Water Heater Market Assessment, By Storage [Tank Storage, Tankless, Hybrid/Heat Pump], By Power Source [Electric, Solar, Gas, Others], By Capacity [Less Than 50 Litres, 50 Litres to 150 Litres, 150 Litres to 300 Litres, More than 300 Litres], By End-user [Domestic/Residential; Commercial-Hotels and Restaurants, Hospital and Clinics, Hostels, Dormitories & Guest Houses, Salon and Spa Services, Health Clubs and Sports Complex, Others; Industrial], By Sales Channel [Online; Offline-Multi-Brand Stores, Brand Stores/ Kiosks, Others], By Distribution Channel [Original Equipment Manufacturers (OEMs), Distributors and Dealers, Wholesalers and Retailers], By Region, Opportunities and Forecast, 2016-2030F

Water Heater Market size was valued at USD 25.29 billion in 2022 which is expected to reach USD 35.92 billion in 2030.

Home>Industry Reports>Water Heater Market Assessment, Opportunities and Forecast, 2016-2030F

The global market for water heaters is significantly growing and evolving owing to the rising demand for hot water for residential applications such as bathing, washing, and cooking. In addition to residential water heaters, the need for hot water in sectors including hospitality, healthcare, and food service is driving market expansion for commercial water heaters. Global Water Heater Market size was valued at USD 25.29 billion in 2022 which is expected to reach USD 35.92 billion in 2030.  Additionally, the market is expected to grow at a CAGR of 4.48% for the forecast period between 2023 and 2030 due to factors including rising need for energy-efficient water heaters and emerging advanced technologies that have benefitted the expansion of the water heater market on a global level. 

Furthermore, an increase in the number of residences, hotels, hospitals, and other buildings, as well as population growth and better infrastructure in rural regions, are some of the reasons that are fueling the growth of the worldwide water heater market.  Also, in order to cut down on energy use and carbon emissions, several nations have enacted energy efficiency requirements and guidelines for equipment, including water heaters. Regions with a strong emphasis on energy efficiency and sustainability, such as Scandinavia, Germany, and certain states in the U.S. like California, have witnessed a growing demand for high-efficiency water heaters. Consumers in these areas prioritize eco-friendly options and often seek out water heaters that meet stringent energy efficiency standards, such as Energy Star certification. However, the expansion of the worldwide water heater market is anticipated to be hampered by rising power prices, high operating expenses, and technical problems related to water heaters.

Integration of Smart and Advanced Technology 

The global water heater market is expanding because of technical improvements which provide customers with more convenience, and energy-efficiency alternatives. The integration of smart technology in water heaters is gaining momentum. Manufacturers are incorporating features such as Wi-Fi connectivity, mobile app controls, and smart home integration into their water heater models. In the upcoming years, manufacturers are expected to continue to thrive if they make investments in R&D to enhance their products and integrate them with cutting-edge technology.

For instance, Noritz specializes in producing a range of high-quality yet affordable tankless water heaters that represent great value for money. The company focuses on providing efficient and effective products to its customers. Its latest models are also compatible with the Noritz Wi-Fi Adapter, which can send data readouts directly to the customer’s smartphone and is marketed as the only such device that can be mounted both indoors and outside.

Increased Application in Commercial Settings 

The demand for water heaters in the commercial industry is predicted to rise exponentially due to increasing government expenditure on the development of tourism and healthcare facilities, which would in turn considerably boost the number of water heater installations. Increased consumption of hot water in hospitals, hotels, spas, salons, restaurants and laundry setups drives the market growth. Moreover, the market is also predicted to expand because of the growing popularity of tankless systems in commercial settings. The total number of hotels worldwide is more than 7,00,000 and growing even higher with new inventory plans by international hospitality groups including Accor, IHG and Marriott. In December 2022, Marriott International Inc. announced its plan to introduce 35 new luxury hotels across the globe in 2023. Saudi Arabia is planning to increase the number of cafes from 258 per million of population to 1000 cafes as part of its Vision 2030 program. Booming real estate sector in India where the developers are going providing fully furnished units and growing number of washrooms and restrooms in residential spaces are leading to a higher demand for water heaters.

 Government Regulations

Government regulations often focus on energy efficiency, safety standards, and environmental considerations. Labels or certifications, such as the CE mark in Europe, indicate that the product meets specific criteria and can help consumers make informed purchasing decisions. Furthermore, In India, Energy Efficiency and Renewable Energy Management Centre of Delhi introduced a Rs 6,000 rebate on the purchase of solar water heaters (SWH) for domestic consumers. SWHs cost roughly Rs 18,000 but save money in the long term because they do not require power. Moreover, the United States Department of Energy (DOE) has established energy efficiency standards for different types of water heaters. These standards are aimed at promoting the use of more efficient water heating technologies and reducing energy consumption. For storage tank water heaters, the DOE has set Energy Factor (EF) standards.

Rising Popularity of Tankless Water Heaters 

Tankless water heaters have gained traction due to their energy efficiency and continuous hot water supply. With cost savings, space-saving design, and longer lifespans, many people are opting for environmentally friendly units. The majority of tankless water heaters have a lifespan of more than 20 years. They also contain easily replaceable parts, which allow them to last for many more years. Storage water heaters, on the other hand, have a lifespan of 10-15 years. According to the U.S. Department of Energy, tankless water heaters can be up to 24-34% more energy-efficient than storage tank models, leading to lower utility bills and reduced environmental impact. Whereas, in developing countries such as India, tankless water heater penetration is currently quite low. Acceptance and uptake will rise when the accompanying advantages reach end users. Growth over the next year is expected to be spectacular (51.7%), owing to low penetration and huge market size.

Increasing Demand for Solar Water Heaters in Sunbelt Regions 

Sunbelt regions with ample sunshine, such as Southern U.S. states, parts of Europe, and Australia, have seen a rise in the adoption of solar water heaters. These systems utilize solar thermal collectors to harness solar energy for heating water. The availability of abundant sunlight makes solar water heaters a viable and eco-friendly option in these regions. Many companies offer solar water heaters to sunbelt regions. Rheem is a global manufacturer that offers a wide range of solar water heaters. Their products include both solar thermal collectors and complete solar water heating systems. Rheem provides solutions for residential, commercial, and industrial applications in various countries.

Impact of COVID-19 

The COVID-19 outbreak had a conflicting effect on the global water heater market. The market was positively impacted by the rising demand for residential water heaters as per the stay-at-home orders and remote work. Moreover, the growth of water heaters is influenced by increased usage of water for showering and cleaning to prevent the spread of the virus.  On the other hand, market expansion has been limited due to supply chain disruptions and diminished production capacity. Supply chain of main components used in manufacturing of water heaters like stainless steel and other casing components took an impact due to lockdown restriction which impacted overall market development.

Furthermore, reduced demand from the commercial sector as many commercial setups including hotels, restaurants, and offices were either closed or were operating at reduced capacity. Hence, Covid-19 had a considerable impact on Global Water Heater Market, nevertheless the market showed dramatic recovery as restrictions were lifted during the fall of 2020.

Impact of Russia-Ukraine War 

The conflict between Russia and Ukraine has a variety of effects on the global water heater market. Russia provides a significant amount of the raw materials which is required to make water heaters, including steel and copper. Interruptions in the flow of these supplies from Russia to other nations have resulted in a scarcity of such raw resources and a rise in their cost, thereby limiting the supply and market expansion of water heaters.

Global Water Heater Market: Report Scope

Global Water Heater Market Assessment, Opportunities and Forecast, 2016-2030F”, is a comprehensive report by Market Xcel, providing in-depth analysis and qualitative & quantitative assessment of the current state of the Water Heater market globally, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

 

Report Attribute

Details

Base Year of the Analysis

2022

Historical Period

2016-2021

Forecast Period

2023-2030

Projected Growth Rate

CAGR of 4.48% between 2023 and 2030

Revenue Forecast in 2030

USD 35.92 billion

Units

Revenue in USD Billion

Segments Covered

Storage, Power Source, Capacity, End-user, Sales Channel, and Distribution Channel

Regions Covered

North America, Europe, South America, Asia-Pacific, Middle East and Africa

Key Companies Profiled

A. O. Smith Corporation, Rinnai Corporation, Toshiba Corporation, Rheem Manufacturing Company, Havells India Limited, Midea Group, Ferroli S.p.A., The Jaquar Group, Stiebel Eltron GmbH & Co., Noritz Corporation, Ariston Holding NV, Saudi Ceramic Company 

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)

 

In this report, Global Water Heater Market has been segmented into the following categories: 

1.       By Storage

1.1.   Tank Storage

1.2.   Tankless

1.3.   Hybrid/Heat Pump

2.       By Power Source

2.1.   Electric

2.2.   Solar

2.3.   Gas

2.4.   Others

3.       By Capacity

3.1.   Less Than 50 Litres

3.2.   50 Litres to 150 Litres

3.3.   150 Litres to 300 Litres

3.4.   More than 300 Litres

4.       By End-user

4.1.   Domestic/ Residential

4.2.   Commercial

4.2.1.Hotels and Restaurants

4.2.2.Hospital and Clinics

4.2.3.Hostels, Dormitories & Guest Houses

4.2.4.Salon and Spa Services

4.2.5.Health Clubs and Sports Complex

4.2.6.Others

4.3.   Industrial

5.       By Sales Channel

5.1.   Online

5.2.   Offline

5.2.1.Multi-Brand Stores

5.2.2.Brand Stores/Kiosks

5.2.3.Others

6.       By Distribution Channel

6.1.   Original Equipment Manufacturers (OEMs)

6.2.   Distributors and Dealers

6.3.   Wholesalers and Retailers

7.       By Region

7.1.   North America

7.2.   Europe

7.3.   South America

7.4.   Asia-Pacific

7.5.   Middle East and Africa

Key Players Landscape and Outlook 

Water heater manufacturers across globe are continuously involved in research and development to improve their products and integrate with new technologies like Internet of Things(IoT) to sustain growth and market expansion. For instance, Rheem, a leading manufacturer of water heaters, introduced a line of smart water heaters integrated with their EcoNet technology. These water heaters allow users to remotely control and monitor their devices through a mobile app, providing features such as temperature adjustment, energy monitoring, and leak detection. Similarly, A. O. Smith, a water heating and water treatment industry pioneer, announces the addition of the Voltex AL (anti-leak) hybrid electric heat pump water heater to its home product line. The model tops the water heating market in efficiency, with the 66-gallon unit having the greatest overall Uniform Energy Factor (UEF) of 4.02 and the 50-gallon unit having the highest UEF of 3.8. It's also available in an 80-gallon version. Utilization of pump technology to extract heat from the air and transfer it to the water, making them highly energy efficient.

Key Players Operating in Global Water Heater Market

         A.O. Smith Corporation

         Rinnai Corporation

         Toshiba Corporation

         Rheem Manufacturing Company

         Havells India Limited

         Midea Group

         Ferroli S.p.A.

         The Jaquar Group

         Stiebel Eltron GmbH & Co.

         Noritz Corporation

         Ariston Holding NV  

         Saudi Ceramic Company 

If you can't find what you're searching for or have any custom requirements for Global Water Heater Market, you may approach our team at info@marketsandata.com

Frequently Asked Questions

What is the market size and growth rate of the Global Water Heater Market?

arrowup
Heart

India Room Air Conditioner Market Assessment, Opportunities, and Forecast, FY2017-FY2031F

The Room Air Conditioner Market in India was recorded at 8.58 million units in FY2023 and is likely to reach 18.66 million units in FY2031 growing at a CAGR of 11.74% for the forecast period between FY2024 and FY2031 owing to the expansion of new hou....Read More

Published on

December 2023

3,300

Heart

Saudi Arabia Photovoltaics Market Assessment, Opportunities, and Forecast, 2016-2030F

The Saudi Arabia Photovoltaics market is projected to reach USD 17.16 billion by 2030 from USD 3.01 billion in 2022, growing at a CAGR of 24.31% for the forecast period between 2023 and 2030.....Read More

Published on

December 2023

3,300

Heart

Global Electric Vehicles Charging Station Market Assessment, Opportunities, and Forecast, 2016-2030F

The global Electric Vehicle Charging Station market size was valued at USD 10.73 billion in 2022. The market will grow to USD 119.5 billion in 2030 with a CAGR of 35.16% during the period between 2023 and 2030.....Read More

Published on

December 2023

4,500

Heart

India Commercial Air Conditioner Market Assessment, Opportunities, and Forecast, 2017-2031F

The India Commercial Air Conditioner Market was estimated at USD 2.12 billion in FY2023 and is forecast to reach USD 4.87 billion by FY2031, growing at a CAGR of 12.62% between FY2024-FY2031. ....Read More

Published on

December 2023

3,300

Purchase Options

USD ($)

arrowdown

i

2,700

3,000

10%

i

3,960

4,500

12%

i

4,845

5,700

15%

i

6,560

8,200

20%

Tired of Searching?

Looking for Customization?

Some other doubt?

Need insights from a cohort?

REACH US

    icon_Five
    17, Okhla Industrial Estate Phase 3 Rd, Okhla Phase III, Okhla Industrial Estate, New Delhi, Delhi 110020
    call_Two
    +91 11 42343567
    icon_Six
    info@marketsandata.com
icon_Seven
5741 Cleveland street, Suite 120, VA beach, VA, USA 23462
call_Three
+1 (757) 343-3258
icon_Eight
190 Middle Road, # 14-10 Fortune Centre, Singapore -188979