WATER HEATER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025-2032)

The global water heater market is influenced by factors such as economic conditions, consumer preferences, energy policies, technological advancements, and regulatory environment. The market is expected to continue to grow owing to increasing demand for hot water in the residential, commercial, and industrial sectors and growing demand for energy-efficient and sustainable solutions. The global water heater market is highly competitive, with multiple major players and numerous regional and local manufacturers. The market is characterized by a wide range of products such as storage water heaters, non-water heaters, solar water heaters, and heat pump water heaters.

Market Dynamics

The global water heater market is valued at US$ 31.47 Billion in terms of value by the end of 2022, exhibiting a compound annual growth rate (CAGR) of 12.41% from 2023 to 2030. Increased demand for hot water technological advancements, increasing adoption of renewable energy sources, fluctuating energy prices, government regulations and policies, infrastructure development, competitive landscape, These dynamic factors collectively shape the global water heater market, presenting both opportunities and challenges for manufacturers, consumers, and other industry players.

Key features of the study

• This report provides in-depth analysis of the global water heater market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period 2025-2032, considering 2024 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global water heater market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include A. O. Smith Corporation, Zhongshan Inse Group Co, Ltd., Haier Electronics Group Co., Ltd.Himin Solar Co., Ltd., Ariston Thermo Group, Genrui, Bajaj Electricals Ltd., Rheem Manufacturing Company, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Noritz Corporation, SIEMENS AG, Bradford White Corp., Venus Home Appliances (P) Ltd., Havells, and Others.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global water heater market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global water heater market.

Market Segmentation

• Global Water Heater Market, By Product Type
  • Storage Water Heaters
  • Tankless Water Heaters
  • Hybrid Water Heaters
  • Others
• Global Water Heater Market, By Type
  • Electric Water Heater
  • Solar Water Heater
  • Gas Water Heater
• Global Water Heater Market, By Application
  • Residential
  • Industrial
  • Commercial
• Global Water Heater Market, By Region
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • O. Smith Corporation
  • Zhongshan Inse Group Co, Ltd.
  • Haier Electronics Group Co., Ltd.
  • Himin Solar Co., Ltd.
  • Ariston Thermo Group
  • Genrui
  • Bajaj Electricals Ltd.
  • Rheem Manufacturing Company
  • Jiaxing Jinyi Solar Energy Technology Co, Ltd.
  • Noritz Corporation
  • SIEMENS AG
  • Bradford White Corp.
  • Venus Home Appliances (P) Ltd.
  • Havells