Residential Water Heater Market Analysis

Based on product, the storage segment is anticipated to cross more than USD 24.5 billion by 2032. Key features including minimized cost, high-energy savings, easy installation, quick & simple maintenance and water storage for longer duration are some of the attributes positively influencing the demand for storage water heaters. Rising demand for large volumes of hot water across various establishments along with significant development of government strategies & norms across economies to ensure energy efficiency across buildings and other infrastructures will boost the business scenario.

Based on capacity, the <30 liters segment is set to grow at over 5% CAGR through 2032. Growing demand for hot water across offices, schools, hotels, healthcare, shopping malls, universities, buildings and other facilities along with rising adoption of appropriate heating solutions across various applications will favor the business statistics. Additionally, the formulation of strict building codes & standards in line with an increasing number of smart city projects will fuel the industry demand.

Asia Pacific residential water heater market is projected to surpass USD 13.5 billion by 2032, driven by presence of a robust regulatory framework along with continuous introduction of several building codes and standards. Ongoing research and development activities to introduce smart units along with rapid introduction of efficient performance systems by major players will benefit the business trend across the region. Additionally, favorable investments across governing authorities toward the development of innovative heating technologies will fuel the industry dynamics.

In the U.S., introduction of supportive norms, strategies, mandates, codes and standards to reduce climate pollution and enable energy savings will fuel the business statistics. Favorable government initiatives to incorporate advanced water heating technologies and ensure energy conservation in line with continuous development of advanced products across major players will enhance the industry scenario.