Residential Water Heater Market Analysis

Residential Water Heater Capacity 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.