Market Outlook

According to Future Market Consulting analysis, Global Water Heater Market size was valued at USD 33.95 Billion in 2021 and is projected to reach USD 52.32 Billion by 2030, growing at a CAGR of 8.42 % from 2022 to 2030.

One of the factors driving the expansion of the market is the increase in real estate and the ensuing desire for contemporary amenities, including water heating. Specifications and product upgrades will additionally have a significant impact on the industry as a whole. Additionally, the development rate will be fueled by the expansion of urban areas around the world and a demand for better amenities in urban homes. The Market is expected to grow as a result of increased usage of instant heating units due to their low power consumption and straightforward, compact designs. The introduction of smart, innovative models with high levels of cost- and energy-efficiency may increase demand for water heaters generally.

The market for storage-based water heaters will be complemented by the availability of various capacity ranges that can be used for a variety of applications and a steady supply of pressurized water. Low deployment costs, simple maintenance requirements, and visually pleasing and straightforward designs all promote the adoption of water heaters. Due to a number of factors, including the expansion of the natural gas pipeline network, the ability to supply hot water for an extended period of time, and its suitability for a variety of applications, the trend towards gas-powered heaters is expected to continue. The market share will be strengthened by rising expenditures in the production, research, and development of smart heating equipment, rising demand for space heating, and rising implementation of central heating systems.

Key Players

• 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

Segmentation

By Type

• Electric
• Oil
• Gas
• Solar
• Geothermal
• Hybrid

By Technology

• Tankless
• Storage
• Hybrid

By Capacity

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

By Application

• Residential
• Commercial
• Industrial

 By Region

• North America (US, Canada, Mexico);
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
• Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
• Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
• South America (Brazil, Argentina, Rest of South America);