Residential Water Heater Market Size
Residential Water Heater Market size surpassed USD 24.35 billion in 2023 and is anticipated to grow at 4.8% CAGR from 2024 to 2032. Surge in installation of energy-efficient heating appliances governed by severe industry laws and standards, in conjunction with increased use of smart home equipment, will fuel the industry growth. The global market for water heater will cross a valuation of USD 50 billion by 2032
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COVID-19 Impact
The COVID- 19 coronavirus outbreak made an adverse impact on the worldwide economy. The virus was first identified in December 2019 in China's Hubei province, resulting in public health concern worldwide. The virus has affected over 200 countries and has caused lockdowns in many, limiting residential water heater market growth. However, major industry players continue their operations in significant and innovative ways to meet their production needs.
Residential Water Heater Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Residential Water Heater Market Size in 2023 |
USD 24.35 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
4.8% |
| 2032 Value Projection |
USD 36.54 Billion |
| Historical Data for |
2019 to 2023 |
| No. of Pages |
940 |
| Tables, Charts & Figures |
1,522 |
| Segments covered |
Product, Capacity, Fuel, Region |
| Growth Drivers |
- Growing demand for energy efficient water heaters
- Replacement of conventional water heating systems
- Government mandates pertaining to energy efficiency
- Growing demand for replacement of existing conventional water heaters
- Rapid urbanization & rigorous government mandates
- Increasing demand for energy efficient water heaters
- Technological advancements coupled with rising emission standards
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| Pitfalls & Challenges |
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Residential Water Heater Market Trends
Rising hot water demand among diverse single and multifamily buildings, along with expanding customer awareness towards the perks of smart water heating appliances is expected to drive product adoption. Increasing affordability of the product owing to advancements in technology and manufacturing processes in conjunction with introduction of several policies and programs to encourage the adoption of energy-efficient appliances, including water heaters, will sway the market development.
Residential Water Heater Market Analysis
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Water heaters in the 100-250 liter range are expected to be in high demand in the coming years, with a projected growth of about 4.6% from 2023 to 2032. This increase is being driven by several factors, includingEase of maintenance and repairThese water heaters are designed to be easy to maintain and repair, which is important for homeowners. Aesthetically pleasing and simple designsThe sleek and modern designs of these water heaters make them a good fit for any home décor. Affordable installation expensesThese water heaters are typically less expensive to install than larger models, making them a more affordable option for homeowners. In addition to these factors, rising investments in smart heating equipment production and development are also contributing to the growth of the market. As more and more people install central heating systems, they are also looking for smart water heaters that can be controlled remotely. For example, in September 2022, Rheem Manufacturing Company launched the Rheem Professional Prestige Smart Electric Water Heater, which has a capacity range of 100-250 liters. This water heater features EcoPort for easy connection to utility programs, high efficiency, and advanced electric solutions to comply with new energy regulations.
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The residential water heater industry from instant product segment will witness growth over USD 15.7 billion by 2032 owing to continuous improvement in the efficiency of gas burners and implementation of better insulation to minimize heat loss resulting in reduces energy consumption and operating costs for homeowners. Additionally, increasing public awareness of new product development along with growing requirement for on demand heating will foster the industry statistics. The instant water heater market will exceed USD 19.2 billion during the forecast period.
Imagine your home cozy and warm, with a constant supply of hot water. That's what the future holds for natural gas water heaters. By 2032, the market for these heaters is expected to soar to over $6 billion. Why? Well, more and more homes are getting access to natural gas pipelines. These heaters can keep your water extra hot for longer. Plus, they're versatile enough for any size household. But it's not just about comfort. Governments are pushing for cleaner energy sources. Natural gas fits the bill, especially compared to dirtier fuels. Smart companies are getting involved, coming up with new and better heaters that meet everyone's needs. This means more people will want these efficient and eco-friendly heaters, making them even more popular in the years to come.
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Asia Pacific industry size will observe 5.1% growth rate through 2032 led by increasing installation in the households to be used for a variety of applications comprising of cleaning, cooking, and personal hygiene among others. Economic transformations because of the availability of electricity primarily in the remote and rural areas together with surging investments by the government and private industries for developing the building infrastructure will stimulate the industry outlook.
As per the provisions the plumbers are required to deploy low-emission water heaters, including high efficiency solar, gas or electric heat pump systems. The provisions are applicable on new and existing homes. Henceforth, rising number of smart city and green building projects will further complement the business growth. The North America residential water heater market is estimated to amass USD 3.2 billion in the coming years.
Residential Water Heater Market Share
Major players operating in the competitive business landscape include
- A. O. Smith India Water Products Pvt. Ltd.
- Ariston Holding N.V.
- Bosch Thermotechnology Corp.
- Bradford White Corporation
- USA
- GE Appliances
- Haier Inc.
- Racold
- Rheem Manufacturing Company
- State Industries, Rinnai America Corporation
- Ferroli S.p.A
- Lennox International Inc.
- Havells India Ltd.
- Westinghouse Electric Corporation
- American Standard Water Heaters
- Vaillant
- NORITZ Corporation
Residential Water Heater Industry News
- In December 2022, Havells India Ltd. introduced Orizzonte and Otto, its new series of storage water heaters in India. The technologically advanced systems are equipped with enhanced safety measures, making it suitable for residential usage. Otto comes in 10, 15 & 25 liters and Orizzonte comes in 15 & 25 liters with aesthetic design complementing residences. The introduction of this product augmented the business landscape.
- In May 2022, GE Appliances opened its USD 70 million new generation water heating manufacturing facility in South Carolina. With USD 2 billion investment in manufacturing & distribution operations, the company increased its high-tech products and advanced its production. The plant will produce water heater for homes in U.S. with robotic material handling & processing, cutting-edge machines for metal fabrication, and welding. The state-of-the-art plant aims to cater the growing demand for water heaters across India, thereby strengthening the company’s presence across the country.
This residential water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments
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Market, By Product
Market, By Capacity
- < 30 Liters
- 30-100 Liters
- 100-250 Liters
- 250-400 Liters
- > 400 Liters
Market, By Fuel
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- France
- Germany
- Italy
- Austria
- Spain
- Netherlands
- Denmark
- Finland
- Sweden
- Norway
- Eurasia
- Russia
- Belarus
- Armenia
- Kazakhstan
- Kyrgyzstan
- CIS
- Azerbaijan
- Moldova
- Tajikistan
- Turkmenistan
- Uzbekistan
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Singapore
- Thailand
- New Zealand
- Philippines
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Bahrain
- Oman
- Turkey
- South Africa
- Nigeria
- Algeria
- Egypt
- Israel
- Cyprus
- Lebanon
- Iraq
- Latin America
- Brazil
- Argentina
- Chile
- Mexico
