Residential Water Heater Market Size By Product (Instant, Storage), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Fuel (Natural gas, LPG) & Forecast 2024 – 2032

Residential Water Heater Market Size

Residential Water Heater Market size surpassed USD 24.35 billion in 2023 and is anticipated to grow at 4.8% CAGR from 2024 to 2032. Surge in installation of energy-efficient heating appliances governed by severe industry laws and standards, in conjunction with increased use of smart home equipment, will fuel the industry growth. The global market for water heater will cross a valuation of USD 50 billion by 2032

COVID-19 Impact

The COVID- 19 coronavirus outbreak made an adverse impact on the worldwide economy. The virus was first identified in December 2019 in China's Hubei province, resulting in public health concern worldwide. The virus has affected over 200 countries and has caused lockdowns in many, limiting residential water heater market growth. However, major industry players continue their operations in significant and innovative ways to meet their production needs.

Residential Water Heater Market Trends

Rising hot water demand among diverse single and multifamily buildings, along with expanding customer awareness towards the perks of smart water heating appliances is expected to drive product adoption. Increasing affordability of the product owing to advancements in technology and manufacturing processes in conjunction with introduction of several policies and programs to encourage the adoption of energy-efficient appliances, including water heaters, will sway the market development.

Residential Water Heater Market Analysis

100-250 liters residential water heater market is projected to witness 4.6% growth during 2023-2032. Ease of maintenance and repair, aesthetically pleasing and simple designs, and affordable installation expenses are the primary factors driving product adoption. Rising investments in smart heating equipment production, development, and design, coupled with increased installation of central heating systems, will propel the market statistics. For instance, in September 2022, Rheem Manufacturing Company launched Rheem Professional Prestige Smart Electric Water Heater with capacity ranging from 100-250 liters. The product features EcoPort for easy connection to utility programs, high efficiency and providing residential customers with advanced electric solution to comply with new energy regulations.

The residential water heater industry from instant product segment will witness growth over USD 15.7 billion by 2032 owing to continuous improvement in the efficiency of gas burners and implementation of better insulation to minimize heat loss resulting in reduces energy consumption and operating costs for homeowners. Additionally, increasing public awareness of new product development along with growing requirement for on demand heating will foster the industry statistics. The instant water heater market will exceed USD 19.2 billion during the forecast period.

Natural gas residential water heater market is set to cross USD 6.4 billion revenues by 2032 on the account of expansion of the gas pipeline network, the capacity to provide hot water for extended periods of time, and its applicability across a wide range of applications. Strict environmental standards aimed at reducing carbon footprints, along with a greater emphasis on the acceptance of clean fuels, will improve the industry dynamics. Evolving business patterns among key business participants aimed at product innovation & distinctiveness for an array of products to meet various consumer and household needs will accelerate product penetration even further.

Asia Pacific industry size will observe 5.1% growth rate through 2032 led by increasing installation in the households to be used for a variety of applications comprising of cleaning, cooking, and personal hygiene among others. Economic transformations because of the availability of electricity primarily in the remote and rural areas together with surging investments by the government and private industries for developing the building infrastructure will stimulate the industry outlook.

As per the provisions the plumbers are required to deploy low-emission water heaters, including high efficiency solar, gas or electric heat pump systems. The provisions are applicable on new and existing homes. Henceforth, rising number of smart city and green building projects will further complement the business growth. The North America residential water heater market is estimated to amass USD 3.2 billion in the coming years.

Residential Water Heater Market Share

Major players operating in the competitive business landscape include :

• A. O. Smith India Water Products Pvt. Ltd.
• Ariston Holding N.V.
• Bosch Thermotechnology Corp.
• Bradford White Corporation
• USA
• GE Appliances
• Haier Inc.
• Racold
• Rheem Manufacturing Company
• State Industries, Rinnai America Corporation
• Ferroli S.p.A
• Lennox International Inc.
• Havells India Ltd.
• Westinghouse Electric Corporation
• American Standard Water Heaters
• Vaillant
•  NORITZ Corporation
   

Residential Water Heater Industry News

• In December 2022, Havells India Ltd. introduced Orizzonte and Otto, its new series of storage water heaters in India. The technologically advanced systems are equipped with enhanced safety measures, making it suitable for residential usage. Otto comes in 10, 15 & 25 liters and Orizzonte comes in 15 & 25 liters with aesthetic design complementing residences. The introduction of this product augmented the business landscape.
   
• In May 2022, GE Appliances opened its USD 70 million new generation water heating manufacturing facility in South Carolina. With USD 2 billion investment in manufacturing & distribution operations, the company increased its high-tech products and advanced its production. The plant will produce water heater for homes in U.S. with robotic material handling & processing, cutting-edge machines for metal fabrication, and welding. The state-of-the-art plant aims to cater the growing demand for water heaters across India, thereby strengthening the company’s presence across the country.
   

This residential water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments:

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Market, By Product

• Instant
• Storage

Market, By Capacity

• < 30 Liters
• 30-100 Liters
• 100-250 Liters
• 250-400 Liters
• > 400 Liters

Market, By Fuel

• Natural Gas
• LPG

The above information has been provided for the following regions and countries:

• North America
  • U.S
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Austria
  • Spain
  • Netherlands
  • Denmark
  • Finland
  • Sweden
  • Norway
• Eurasia
  • Russia
  • Belarus
  • Armenia
  • Kazakhstan
  • Kyrgyzstan
• CIS
  • Azerbaijan
  • Moldova
  • Tajikistan
  • Turkmenistan
  • Uzbekistan
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • New Zealand
  • Philippines
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Bahrain
  • Oman
  • Turkey
  • South Africa
  • Nigeria
  • Algeria
  • Egypt
  • Israel
  • Cyprus
  • Lebanon
  • Iraq
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Mexico