Global Water Heater Market Size By Capacity (Below 30 Liters, 30 – 100 Liters, 100 – 250 Liters), By Type (Electric, Solar), By Application (Residential, Commercial), By Geographic Scope And Forecast

Water Heater Market Size And Forecast

Water Heater Market size was valued at USD 28.73 Billion in 2021 and is projected to reach USD 47.91 Billion by 2030, growing at a CAGR of 4.77% from 2023 to 2030.

Growing adoption of instant heating technologies due to the main advantages offered including high supply output & limited standby losses in comparison with conventional storage units is expected to favor the market share. Increasing demand across commercial applications owing to advanced monitoring features including Wi-fi among others will positively boost the Global Water Heater Market. The Global Water Heater Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Water Heater Market Definition

The water heater is a device that uses energy sources so that it can heat water over to its natural temperature. A water Heater is an electric heater appliance that heats water for several of uses. Water heaters are available due to their small scale and energy efficiency. Electric heater geysers have become very common for residential use. They can be used for several purposes such as bathing, cooking, and other activities. Conventional storage water heaters utilize several fuels namely propane, oil, electricity, and natural gas. But, unconventional heaters utilized solar energy to deliver hot water.

Rapid technological development is the major factor boosting the development of the Water Heater Market. Also, growing disposable income, increasing demand for water heating systems, rising government initiatives to enhance the usage of solar water heaters, and high growth in the business and construction industry are also anticipated to boost the growth of the Water Heater Market. Moreover, growing urbanization and population along with the high demand for energy-effective water heaters and their trending application is expected to create several opportunities for the Water Heater Market.

Global Water Heater Market Overview

The Global Water Heater Market is expected to be boosted by growing hot water demand from several residential applications, including cleaning, washing, bathing, and cooking. Green technologies and sustainability are becoming more important as numerous cities and states around the country impose regulatory plans to reduce greenhouse gas emissions and energy use in buildings. Over the coming years, it is expected that stringent construction regulations and norms would surge the demand for energy-efficient water heating systems and smart water heating.

But, high installation costs and high electricity prices can hinder the Water Heater Market growth, while the problem associated with energy and quality efficiency is expected to challenge the market growth. Commercial water heater adoption is hindered by high upfront running expenses brought on by higher costs for unit maintenance or replacement. Moreover, it is anticipated that the market expansion will be boosted by the growing attention that several market participants are paying to product design and aesthetics, along with ongoing industry competition.

The rising use of a broad variety of water heaters in the industrial and commercial sectors is expected to boost the demand for the product. The market is anticipated to rise because of a surge in hot water consumption, mostly from hotels and hospitals. The demand for water heaters is also anticipated to increase since the product is being used in a variety of manufacturing sectors, including the chemical industries and the processing of food and beverages.

Global Water Heater MarketSegmentation Analysis

The Global Water Heater Market is Segmented on the basis of Capacity, Type, Application, And Geography.

Water Heater Market, By Capacity

• Below 30 Liters
• 30 – 100 Liters
• 100 – 250 Liters
• 250 – 400 Liters
• Above 400 Liters

Based on Capacity, the market is segmented into Below 30 Liters, 30 – 100 Liters, 100 – 250 Liters, 250 – 400 Liters, and Above 400 Liters. The 30 – 100 liters capacity segment dominated the market for water heaters in 2021. The highest share is due to the high application aptness across residential along with various commercial establishments including government institutions, healthcare, banks, hotels, and shopping complexes. The product’s availability in several capacities addresses various client demands, such as its use in washrooms, swimming pools, and kitchens, thus driving market expansion.

Water Heater Market, By Type

• Electric
• Solar
• Gas

Based on Type, the market is segmented into Electric, Solar, and Gas. Electric water heaters are becoming more common as people become more concerned regarding energy efficiency and have large growth in the number of pre-plumbed unvented systems in new buildings. To make electric heaters simpler to use, manufacturers are including smart heating controls. Electric heaters are broadly used in the commercial sector for workers’ comfort and to help with production.

Water Heater Market, By Application

• Residential
• Commercial
• Industrial

Based on Application, the market is segmented into Residential, Commercial, and Industrial. The application segment of the water heater industry’s largest category is residential due to the expanding piped gas network, rising disposable incomes, rapid residential infrastructural development, and growing electrification rate across several developing countries are anticipated to boost the demand for water heaters in the residential segment. The rising need for inexpensive, eco-friendly, and dependable water heating technologies, mainly in the residential and industrial sectors, is anticipated to drive market expansion.

Water Heater Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Regional Analysis, the Global Water Heater Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The APAC region has the greatest market share and is expected to grow at the highest CAGR over the forecast period, followed by North America and Europe. The demand for water heaters in the Asia Pacific region is boosted by the positive momentum in the construction industry, growing availability of electricity and gas across the rural areas and growing investments in infrastructure, and industrial growth in South Asian and South East Asian nations. Moreover, the emphasis on energy-efficiency standards and carbon neutrality is anticipated to boost the market growth.

Key Players

The “Global Water Heater Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as A.O. Smith, Robert Bosch LLC, Ariston Thermo SpA, Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, NORITZ Corporation, Whirlpool Corporation, Westinghouse Electric Corporation, Bajaj Electricals Ltd., Haier Inc. among others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In August 2020, A.O. Smith launched MiniBot, a 3-liter instant water heater with modern technology. MiniBot’s inner tank is filled with Blue Diamond glass, which provides superior corrosion resistance to traditional glass-lined items. It also protects against premature tank failure due to India’s hard and polluted water, extending the life of the water heater.
• In May 2019, Guangdong PHNIX Eco-Energy Solution Ltd launched a commercial heat pump water heater in the Indian market. The company is focused on increasing its global footprint through penetration in developing countries.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Water Heater Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Water Heater Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insig