Water Heater Market Size By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas{< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), By Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), By Energy Source (Electric, Gas [Natural gas, LPG]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI2831  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 1300   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Water Heater Market size crossed USD 28 billion in 2019 and annual installation is anticipated to surpass 145 million units by 2026. Increasing investments toward research & development activities coupled with rising customer focus toward product innovation and integration of smart water heating equipment will strengthen the business growth.

A water heater, as its name suggests, is an essential appliance that is used across residential and commercial structures to heat up water and maintain it at that temperature for as long as possible. Fast increasing urbanization across the globe, especially the APAC region, is likely to ramp up the market for water heaters.

Global water heater market

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Increasing requirement for energy efficient heating appliances owing to high energy consumption along with rising electricity bills will augment the business outlook. Increasing consumer spending toward advanced technologies along with rapid industrialization will influence the product adoption. The manufacturers are focused at introducing new products equipped with leakage detection, Wi-Fi, and remote monitoring features which will further complement the global water heater industry statistics.

The outbreak of COVID-19 has impacted various component manufacturing facilities owing to scarcity of workers and travel restrictions across the world. Lockdowns in economies have further led to project delays, thereby impacting the business trends. However, the industry is anticipated to regain its momentum with the gradual decline in cases, in the second quarter of 2020.

Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 28.2 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.6% 2026 Value Projection: 145.6 Million Units
Pages: 1300 Tables, Charts & Figures: 2922
Geographies covered (7): North America, Europe, Eurasia, CIS, Asia Pacific, Middle East & Africa, LATAM
Segments covered: Product, Capacity, Application, Fuel
Companies covered (45): A.O. Smith, Ariston Thermo, Bosch Thermotechnology, Bradford White Corporation, General Electric Appliances, Haier Electronics, Racold, Rheem Manufacturing, Whirlpool Corporation, Rinnai Corporation, State Water Heaters, Ferroli, Lennox, HTP Comfort Solutions, BDR Thermea, Westinghouse Electric Corporation, American Standard Water Heaters, Vaillant Group, Noritz Corporation, Thermann, Hubbell, Linuo Ritter International, Jaguar, Viessmann Group, Nihon Itomic, Midea Group, Watts Water Technologies, Stiebel Eltron, Havells India Limited, Toshiba Corporation, Deka, Alpha Electric, Aquamax Australia, Joven Electric, Bajaj Electricals, Panasonic Corporation, ATMOR Heaters, Groupe Atlantic, Saudi Ceramics, Thermex Corporation, Orbital Horizon, DINOX-D Edelstahlproduckte, Dana Water Coolers & Heaters Factory LLC, Heatre Sadia, ATON Group
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
    • Rapid urbanization and advancing product customization
    • Increasing demand for water heating systems
  • Middle East & Africa
    • Advancing technology coupled with rising emission standards
Pitfalls & Challenges:
  • High upfront cost

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Growing demand for instant heating units will drive the global water heater market share

Increasing adoption of instant heating technologies on account of the key advantages offered including limited standby losses & high supply output in comparison with conventional storage units is set to favor the market demand. Surging demand across the commercial applications on account of advanced monitoring features comprising Wi-fi among others will positively enhance the global water heater industry size.

For instance, in 2019, Rinnai Corporation made product advancements in its smart home platform with the integration of its Samsung SmartThings to its tankless water heater portfolio.

Growing requirement from the developing countries is anticipated to accelerate the Asia Pacific water heater market outlook

Strong GDP growth across the emerging nations including the Southeastern countries, comprising India and China will spur the business growth. As per the OECD Development Center, in 2018, the India’s GDP growth is anticipated to grow by 7.3% during 2019-23 higher than the previous average of 6.9% during 2012-16. Stability across the labor market along with increasing per capita income will further augment the business landscape.

Economic transformations owing to availability of electricity across remote and rural areas will stimulate the deployment of new water heating units. The domestic demand is expected to sustain its momentum with rising consumer inclination toward advance digital technologies and product upgrades. Large scale company investments to set up its manufacturing units, distribution centers and operations across the upcoming economies will positively enhance the industry outlook.

Increasing demand for electric water heaters will drive the global market size

The electric water heater market is set to grow on account of ongoing expansion of grid infrastructure and increasing point of contact for the consumers. Significant improvement in grid efficiency along with availability of continuous electricity supply will complement the industry landscape. In addition, key benefits when compared with the gas fired units, consisting of limited maintenance requirement, low standby loss, along with easy installation will favor the global water heater industry trends.

Ongoing investments toward infrastructure will stimulate the commercial water heater demand

The commercial water heater market is set to grow at over 6% owing to robust growth across the service sector along with ongoing expansion of high-rise buildings to new cities. Development of new shopping complexes and commercial buildings including hotels, offices and universities will complement the business landscape. Strict building efficiency standards and codes combined with rising number of smart city development projects will augment the market size.

Continuous investments in infrastructure development coupled with rising deployment of energy efficient heating units will accelerate the market growth. For instance, as per IBEF, India requires an infrastructural investment of over USD 777 billion by 2022. Ongoing roll out of smart cities with stringent building efficiency codes and standards will complement the industry landscape.

30-100 liters capacity units accounted for over 30% of revenue share in 2019

Japan Water Heater Industry By Capacity

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Rising deployment of low capacity units specifically across the residential establishments including both single and multi-family apartments coupled with increasing adoption of storage units is set to strengthen the adoption of 30-100 liters water heaters. Rising urbanization & industrialization combined with improving standard of living & growing dispensable incomes will drive the global water heater market share. Additionally, improving product quality coupled with shifting customer preference toward adoption of higher star rating, competent and compact design units will further boost the business scenario.

Low installation and repair cost, easy maintenance combined with availability of range of models appropriate for multiple application purposes will facilitate the adoption of below 30 liters capacity units. Higher suitability in various commercial developments comprising healthcare, hotels, government institutions and shopping complexes will augment the global water heater market forecasts.

Technological advancement will drive business growth across the Latin America

Denmark Water Heater Industry By Energy Source

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Asia Pacific, Latin America, and Europe will dominate the market accounting for over 75% share in 2019. Growing disposable income along with strong GDP growth across emerging nations will drive the market size over the forecast timeframe. In addition, development of green buildings and smart cities along with stringent regulatory norms concerning the carbon emissions from heating systems will amplify the business scenario.

For Latin America, Brazil will lead the business growth with over 70% of the regional share in 2019. Robust adoption of tankless units owing to reduction in water wastage, low energy consumption and long product life will propel the industry outlook. High spending in product development along with replacement of existing heaters with new designs will further enhance the business outlook.

Strategic mergers and acquisitions will influence the global water heater market forecast

Ongoing strategic partnerships and mergers & acquisitions by the companies will escalate the business demand. The companies are forming technical strategic partnerships to innovate their existing product line and improve on their consumer base. Furthermore, the ongoing expansion of distribution channels primarily in the developing economies, including the Tier 2 and Tier 3 cities will strengthen the market growth.

Key participants operating across the market include Viessmann, Rinnai, A.O Smith, Rheem Manufacturing, Bosch, Bradford White, Racold, Vaillant Group, State Industries, Ariston Thermo, Haier Electronics, Whirlpool Corporation, and Hubbell, among others.

Global water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

By Product

  • Instant
    • Electric
    • Gas
  • Storage
    • Electric
      • Below 30 Liter
      • 30-100 Liter
      • 100-250 Liter
      • 250-400 Liter
      • Above 400 Liter
    • Gas
      • Below 30 Liter
      • 30-100 Liter
      • 100-250 Liter
      • 250-400 Liter
      • Above 400 Liter

By Application

  • Residential
  • Commercial
    • College/University
    • Offices
    • Government/Military
    • Others

By Capacity

  • Below 30 Liter
  • 30-100 Liter
  • 100-250 Liter
  • 250-400 Liter
  • Above 400 Liter

By Fuel

  • Electric
  • Gas
    • Natural Gas
    • LPG

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

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherland
    • Denmark
    • Finland
    • Sweden
    • Norway
  • Eurasia
    • Russia
    • Belarus
    • Armenia
    • Kazakhstan
    • Kyrgyzstan
  • CIS
    • Azerbaijan
    • Moldova
    • Tajikistan
    • Turkmenistan
    • Ukraine
    • Uzbekistan
  • Asia Pacific
    • China
    • Australia
    • India
    • Myanmar
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
    • Vietnam
  • 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

Frequently Asked Questions (FAQ) :

The global water heater industry revenue surpassed USD 28 billion in 2019 and is projected to cross 145 million units by 2026.
The commercial water heater industry size is likely to expand at over 6% rate due to the strong growth in the service sector coupled with the constant expansion of high-rise buildings in new cities.
In 2019 the 30-100 liters capacity units registered 30% of the global water heaters market share and is anticipated to grow substantially due to the rising installation of low capacity units specifically across the residential establishments.
The electric water heater industry share is anticipated to witness notable growth driven by the ongoing expansion of grid infrastructure and increasing point of contact for the consumers coupled with benefits like low maintenance, low standby loss, and easy installation.

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Premium Report Details

  • Published Date: Nov 2020
  • Pages: 1300
  • Tables: 2856
  • Charts / Figures: 66
  • Companies covered: 45
  • Countries covered: 7

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