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Residential Water Heater Market Trends

Report ID: GMI4667
Published Date: Aug 2024
Report Format: PDF

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Residential Water Heater Market Trends

Rising electricity demand along with favorable rural electrification activities in developing economies will accelerate the industry landscape. Rapid urbanization across the emerging economies in line with growing requirement for efficient water heating systems across various applications will enhance the business trend. Additionally, continuous development of smart city projects by government authorities coupled with ongoing measures toward adoption of efficient heating systems across residential & commercial facilities to reduce energy consumption will boost the business scenario in the forecasted timeframe.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of residential water heater was worth about USD 26.9 billion in 2023 and is anticipated to register 5.5% CAGR between 2024 and 2032, due to the rapid urbanization and government mandates pertaining to GHG emissions.

The storage segment in the residential water heater market is anticipated to reach USD 24.5 billion by 2032, due to minimized cost, high-energy savings, easy installation, quick & simple maintenance and water storage for longer duration.

Asia Pacific residential water heater market is set to cross USD 13.5 billion by 2032, driven by presence of a robust regulatory framework and continuous introduction of several building codes and standards.

A. O. Smith India Water Products Pvt. Ltd., Ariston Holding N.V., American Standard Water Heaters, Bosch Thermotechnology Corp., Bradford White Corporation, USA, Ferroli S.p.A, GE Appliances, and Haier Inc., among others.