Summary

South Korea is known for its advanced technology and innovation in various industries, including home appliances. This extends to water heaters, where there is a strong emphasis on energy efficiency, smart features, and durability. The availability and cost of energy sources influence the choice of water heaters. South Korea primarily relies on electricity and natural gas for heating water. Electric water heaters are common in urban areas, while gas water heaters are preferred in both urban and rural regions due to lower operating costs. South Korea has a high population density, especially in urban areas like Seoul. As a result, living spaces are often compact, and there is limited room for large appliances, including water heaters. Tankless and compact water heaters are popular because they save space. South Koreans are increasingly conscious of energy consumption and its environmental impact. Energy-efficient water heaters with high energy efficiency ratings are favored. Solar water heaters are also becoming more common as they harness renewable energy sources. Smart technology is integrated into many water heaters, allowing users to control temperature and monitor energy consumption remotely through smartphone apps. These features align with the tech-savvy culture of South Korea. Water heaters in South Korea are typically installed by professionals to ensure safety and proper functioning. Regular maintenance and inspections are common to prevent issues and maintain energy efficiency. South Korean culture places a strong emphasis on cleanliness and hygiene. Hot water is essential for daily routines such as bathing and cooking. Water heaters are considered an essential household appliance, and there is an expectation of having a reliable supply of hot water. South Korea has several domestic manufacturers, such as Samsung, LG, and Daewoo, which produce water heaters known for their quality and innovation. Additionally, international brands like Bosch and Rheem are also popular choices.

According to the research report "South Korea Water Heater Market Overview, 2028," published by Bonafide Research, the South Korea Water Heater market is anticipated to grow at more than 7% CAGR from 2023 to 2028. South Korean consumers are increasingly interested in water heaters with advanced controls and automation features. This includes timers, temperature presets, and even AI-driven optimization to ensure hot water is readily available when needed. Water quality can vary across different regions of South Korea. In areas with hard water or water quality issues, there may be a demand for water heaters with built-in water softening or filtration systems to extend the lifespan of the appliance. South Korea is making efforts to increase its use of renewable energy sources. Some consumers are exploring options to integrate their water heaters with solar panels or other renewable energy systems to reduce electricity or gas consumption. Consumers are often looking beyond the initial purchase price and considering the long-term operating costs of water heaters. Energy-efficient models with lower ongoing expenses are appealing. Some consumers are opting for rental or leasing models for water heaters, allowing them to access the latest, most energy-efficient models without the upfront cost of purchase. The desire for instant hot water for cooking and cleaning purposes has led to an interest in point-of-use water heaters, which can be installed closer to the point of use, reducing water wastage and energy consumption. South Korea is investing in hydrogen technology as part of its green energy initiatives. This includes the development of water heaters powered by hydrogen fuel cells, which produce hot water and electricity simultaneously while emitting only water vapor as a byproduct.

Electric water heaters are relatively easy to install, especially in urban and residential settings. They do not require gas lines or venting systems, making them a convenient choice for both new installations and replacements. Electric water heaters are considered safe and clean because they do not involve the combustion of gas or the production of emissions. This safety feature is appealing to consumers and aligns with environmental and safety standards. Electric water heaters can be installed in various locations within a property, including kitchens, bathrooms, and utility rooms. This flexibility in placement is advantageous for homeowners and businesses with limited installation options. Electric water heaters heat water quickly, reducing the wait time for hot water to reach the tap. This quick heating capability enhances user convenience and saves water, as there is no need to run the tap while waiting for hot water. Electric water heaters are known for their reliable and consistent performance. They can maintain a stable temperature of the water, providing comfort and convenience to users. In addition based on technology, Storage water heaters, also known as tank-type water heaters, have been a traditional and well-accepted choice for water heating in South Korea for many years. Consumers are familiar with these units and often have positive experiences with their performance and reliability. Storage water heaters come in various capacities, including larger sizes suitable for homes with high hot water demand or commercial applications. Their ability to provide large volumes of hot water makes them attractive for such applications. Storage water heaters are versatile and can be used in a variety of settings, from residential to commercial and industrial applications. Their adaptability makes them attractive to both consumers and businesses.

South Korean culture places a strong emphasis on personal hygiene and bathing. Having access to a reliable and continuous supply of hot water is crucial for daily bathing rituals. Residential water heaters meet this cultural need. South Korea has experienced substantial construction and housing development activities, particularly in urban areas. New homes and apartment buildings typically come equipped with water heating systems, driving demand in the residential segment. As older homes and buildings undergo renovations or require water heater replacements, there is a steady demand for new residential water heaters. Consumers often choose to upgrade to more energy-efficient models during these renovations. Many residential water heaters in South Korea are designed to be compact and space-saving. This design feature is particularly appealing in urban apartments and homes with limited space. Residential water heaters often come equipped with safety features to protect users from accidents or malfunctions. These safety features contribute to consumer confidence in the product. In addition based on capacity, the 250-400 litres capacity range is well-suited for meeting the hot water needs of commercial and industrial applications. South Korea's growing commercial and industrial sectors have driven demand for water heaters in this size category. Hotels, resorts, and other hospitality establishments require a substantial supply of hot water for guest rooms, restaurants, and amenities. Water heaters in the 250-400 litres capacity range can meet the high hot water demand of these businesses. Restaurants, banquet halls, and catering services often require large volumes of hot water for cooking, dishwashing, and sanitation. Water heaters in this capacity range are crucial for meeting the hot water demands of the food service industry. Schools, universities, and research facilities use hot water for various purposes, including cafeteria services, laboratory work, and sanitary facilities. The 250-400 litres capacity range can provide the required hot water for these institutions.

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

Aspects covered in this report:
• South Korea 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.

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