Water Heater Market Size To Reach $40.09 Billion By 2030

Water Heater Market Growth & Trends

The global water heater market size is anticipated to reach USD 40.09 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.7% from 2024 to 2030. The market is primarily driven by increasing hot water demand from various residential applications, including cleaning, and cooking, which is anticipated to augment the industry growth during the forecast period. Rising consumer demand and favorable government policies are driving the trend toward energy efficiency. Energy and environmental regulations are increasingly influencing the adoption of energy-efficient appliances, which is expected to augment the demand for energy-efficient and smart water heating solutions over the coming years.

Increasing construction spending coupled with rising government investments in public infrastructures in the developing economies of the Asia Pacific and Middle East & Africa, on account of economic and industrial development, coupled with population growth, is expected to positively impact the demand for these products during the forecast period. Favorable measure to enhance the air quality along with rising awareness regarding the adoption of renewable solutions is expected to augment the demand for solar products. Furthermore, the increasing emphasis of major industry competitors on product aesthetics and design, along with continued industry competition, is expected to fuel industry expansion.

Regulations such as the National Appliance Energy Conservation Act (NAECA) set minimum standards for water heaters in the U.S. Thus, such regulations, coupled with initiatives such as LEED certification and net-zero buildings, are expected to boost the adoption of energy-efficient solutions, thereby, positively impacting the overall industry growth. Key market players are undertaking strategic collaborations, product developments, new product launches, and expansions as sustainable strategies and cater to the changing technological requirements of the application industries The technological partnerships to innovate product lines enhance their customer base.

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Water Heater Market Report Highlights

• The electric product segment dominated the market and accounted for a share of 51.1% in 2023 owing to the rising electrification rate coupled with increased customer accessibility, mainly across the Asia Pacific and African economies.

• The storage tank segment dominated the market in 2023 and is anticipated to show lucrative growth from 2024 to 2030 owing to the high-energy conversion potential and low maintenance requirement of the product.

• The Asia Pacific dominated the market and accounted for 37.3% share, in terms of revenue, in 2023 on account of various factors such as low inflation rate, healthy manufacturing output, and balanced vaccine rollout

Water Heater Market Segmentation

Grand View Research has segmented the global water heater market on the basis of product, technology, application, capacity, and region:

Water Heater Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Electric

• Solar

• Gas

Water Heater Technology Outlook (Revenue, USD Billion, 2018 - 2030)

• Tankless

• Storage

•  Hybrid

Water Heater Capacity Outlook (Revenue, USD Billion, 2018 - 2030)

• Below 30 Liters

• 30 - 100 Liters

• 100 - 250 Liters

• 250 - 400 Liters

• Above 400 Liters

Water Heater Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Residential

• Commercial

• Industrial

Water Heater Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • UK

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

List Of Key Players Of Water Heater Market

• 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.

• Havells India Ltd

• Lennox International Inc.

• FERROLI S.p.A

• Kenmore