Residential Water Heater Market Size

Residential Water Heater Market Size

Residential Water Heater Market was valued at USD 26.9 billion in 2023 and is anticipated to grow at a CAGR of over 5.5% between 2024 and 2032. A water heater is an electric appliance usually powered by gas, sunlight or electricity to heat water. The heated water is typically used for activities such as bathing, cooking, cleaning, and space heating.

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Rising interest of major players to introduce improved systems delivering remote monitoring and allowing significant cost savings is fulfilling the customer requirement and enhancing the business statistics across the industry. Wi-Fi-enabled water heaters that allow users to control and monitor their heaters via smartphone apps will stimulate the industry dynamics. Rapid development of service sector coupled with surging demand to heat water across buildings, offices and other commercial spaces will accelerate the business dynamics.
 

Favorable government strategies and plans to develop building infrastructures along with ongoing development of smart products enabling Wi-Fi connectivity and advanced communication features will benefit the industry outlook. Governments are implementing regulations and offering incentives to promote the use of energy-efficient appliances which will complement the product penetration. Additionally, water heaters integrated with smart grids to optimize energy usage and reduced costs will boost the industry statistics.