UK Water Heater Market Size & Outlook, 2023-2030
UK water heater market, 2018-2030 (US$M)
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UK water heater market highlights
- The UK water heater market generated a revenue of USD 829.3 million in 2023 and is expected to reach USD 1,098.2 million by 2030.
- The UK market is expected to grow at a CAGR of 4.1% from 2024 to 2030.
- In terms of segment, electric was the largest revenue generating product in 2023.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
Water heater market data book summary
| Market revenue in 2023 | USD 829.3 million |
| Market revenue in 2030 | USD 1,098.2 million |
| Growth rate | 4.1% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Solar |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, UK accounted for 2.8% of the global water heater market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, Germany water heater market is projected to lead the regional market in terms of revenue in 2030.
- Italy is the fastest growing regional market in Europe and is projected to reach USD 1,435.1 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to water heater market will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 71.52% in 2023. Horizon Databook has segmented the UK water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
The successful vaccine rollout in the UK is expected to bolster the country’s plans for an economic rebound. In April 2021, the IMF revised its GDP growth rate forecast for the UK from 4.5% to 5.3% in 2021. The UK is still in the process of the EU-UK trade arrangements, which may prove disruptive to its growth.
According to the Construction Products Association, the construction output is projected to rise by 12.9% in 2021 and 5.2% in 2022. As new construction projects require steam generation, electric water heaters play a major role in providing the same. Water heaters can also be used for cleanup and sterilization purposes, which is likely to positively impact the water heater market growth.
The UK government is aiming for net-zero carbon emissions by 2050. This led to the formation of the new Future Homes Standard, which prohibits the use of gas boilers and water heaters running on fossil fuels.
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the UK water heater market , including forecasts for subscribers. This country databook contains high-level insights into UK water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK water heater market size, by product, 2018-2030 (US$M)
UK Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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