Water Heater Market Size - By Product (Instant, Storage), By Fuel (Electric, Gas), By Application (Residential, Commercial), By Capacity, & Forecast, 2025 – 2034

The water heater industry from residential water heater segment is expected to grow to more than USD 43.2 billion by 2034, driven by increasing adoption in new residential constructions prioritizing space efficiency and energy savings.

Major players in the industry include AERCO, A. O. Smith, Ariston Holding N.V., Bosch Thermotechnology, Bradford White Corporation, GE Appliances, Groupe Atlantic, Heatrae Sadia, Haier Inc., Havells India Ltd, and Jaquar India.

The U.S. market is anticipated to exceed USD 5 billion by 2034, driven by increased adoption of green certifications and federal and state incentives for energy-efficient water heaters.

The global market size for water heater was valued at USD 33.7 billion in 2024 and is projected to reach USD 57.5 billion by 2034, driven by a CAGR of 5.6% from 2025 to 2034.