribute to 2/3rd of world bucket water heater demand.
Increased disposable income and purchasing power of individual has changed the lifestyle of people. Individual spending power is much more, and readily available consumer credit offered by financial institution is leading to smooth demand and supply of consumer products.
Key market players are -
Innovation in technology with strategical partnership is shaping up the competitive landscape of bucket water heater market. For instance, KD heater has inbuilt thermostat where one can predefine the required temperature.
Manufacturers are integrating new technologies to make product more competitive. For example, Boxtech bucket water heater is maintain a temperature of 68 degrees Fahrenheit to 90 degree to accommodate freshwater aquatic animals.
Furthermore, KD heater on other hand has introduced titanium-based design which can heat heavy water, unlike stainless steel-based design which can be damaged if immersed in heavy water
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The bucket water heater market can be segmented based on the following:
| Estimated Market Size (2024E) | USD 51.6 billion |
|---|---|
| Projected Market Value (2034F) | USD 136.2 billion |
| Value-based CAGR (2024 to 2034) | 10.2% |
| Expected Market Value (2022) | USD 791.8 Million |
|---|---|
| Anticipated Forecast Value (2032) | USD 1,138.9 Million |
| Projected Growth Rate (2022 to 2032) | 3.7% CAGR |
| Market Estimated Size (2022) | ~USD 24.4 Billion |
|---|---|
| Market Projected Size (2032) | ~USD 38.52 Billion |
| Market CAGR (2022 to 2032) | ~5.2% |
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Bucket Water Heater Market
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