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Water Heater Market Trends

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

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Water Heater Market Trends

Urban expansion and increased consumer spending on advanced heating technologies are driving the product demand. Major construction firms, such as Leighton Asia, are undertaking high-rise residential building projects. Strategic partnerships among industry players to strengthen heater manufacturing will further boost the water heater sales in the area. Key features including technological advancements, energy efficiency, sustainability concerns, and price competition will augment the industry landscape.

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.