Home > Industrial Machinery > HVAC > Water Heater > Water Heater Market

Water Heater Market Size

Report ID: GMI2831
Published Date: Dec 2024
Report Format: PDF

Download Free Sample

Water Heater Market Size

The global water heater market was valued at USD 33.7 billion in 2024 and is estimated to grow at a CAGR of 5.6% from 2025 to 2034. A water heater is a device used to heat water for various domestic, commercial, or industrial purposes. It typically heats water to a desired temperature for use in activities like bathing, cooking, cleaning, space heating, and industrial processes. Water heaters work by using an energy source such as electricity, gas, oil, or renewable energy to heat the water and then store or deliver it as needed.

To get key market trends

Download Free Sample

Introduction of stricter regulations regarding energy efficiency and environmental impact along with drivers include energy efficiency, technological innovation, and sustainability will drive the business scenario. Manufacturers that can innovate in smart technology, eco-friendly solutions, and competitive pricing will continue to lead the market growth.

Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2024
Water Heater Market Size in 2024:	USD 33.7 Billion
Forecast Period:	2024 - 2034
Forecast Period 2024 - 2034 CAGR:	5.6%
2034 Value Projection:	USD 57.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Product, Capacity, Application, Fuel and Region
Growth Drivers:	Government mandates pertaining to energy efficiency Rapid urbanization and government mandates pertaining to GHG emissions Advancing technology coupled with rising emission standards
Pitfalls & Challenges:	High installation cost

Learn more about the key segments shaping this market

Download Free Sample

Ongoing integration of smart technology into water heaters is gaining popularity, allowing consumers to control their water heating systems remotely via mobile apps, manage energy usage, and monitor performance. Manufacturers are continuously enhancing product designs with new features like faster heating, longer lifespans, and improved safety mechanisms. Companies invest in R&D to differentiate their offerings with cutting-edge technology such as smart features and hybrid systems.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market size for water heater was valued at USD 33.7 billion in 2024 and is projected to reach USD 57.8 billion by 2034, driven by a CAGR of 5.6% from 2025 to 2034.

The water heater industry from residential water heater segment is expected to grow to more than USD 43.5 billion by 2034, driven by increasing adoption in new residential constructions prioritizing space efficiency and energy savings.

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.

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.