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Water Heating Market Size
Water Heating Market size in 2023 was valued at USD 121.4 billion and is estimated to grow at a rate of 7.5% from 2024 and 2032. Increasing concerns regarding energy efficiency will spur the adoption of advanced water heating technologies, further bolstered by regulatory reforms promoting the installation of environmentally friendly and energy-efficient heating units. For instance, in 2024, the U.S. government offers homeowners up to USD 3,200 in tax credits for eligible home improvements.
Water heating equipment refers to devices used to heat water for various purposes including domestic use, industrial processes, and commercial applications. These devices convert energy from various sources into heat to raise the temperature of the water. Each type of equipment has its advantages and is suitable for different applications based on factors like energy efficiency, installation cost, space availability, and specific hot water needs.
Why is the demand for water heaters rising?
The water heater segment in the water heating industry is set to reach USD 60 billion by 2032 with rising construction expenditures and growing consumer awareness and environmental considerations.
What is the size of the water heating market?
Global water heating industry was valued at USD 121.4 billion in 2023 and is anticipated to register 7.5% CAGR between 2024 and 2032 due to the increasing demand for water heating systems and stringent policy frameworks for the development of green buildings.
How big is the Europe water heating industry?
Europe water heating market size is expected to reach USD 100 billion by 2032 due to favorable regulatory policies promoting the deployment of efficient electrical equipment and the strategic partnerships among major players.
Who are the leading water heating industry players?
A.O. Smith, ALFA LAVAL, Ariston Holding N.V., Bajaj Electricals, BDR Thermea Group, Bradford White Corporation, Crompton, DAIKIN INDUSTRIES, Ltd., Danfoss, and Emerson Electric Co., among others.