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Water Heater Market Size

Report ID: GMI2831
Published Date: Mar 2023
Report Format: PDF

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Water Heater Market Size

Water Heater Market size exceeded USD 32.28 billion in 2023 and is projected to exhibit more than 5.3% CAGR from 2024 to 2032, on account of the emphasis on energy-efficient heating system development.

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Water heating accounts for a major share of energy use across residential establishments. With the introduction of strict regulatory mandates, manufacturers are working on the establishment of energy-efficient systems including tankless water heaters. Compared to conventional models, tankless counterparts take up less space and heat water instantaneously, minimizing energy consumption. Furthermore, favorable guidelines regarding the installation of efficient heating systems in the commercial sector have also been introduced. These factors, alongside the escalating smart city projects, will fuel water heater connections.

Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2023
Water Heater Market Size in 2023:	USD 32.28 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.3%
2032 Value Projection:	USD 50.58 Billion
Historical Data for:	2019 to 2023
No. of Pages:	1,900
Tables, Charts & Figures:	4,324
Segments covered:	Product, Capacity, Fuel, Application
Growth Drivers:	North America & Latin America Growing demand for energy efficient water heaters Replacement of conventional water heating systems Europe Government mandates pertaining to energy efficiency Growing demand for replacement of existing water heaters Asia Pacific Increasing demand for water heating systems Rapid urbanization and government mandates pertaining to GHG emissions Middle East & Africa Advancing technology coupled with rising emission standards
Pitfalls & Challenges:	High installation costs

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In recent years, public and private sector investments in advanced water heating technologies have also been made. Additionally, the increasing replacement of aging water heaters with new designs offering advanced control and monitoring features will create lucrative growth opportunities for industry players. However, the product is associated with high operating costs. Moreover, the limitations of electric water heaters including susceptibility to power outages may create roadblocks to product development to some extent.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of water heater crossed USD 32.28 billion in 2023 and will exhibit more than 5.3% gains through 2032, considering the emphasis on energy-efficient heating system development.

The instant segment is set to reach over 104 million units by 2032, owing to the high energy savings, easy installation, low energy, and other attributes.

The APAC market value is anticipated to surpass USD 15.5 billion by 2032, due to rapid urbanization and growing consumer spending on advanced heating technologies.

Key players in the water heater industry include Toshiba Lifestyle Products and Services Corporation, Groupe Atlantic, AERCO, Thermex Corporation, Panasonic Philippines, GE Appliances, Bradford White Corporation, A. O. Smith, and Havells India Ltd., among others.