Residential Water Heater Market Size & Share 2024 - 2032

Residential Water Heater Market Size

The global residential water heater market size was valued USD 26.9 Billion in 2023 and is anticipated to grow at a CAGR of 5.5% by 2032. A water heater is an electric appliance usually powered by gas, sunlight or electricity to heat water. The heated water is typically used for activities such as bathing, cooking, cleaning, and space heating.
 

Rising interest of major players to introduce improved systems delivering remote monitoring and allowing significant cost savings is fulfilling the customer requirement and enhancing the business statistics across the industry. Wi-Fi-enabled water heaters that allow users to control and monitor their heaters via smartphone apps will stimulate the industry dynamics. Rapid development of service sector coupled with surging demand to heat water across buildings, offices and other commercial spaces will accelerate the business dynamics.

Favorable government strategies and plans to develop building infrastructures along with ongoing development of smart products enabling Wi-Fi connectivity and advanced communication features will benefit the industry outlook. Governments are implementing regulations and offering incentives to promote the use of energy-efficient appliances which will complement the product penetration. Additionally, water heaters integrated with smart grids to optimize energy usage and reduced costs will boost the industry statistics.
 

Residential Water Heater Market Trends

Rising electricity demand along with favorable rural electrification activities in developing economies will accelerate the industry landscape. Rapid urbanization across the emerging economies in line with growing requirement for efficient water heating systems across various applications will enhance the business trend. Additionally, continuous development of smart city projects by government authorities coupled with ongoing measures toward adoption of efficient heating systems across residential & commercial facilities to reduce energy consumption will boost the business scenario in the forecasted timeframe.
 

Residential Water Heater Market Analysis

Based on product, the residential water heater industry is segmented into instant, and storage. Storage is anticipated to grow by more than USD 24.5 billion by 2032. Key features including minimized cost, high-energy savings, easy installation, quick & simple maintenance and water storage for longer duration are some of the attributes positively influencing the demand for storage water heaters.
 

Rising demand for large volumes of hot water across various establishments along with significant development of government strategies & norms across economies to ensure energy efficiency across buildings and other infrastructures will boost the business scenario.
 

Based on capacity, the residential water heater market is segmented into <30 liters, 30-100 liters, 100 – 250 liters, 250-400 liters and >400 liters. <30 liters is set to grow more than 5% by 2032. Growing demand for hot water across offices, schools, hotels, healthcare, shopping malls, universities, buildings and other facilities along with rising adoption of appropriate heating solutions across various applications will favor the business statistics. Additionally, the formulation of strict building codes & standards in line with an increasing number of smart city projects will fuel the industry demand.
 

Asia Pacific residential water heater market is set to grow more than USD 13.5 Billion by 2032 driven by presence of a robust regulatory framework along with continuous introduction of several building codes and standards. Ongoing research and development activities to introduce smart units along with rapid introduction of efficient performance systems by major players will benefit the business trend across the region. Additionally, favorable investments across governing authorities toward the development of innovative heating technologies will fuel the industry dynamics.
 

In the U.S., introduction of supportive norms, strategies, mandates, codes and standards to reduce climate pollution and enable energy savings will fuel the business statistics. Favorable government initiatives to incorporate advanced water heating technologies and ensure energy conservation in line with continuous development of advanced products across major players will enhance the industry scenario.
 

Residential Water Heater Market Share

Industry collaborations in the residential water heater industry have been instrumental in driving innovation, expanding market reach, and improving product offerings. Development and marketing of tankless water heaters and development of energy efficient water heating solutions will drive the business scenario. Further, integration of renewable energy sources with water heating systems along with research on advanced water heating technologies and smart systems is set to augment the business landscape.
 

Residential Water Heater Market Companies

Eminent players operating in the residential water heater industry are:

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

The residential water heater market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & ‘000 Units” from 2021 to 2032, for the following segments:

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 countries:

• 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
  • Uzbekistan
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • New Zealand
  • Philippines
  • Vietnam
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Turkey
  • South Africa
  • Nigeria
  • Egypt
  • Israel
  • Iraq
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Mexico