According to the research report titled ‘Global Hot Water and Heating Equipment Market - Analysis By Product Type, End-User, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global hot water and heating equipment market was valued at USD 50.2 billion in 2021 and is estimated to witness stellar growth during 2022-2027.

Rising disposable income, technological breakthroughs, increasing usage of electronic devices, and a higher concentration of ODMs and OEMs around the world are some of the prime factors driving the growth of the global hot water and heating equipment market. Growing demand for hot water and heating equipment from the residential sector is also adding traction to the overall market size.

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Based on product type, the heat pumps segment is expected to record a noteworthy growth over the forecast timeframe on account of a higher concentration of heating equipment manufacturing companies and supportive regulatory outlook.

Moving on to end-user terrain, the residential segment is expected to hold the largest market share over the review period, primarily attributed to rising demand for new comfortability and security among customers.

On the regional front, the Asia Pacific is expected to account for the largest regional share in the market in 2027, owing to the rising urban population & disposable income, increasing electronics penetration, and growing demand to improve quality by eliminating errors & reducing variability for better comfortability.

Considering the competitive landscape, A. O. Smith Corporation, Ariston Holding N.V., The Whirlpool Corporation, Bajaj Electricals Ltd., Lennox International Inc., Robert Bosch GmbH, Rinnai Corporation, Noritz Corporation, Haier Group Corporation, and Havells India Ltd. are influencing global hot water and heating equipment industry trends.