Increasing technological upgradations in water heaters and rising presence of water heaters companies on online retail channels to fuel the Vietnam water heater market through the forecast period.
According to TechSci Research report, “Vietnam Water Heater Market – By Region, Competition, Forecast & Opportunities, 2017-2027F”. The rising demand for solar water heater, increasing commercial infrastructure and growing need for water heaters are fueling the overall sales of water heater in Vietnam. Other significant factors, such as rising demand for smart water heaters and increasing product launches by water heater companies, are also contributing to the market growth.
Moreover, the consumers preferences are shifting towards energy efficient solutions which is further leading to rise in demand for solar as well as heat pump water heater. The demand for solar water heater is rising owing to the various advantages offered by these products such as high efficiency, reduction in carbon footprints, ease of availability, easy maintenance, etc. Also, the solar heaters operate by utilizing the energy of the sun. The burning of fossil fuels is one of the main causes of air pollution. When fossil fuels are burned, harmful gases like carbon dioxide and sulphur dioxide are released. Solar water heaters do not contribute in either harmful way. Furthermore, solar water heaters can function in the winter and even at subfreezing temperatures. They primarily have two defences against freezing. To prevent freezing, an anti-freeze liquid flows from the collector to the storage. Drain back technology is an additional method. The apparatus drains the water when it becomes too cold. As a result, even in severely cold conditions, solar water heater does not freeze.
The heat pump water heater has several benefits, including the ability for using heat from the environment to minimize CO2 emissions by up to 70%. It also has low operating costs, requires little maintenance, and saves on energy consumption. Heat pumps are still not as common in Vietnam as traditional heat-supplying equipment. Due to its tropical environment, the north experiences winter, which is typically marked by rain, storms, and fog. As a result, there is a significant need for water heaters in this part of Vietnam.
Additionally, smart water heaters have been gaining popularity since last couple of years. Due to a number of features that these devices offer, like remote control functionality and smart technology that can track usage trends, evaluate occupant behavior patterns, and estimate usage appropriately, the demand for smart water heaters is on the rise. Through remote monitoring and consumption management, a smart water heater can conserve both water and electricity. Smart Wi-Fi water heaters are offered in Vietnam by companies like Ariston. Additionally, the Tiêu Chun Vit Nam (TCVN) standard for smart water heaters was released by the Vietnamese government in 2022 and is set to take effect on January 1, 2025. Organizations can sign up before the deadline for voluntary testing and the certification of conformance for energy efficiency labelling. Such characteristics will increase the customer base, which will boost the nation’s increasing demand for these products.
Browse over 34 market data figures spread through 116 Pages and an in-depth TOC on the “Vietnam Water Heater Market.”
Vietnam water heater market is segmented based on product type, application, and region. The product type segment is divided into electric water heater, solar water heater, gas water heater, and heat pump water heater. The solar water heater segment is gaining popularity among consumers since it is energy efficient, eco-friendly and is easy to maintain. Also, rising awareness among consumers regarding the need of using energy efficient products is further boosting the demand of solar water heater in the country.
In terms of application, the market is segmented into residential and commercial/industrial. This residential segment is anticipated to continue to dominate the market during the forecast period. Water heaters, particularly electric water heaters are widely used in households in the nation. Also, water heater companies are expanding their product portfolio by launching new products to offer consumers a wide variety to choose from. Such factors are projected to boost the demand of water heaters in the residential sector in future.
Key market players in the Vietnam water heater market include:
- Ariston Thermo Vietnam Co., Ltd.
- Rheem Vietnam Co., Ltd.
- Ferroli Asean Co., Ltd.
- Tan A Dai Thanh Group
- Groupe Atlantic Vietnam
- Panasonic Vietnam Co., Ltd.
- Electrolux Vietnam Co. Ltd
- Kangaroo Group
- AO Smith Vietnam Co., Ltd.
- Picenza Vietnam Trading and Production Co., Ltd.
- Solar Bach Khoa Group
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“The water heater market in Vietnam has been observing significant growth over the past few years. Solar water heaters are observing a significant increase in demand in the country. These water heaters are sustainable, low-impact heating systems that produce nearly no greenhouse gas emissions. Reducing electricity costs is another benefit of using solar water heaters. Hence, market players are emphasizing on offering solar water heater to expand their consumers base. Such factors are further anticipated to contribute to the overall development of this market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Vietnam management consulting firm.
Vietnam Water Heater Market, By Product Type (Electric Water Heater, Gas Water Heater, Solar Water Heater, Heat Pump Water Heater), By Application (Residential, Commercial/Industrial), By Region (Northern Vietnam, Southern Vietnam, and Central Vietnam) Competition, Forecast & Opportunities, 2017-2027F”, has evaluated the future growth potential of water heater and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in water heater in Vietnam.
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