Water Heater Market Size, Share, Trends, Growth Outlook

The Global Water Heater Market Size is estimated to register 5.4% growth over the forecast period from 2024 to 2030.

The market growth is driven by increasing Governments and organizations worldwide are implementing initiatives to reduce carbon emissions and combat climate change. This drive towards decarbonization is influencing the water heater market by promoting the adoption of energy-efficient and low-carbon technologies. Consumers are increasingly seeking out water heaters powered by renewable energy sources such as solar, wind, or geothermal energy. Manufacturers are responding by innovating new products that prioritize sustainability and lower environmental impact. Leading Companies focusing on Hybrid Water Heating Systems, Integration with Smart Home Ecosystems, Advancements in Material Science, and others to boost market shares in the industry.

Water Heater Market Overview

The water heater market is characterized by steady global growth driven by population expansion, urbanization, and technological advancements, encompassing a variety of products from traditional tank-based heaters to tankless and renewable energy-based systems. Key players like Rheem, A.O. Smith, and Bosch compete on innovation, efficiency, and pricing, while regional trends influenced by climate and regulation shape market dynamics. Technological advancements, including smart features and energy efficiency enhancements, are prominent trends. Despite challenges such as competition and regulatory uncertainties, opportunities exist in product innovation and market expansion to meet evolving consumer preferences for efficient and sustainable hot water solutions.

Water Heater Market Dynamics

Water Heater Market Trends- The water heater market is experiencing a surge in demand for energy-efficient models.

The water heater market is experiencing a notable shift towards renewable energy sources, mirroring a global trend towards sustainability and carbon emission reduction. With mounting concerns over climate change, stakeholders across sectors - including consumers, businesses, and governments - are increasingly embracing renewable energy options like solar, wind, and geothermal power for their heating requirements. This move away from fossil fuels not only addresses environmental concerns but also diminishes reliance on finite resources while bolstering energy security. Manufacturers in the water heater industry are adapting to this transition by innovating products that utilize renewable energy sources, such as integrating solar thermal collectors into storage tanks or employing heat pumps to extract heat from the air or ground. Moreover, supportive policies, incentives, and regulations are catalyzing the growth of renewable energy-based water heating systems, fostering a trajectory toward a more sustainable and resilient future.

Market Driver- Smart technology integration is driving demand for water heaters in the market.

The integration of smart technology is transforming the water heater market, fueling demand for advanced, interconnected solutions. Manufacturers are embedding features like Wi-Fi connectivity, mobile app controls, and energy monitoring capabilities into their water heater models, offering users unprecedented convenience and control. Smart water heaters empower consumers to remotely adjust temperature settings, track energy consumption in real time, and receive timely alerts for maintenance or potential issues, leading to improved efficiency and cost savings. Moreover, these integrated systems support predictive maintenance, reducing the risk of breakdowns and prolonging the lifespan of the water heater. As sustainability gains importance, smart technology integration facilitates the incorporation of renewable energy sources, such as solar panels or heat pumps, further minimizing carbon footprint and enhancing overall energy efficiency.

Market Opportunity- The water heater market is undergoing a shift towards renewable energy sources, leaving fossil fuels behind.

The water heater market is witnessing a significant shift towards renewable energy sources, reflecting a broader emphasis on sustainability and carbon emission reduction. Systems such as solar water heaters and heat pump water heaters, which rely on renewable energy, are gaining popularity due to their lower environmental impact and potential long-term cost-effectiveness. Governments and organizations globally are incentivizing the adoption of renewable energy technologies through subsidies, incentives, and regulatory policies, further propelling this transition. Additionally, ongoing advancements in renewable energy technology, including increased solar panel efficiency and enhanced heat pump performance, are making these alternatives increasingly attractive compared to traditional fossil fuel-powered water heaters. With growing consumer awareness and a desire to minimize carbon footprints, the demand for renewable energy-based water heaters is expected to rise steadily, reshaping the water heater market landscape.

Market Share Analysis- Solar Water Heater Market will register the fastest growth

The Global Water Heater Market is analyzed across Electric, Solar, Gas, and others. Solar is poised to register the fastest growth. The solar water heater market is experiencing substantial growth globally, fueled by rising awareness of renewable energy and environmental concerns. Solar water heaters harness sunlight to heat water, offering a sustainable and cost-effective alternative to conventional methods. Factors driving this growth include technological advancements, increasing energy costs, and supportive government policies such as subsidies and tax incentives. Both residential and commercial sectors are embracing solar water heaters as part of their sustainable energy strategies. With ongoing innovations and growing demand for eco-friendly solutions, the future outlook for the solar water heater market is promising.

Market Share Analysis- Tankless held a significant market share in 2024

The Global Water Heater Market is analyzed across various technologies including Tankless, Storage Tank, Hybrid, and others. Of these, Tankless held a significant market share in 2024. The tankless water heater market is witnessing substantial growth driven by factors such as increased demand for energy-efficient appliances, technological advancements, and growing environmental consciousness. Tankless water heaters offer an on-demand hot water supply without the need for storing water, reducing energy waste and providing space-saving solutions. Advancements in technology have improved efficiency and temperature control, making tankless heaters more appealing than traditional storage tank models. As consumers become more aware of the benefits, the market for tankless water heaters is expected to continue expanding rapidly.

 

Water Heater Market Segmentation

By Product

• Electric
• Solar
• Gas

 

By Technology

• Tankless
• Storage Tank
• Hybrid

 

By Application

• Residential
• Commercial
• Industrial

 

By Capacity

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

 

By Region   

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Water Heater Market Companies

• A.O. Smith
• FERROLI S.p.A
• Ariston Thermo SpA
• Rheem Manufacturing Company
• Rinnai Corporation
• Bradford White Corporation
• Whirlpool Corporation
• Westinghouse Electric Corporation
• Haier Inc
• Havells India Ltd
• Lennox International Inc
• Kenmore
• Bajaj Electricals Ltd
• Robert Bosch LLC
• NORITZ Corporation

 

*List not exhaustive

Water Heater Market Outlook 2024

1 Market Overview

1.1 Introduction to the Water Heater Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2024 Water Heater Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Water Heater Market Companies with Area Served

4.2.2 Products Offerings Global Water Heater Market

 

5 Recession Impact Analysis and Outlook Scenarios

5.1.1 Recission Impact Analysis

5.1.2 Market Growth Scenario- Base Case

5.1.3 Market Growth Scenario- Reference Case

5.1.4 Market Growth Scenario- High Case

 

6 Global Water Heater Market Trends

6.1 Global Water Heater Revenue (USD Million) and CAGR (%) by Type (2018-2032)

6.2 Global Water Heater Revenue (USD Million) and CAGR (%) by Applications (2018-2032)

6.3 Global Water Heater Revenue (USD Million) and CAGR (%) by Regions (2018-2032)

 

7 Global Water Heater Market Revenue (USD Million) by Type, and Applications (2018-2023)

7.1 Global Water Heater Revenue (USD Million) by Type (2018-2023)

7.1.1 Global Water Heater Revenue (USD Million), Market Share (%) by Type (2018-2023)

7.2 Global Water Heater Revenue (USD Million) by Applications (2018-2023)

7.2.1 Global Water Heater Revenue (USD Million), Market Share (%) by Applications (2018-2023)

 

8 Global Water Heater Development Regional Status and Outlook

8.1 Global Water Heater Revenue (USD Million) By Regions (2018-2023)

8.2 North America Water Heater Revenue (USD Million) by Type, and Application (2018-2023)

8.2.1 North America Water Heater Revenue (USD Million) by Country (2018-2023)

8.2.2 North America Water Heater Revenue (USD Million) by Type (2018-2023)

8.2.3 North America Water Heater Revenue (USD Million) by Applications (2018-2023)

8.3 Europe Water Heater Revenue (USD Million), by Type, and Applications (USD Million) (2018-2023)

8.3.1 Europe Water Heater Revenue (USD Million), by Country (2018-2023)

8.3.2 Europe Water Heater Revenue (USD Million) by Type (2018-2023)

8.3.3 Europe Water Heater Revenue (USD Million) by Applications (2018-2023)

8.4 Asia Pacific Water Heater Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2023)

8.4.1 Asia Pacific Water Heater Revenue (USD Million) by Country (2018-2023)

8.4.2 Asia Pacific Water Heater Revenue (USD Million) by Type (2018-2023)

8.4.3 Asia Pacific Water Heater Revenue (USD Million) by Applications (2018-2023)

8.5 South America Water Heater Revenue (USD Million), by Type, and Applications (2018-2023)

8.5.1 South America Water Heater Revenue (USD Million), by Country (2018-2023)

8.5.2 South America Water Heater Revenue (USD Million) by Type (2018-2023)

8.5.3 South America Water Heater Revenue (USD Million) by Applications (2018-2023)

8.6 Middle East and Africa Water Heater Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2023)

8.6.1 Middle East and Africa Water Heater Revenue (USD Million) by Country (2018-2023)

8.6.2 Middle East and Africa Water Heater Revenue (USD Million) by Type (2018-2023)

8.6.3 Middle East and Africa Water Heater Revenue (USD Million) by Applications (2018-2023)

 

9 Company Profiles

 

10 Global Water Heater Market Revenue (USD Million), by Type, and Applications (2024-2032)

10.1 Global Water Heater Revenue (USD Million) and Market Share (%) by Type (2024-2032)

10.1.1 Global Water Heater Revenue (USD Million), and Market Share (%) by Type (2024-2032)

10.2 Global Water Heater Revenue (USD Million) and Market Share (%) by Applications (2024-2032)

10.2.1 Global Water Heater Revenue (USD Million), and Market Share (%) by Applications (2024-2032)

 

11 Global Water Heater Development Regional Status and Outlook Forecast

11.1 Global Water Heater Revenue (USD Million) By Regions (2024-2032)

11.2 North America Water Heater Revenue (USD Million) by Type, and Applications (2024-2032)

11.2.1 North America Water Heater Revenue (USD) Million by Country (2024-2032)

11.2.2 North America Water Heater Revenue (USD Million), by Type (2024-2032)

11.2.3 North America Water Heater Revenue (USD Million), Market Share (%) by Applications (2024-2032)

11.3 Europe Water Heater Revenue (USD Million), by Type, and Applications (2024-2032)

11.3.1 Europe Water Heater Revenue (USD Million), by Country (2024-2032)

11.3.2 Europe Water Heater Revenue (USD Million), by Type (2024-2032)

11.3.3 Europe Water Heater Revenue (USD Million), by Applications (2024-2032)

11.4 Asia Pacific Water Heater Revenue (USD Million) by Type, and Applications (2024-2032)

11.4.1 Asia Pacific Water Heater Revenue (USD Million), by Country (2024-2032)

11.4.2 Asia Pacific Water Heater Revenue (USD Million), by Type (2024-2032)

11.4.3 Asia Pacific Water Heater Revenue (USD Million), by Applications (2024-2032)

11.5 South America Water Heater Revenue (USD Million), by Type, and Applications (2024-2032)

11.5.1 South America Water Heater Revenue (USD Million), by Country (2024-2032)

11.5.2 South America Water Heater Revenue (USD Million), by Type (2024-2032)

11.5.3 South America Water Heater Revenue (USD Million), by Applications (2024-2032)

11.6 Middle East and Africa Water Heater Revenue (USD Million), by Type, and Applications (2024-2032)

11.6.1 Middle East and Africa Water Heater Revenue (USD Million), by region (2024-2032)

11.6.2 Middle East and Africa Water Heater Revenue (USD Million), by Type (2024-2032)

11.6.3 Middle East and Africa Water Heater Revenue (USD Million), by Applications (2024-2032)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Water Heater Market Companies with Areas Served

Table 3 Products Offerings Global Water Heater Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Water Heater Revenue (USD Million) And CAGR (%) By Type (2018-2032)

Table 8 Global Water Heater Revenue (USD Million) And CAGR (%) By Applications (2018-2032)

Table 9 Global Water Heater Revenue (USD Million) And CAGR (%) By Regions (2018-2032)

Table 10 Global Water Heater Revenue (USD Million) By Type (2018-2023)

Table 11 Global Water Heater Revenue Market Share (%) By Type (2018-2023)

Table 12 Global Water Heater Revenue (USD Million) By Applications (2018-2023)

Table 13 Global Water Heater Revenue Market Share (%) By Applications (2018-2023)

Table 14 Global Water Heater Market Revenue (USD Million) By Regions (2018-2023)

Table 15 Global Water Heater Market Share (%) By Regions (2018-2023)

Table 16 North America Water Heater Revenue (USD Million) By Country (2018-2023)

Table 17 North America Water Heater Revenue (USD Million) By Type (2018-2023)

Table 18 North America Water Heater Revenue (USD Million) By Applications (2018-2023)

Table 19 Europe Water Heater Revenue (USD Million) By Country (2018-2023)

Table 20 Europe Water Heater Revenue (USD Million) By Type (2018-2023)

Table 21 Europe Water Heater Revenue (USD Million) By Applications (2018-2023)

Table 22 Asia Pacific Water Heater Revenue (USD Million) By Country (2018-2023)

Table 23 Asia Pacific Water Heater Revenue (USD Million) By Type (2018-2023)

Table 24 Asia Pacific Water Heater Revenue (USD Million) By Applications (2018-2023)

Table 25 South America Water Heater Revenue (USD Million) By Country (2018-2023)

Table 26 South America Water Heater Revenue (USD Million) By Type (2018-2023)

Table 27 South America Water Heater Revenue (USD Million) By Applications (2018-2023)

Table 28 Middle East and Africa Water Heater Revenue (USD Million) By Region (2018-2023)

Table 29 Middle East and Africa Water Heater Revenue (USD Million) By Type (2018-2023)

Table 30 Middle East and Africa Water Heater Revenue (USD Million) By Applications (2018-2023)

Table 31 Financial Analysis

Table 32 Global Water Heater Revenue (USD Million) By Type (2024-2032)

Table 33 Global Water Heater Revenue Market Share (%) By Type (2024-2032)

Table 34 Global Water Heater Revenue (USD Million) By Applications (2024-2032)

Table 35 Global Water Heater Revenue Market Share (%) By Applications (2024-2032)

Table 36 Global Water Heater Market Revenue (USD Million), And Revenue (USD Million) By Regions (2024-2032)

Table 37 North America Water Heater Revenue (USD)By Country (2024-2032)

Table 38 North America Water Heater Revenue (USD Million) By Type (2024-2032)

Table 39 North America Water Heater Revenue (USD Million) By Applications (2024-2032)

Table 40 Europe Water Heater Revenue (USD Million) By Country (2024-2032)

Table 41 Europe Water Heater Revenue (USD Million) By Type (2024-2032)

Table 42 Europe Water Heater Revenue (USD Million) By Applications (2024-2032)

Table 43 Asia Pacific Water Heater Revenue (USD Million) By Country (2024-2032)

Table 44 Asia Pacific Water Heater Revenue (USD Million) By Type (2024-2032)

Table 45 Asia Pacific Water Heater Revenue (USD Million) By Applications (2024-2032)

Table 46 South America Water Heater Revenue (USD Million) By Country (2024-2032)

Table 47 South America Water Heater Revenue (USD Million) By Type (2024-2032)

Table 48 South America Water Heater Revenue (USD Million) By Applications (2024-2032)

Table 49 Middle East and Africa Water Heater Revenue (USD Million) By Region (2024-2032)

Table 50 Middle East and Africa Water Heater Revenue (USD Million) By Region (2024-2032)

Table 51 Middle East and Africa Water Heater Revenue (USD Million) By Type (2024-2032)

Table 52 Middle East and Africa Water Heater Revenue (USD Million) By Applications (2024-2032)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

List of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Water Heater Revenue (USD Million) By Type (2018-2023)

Figure 4 Global Water Heater Revenue Market Share (%) By Type (2023)

Figure 5 Global Water Heater Revenue (USD Million) By Applications (2018-2023)

Figure 6 Global Water Heater Revenue Market Share (%) By Applications (2023)

Figure 7 Global Water Heater Market Revenue (USD Million) By Regions (2018-2023)

Figure 8 Global Water Heater Market Share (%) By Regions (2023)

Figure 9 North America Water Heater Revenue (USD Million) By Country (2018-2023)

Figure 10 North America Water Heater Revenue (USD Million) By Type (2018-2023)

Figure 11 North America Water Heater Revenue (USD Million) By Applications (2018-2023)

Figure 12 Europe Water Heater Revenue (USD Million) By Country (2018-2023)

Figure 13 Europe Water Heater Revenue (USD Million) By Type (2018-2023)

Figure 14 Europe Water Heater Revenue (USD Million) By Applications (2018-2023)

Figure 15 Asia Pacific Water Heater Revenue (USD Million) By Country (2018-2023)

Figure 16 Asia Pacific Water Heater Revenue (USD Million) By Type (2018-2023)

Figure 17 Asia Pacific Water Heater Revenue (USD Million) By Applications (2018-2023)

Figure 18 South America Water Heater Revenue (USD Million) By Country (2018-2023)

Figure 19 South America Water Heater Revenue (USD Million) By Type (2018-2023)

Figure 20 South America Water Heater Revenue (USD Million) By Applications (2018-2023)

Figure 21 Middle East and Africa Water Heater Revenue (USD Million) By Region (2018-2023)

Figure 22 Middle East and Africa Water Heater Revenue (USD Million) By Type (2018-2023)

Figure 23 Middle East and Africa Water Heater Revenue (USD Million) By Applications (2018-2023)

Figure 24 Global Water Heater Revenue (USD Million) By Type (2024-2032)

Figure 25 Global Water Heater Revenue Market Share (%) By Type (2030)

Figure 26 Global Water Heater Revenue (USD Million) By Applications (2024-2032)

Figure 27 Global Water Heater Revenue Market Share (%) By Applications (2030)

Figure 28 Global Water Heater Market Revenue (USD Million) By Regions (2024-2032)

Figure 29 North America Water Heater Revenue (USD Million) By Country (2024-2032)

Figure 30 North America Water Heater Revenue (USD Million) By Type (2024-2032)

Figure 31 North America Water Heater Revenue (USD Million) By Applications (2024-2032)

Figure 32 Europe Water Heater Revenue (USD Million) By Country (2024-2032)

Figure 33 Europe Water Heater Revenue (USD Million) By Type (2024-2032)

Figure 34 Europe Water Heater Revenue (USD Million) By Applications (2024-2032)

Figure 35 Asia Pacific Water Heater Revenue (USD Million) By Country (2024-2032)

Figure 36 Asia Pacific Water Heater Revenue (USD Million) By Type (2024-2032)

Figure 37 Asia Pacific Water Heater Revenue (USD Million) By Applications (2024-2032)

Figure 38 South America Water Heater Revenue (USD Million) By Country (2024-2032)

Figure 39 South America Water Heater Revenue (USD Million) By Type (2024-2032)

Figure 40 South America Water Heater Revenue (USD Million) By Applications (2024-2032)

Figure 41 Middle East and Africa Water Heater Revenue (USD Million) By Region (2024-2032)

Figure 42 Middle East and Africa Water Heater Revenue (USD Million) By Region (2024-2032)

Figure 43 Middle East and Africa Water Heater Revenue (USD Million) By Type (2024-2032)

Figure 44 Middle East and Africa Water Heater Revenue (USD Million) By Applications (2024-2032)

Figure 45 Bottom-Up and Top-Down Approaches for This Report

Figure 46 Data Triangulation

 

Water Heater Market Segmentation

By Product

• Electric
• Solar
• Gas

 

By Technology

• Tankless
• Storage Tank
• Hybrid

 

By Application

• Residential
• Commercial
• Industrial

 

By Capacity

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

 

By Region   

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)