Product Code: GVR-4-68038-824-4
Water Heater Market Growth & Trends:
The global water heater market size is anticipated to reach USD 40.09 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.7% from 2024 to 2030. The market is primarily driven by increasing hot water demand from various residential applications, including cleaning, and cooking, which is anticipated to augment the industry growth during the forecast period. Rising consumer demand and favorable government policies are driving the trend toward energy efficiency. Energy and environmental regulations are increasingly influencing the adoption of energy-efficient appliances, which is expected to augment the demand for energy-efficient and smart water heating solutions over the coming years.
Increasing construction spending coupled with rising government investments in public infrastructures in the developing economies of the Asia Pacific and Middle East & Africa, on account of economic and industrial development, coupled with population growth, is expected to positively impact the demand for these products during the forecast period. Favorable measure to enhance the air quality along with rising awareness regarding the adoption of renewable solutions is expected to augment the demand for solar products. Furthermore, the increasing emphasis of major industry competitors on product aesthetics and design, along with continued industry competition, is expected to fuel industry expansion.
Regulations such as the National Appliance Energy Conservation Act (NAECA) set minimum standards for water heaters in the U.S. Thus, such regulations, coupled with initiatives such as LEED certification and net-zero buildings, are expected to boost the adoption of energy-efficient solutions, thereby, positively impacting the overall industry growth. Key market players are undertaking strategic collaborations, product developments, new product launches, and expansions as sustainable strategies and cater to the changing technological requirements of the application industries The technological partnerships to innovate product lines enhance their customer base.
Water Heater Market Report Highlights:
- The electric product segment dominated the market and accounted for a share of 51.1% in 2023 owing to the rising electrification rate coupled with increased customer accessibility, mainly across the Asia Pacific and African economies.
- The storage tank segment dominated the market in 2023 and is anticipated to show lucrative growth from 2024 to 2030 owing to the high-energy conversion potential and low maintenance requirement of the product.
- The Asia Pacific dominated the market and accounted for 37.3% share, in terms of revenue, in 2023 on account of various factors such as low inflation rate, healthy manufacturing output, and balanced vaccine rollout
Table of Contents
Chapter 1. Water Heater Market: Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope and Assumptions
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Water Heater Market: Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Water Heater Market: Water Heater Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Segmentation & Scope
- 3.3. Penetration & Growth Prospect Mapping
- 3.4. Industry Value Chain Analysis
- 3.4.1. Raw Material Outlook
- 3.4.2. Manufacturing & Technology Trends
- 3.5. Regulatory Framework
- 3.6. Technology Overview
- 3.7. Water Heater Market - Market dynamics
- 3.7.1. Market Driver Analysis
- 3.7.2. Market Restraint Analysis
- 3.7.3. Market Opportunity Analysis
- 3.8. Industry Analysis Tools: Water Heater Market
- 3.8.1. Porter's Analysis
- 3.8.2. Macroeconomic Analysis
- 3.9. Economic Mega Trends Analysis
Chapter 4. Water Heater Market: Product Estimates & Trend Analysis
- 4.1. Water Heater Market: Product Outlook
- 4.2. Water Heater Market: Product Movement Analysis, 2023 & 2030
- 4.3. Electric
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.4. Solar
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.5. Gas
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Water Heater Market: Technology Estimates & Trend Analysis
- 5.1. Water Heater Market: Technology Outlook
- 5.2. Water Heater Market: Technology Movement Analysis, 2023 & 2030
- 5.3. Tankless
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.4. Storage Tank
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.5. Hybrid
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Water Heater Market: Application Estimates & Trend Analysis
- 6.1. Water Heater Market: Application Outlook
- 6.2. Water Heater Market: Application Movement Analysis, 2023 & 2030
- 6.3. Commercial
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.4. Residential
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.5. Industrial
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Water Heater Market: Capacity Estimates & Trend Analysis
- 7.1. Water Heater Market: Capacity Outlook
- 7.2. Water Heater Market: Capacity Movement Analysis, 2023 & 2030
- 7.3. Below 30 Liters
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4. 30-100 Liters
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5. 100-250 Liters
- 7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6. 250-400 Liters
- 7.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.7. Above 400 Liters
- 7.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Water Heater Market: Regional Estimates & Trend Analysis
- 8.1. Regional Movement Analysis & Market Share, 2023 & 2030
- 8.2. North America
- 8.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.2. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.2.3. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.2.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.2.5. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.2.6. U.S.
- 8.2.6.1. U.S. Macroeconomic Outlook
- 8.2.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.6.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.2.6.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.2.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.2.6.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.2.7. Canada
- 8.2.7.1. Canada Macroeconomic Outlook
- 8.2.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.7.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.2.7.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.2.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.2.7.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.2.8. Mexico
- 8.2.8.1. Mexico Macroeconomic Outlook
- 8.2.8.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.8.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.2.8.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.2.8.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.2.8.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.3. Europe
- 8.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.2. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.3.3. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.3.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.3.5. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.3.6. Germany
- 8.3.6.1. Germany Macroeconomic Outlook
- 8.3.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.6.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.3.6.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.3.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.3.6.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.3.7. France
- 8.3.7.1. France Macroeconomic Outlook
- 8.3.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.7.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.3.7.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.3.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.3.7.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.3.8. UK
- 8.3.8.1. UK Macroeconomic Outlook
- 8.3.8.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.8.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.3.8.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.3.8.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.3.8.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.3.9. Italy
- 8.3.9.1. Italy Macroeconomic Outlook
- 8.3.9.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.9.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.3.9.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.3.9.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.3.9.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.4. Asia Pacific
- 8.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.2. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.4.3. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.4.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.4.5. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.4.6. China
- 8.4.6.1. China Macroeconomic Outlook
- 8.4.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.6.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.4.6.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.4.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.4.6.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.4.7. India
- 8.4.7.1. India Macroeconomic Outlook
- 8.4.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.7.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.4.7.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.4.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.4.7.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.4.8. Japan
- 8.4.8.1. Japan Macroeconomic Outlook
- 8.4.8.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.8.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.4.8.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.4.8.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.4.8.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.4.9. Australia
- 8.4.9.1. Australia Macroeconomic Outlook
- 8.4.9.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.9.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.4.9.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.4.9.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.4.9.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.5. Central & South America
- 8.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.5.2. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.5.3. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.5.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.5.5. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.5.6. Brazil
- 8.5.6.1. Brazil Macroeconomic Outlook
- 8.5.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.5.6.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.5.6.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.5.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.5.6.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.5.7. Argentina
- 8.5.7.1. Argentina Macroeconomic Outlook
- 8.5.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.5.7.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.5.7.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.5.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.5.7.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.6. Middle East & Africa
- 8.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.6.2. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.6.3. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.6.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.6.5. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.6.6. Saudi Arabia
- 8.6.6.1. Saudi Arabia Macroeconomic Outlook
- 8.6.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.6.6.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.6.6.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.6.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.6.6.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
- 8.6.7. UAE
- 8.6.7.1. UAE Macroeconomic Outlook
- 8.6.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.6.7.3. Market estimates and forecasts by product, 2018 - 2030 (USD Billion)
- 8.6.7.4. Market estimates and forecasts by technology, 2018 - 2030 (USD Billion)
- 8.6.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 8.6.7.6. Market estimates and forecasts by capacity, 2018 - 2030 (USD Billion)
Chapter 9. Water Heater Market: Competitive Analysis
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Company Categorization
- 9.3. Participant's Overview
- 9.4. Financial Overview
- 9.5. Product Benchmarking
- 9.6. Company Market Positioning
- 9.7. Company Market Share Analysis
- 9.8. Company Heat Map Analysis
- 9.9. Strategy Mapping
- 9.10. Company Profiles
- 9.10.1. A.O. Smith
- 9.10.1.1. Participant's overview
- 9.10.1.2. Financial performance
- 9.10.1.3. Product benchmarking
- 9.10.1.4. Recent developments
- 9.10.2. Robert Bosch LLC
- 9.10.2.1. Participant's overview
- 9.10.2.2. Financial performance
- 9.10.2.3. Product benchmarking
- 9.10.2.4. Recent developments
- 9.10.3. Ariston Thermo SpA
- 9.10.3.1. Participant's overview
- 9.10.3.2. Financial performance
- 9.10.3.3. Product benchmarking
- 9.10.3.4. Recent developments
- 9.10.4. Rheem Manufacturing Company
- 9.10.4.1. Participant's overview
- 9.10.4.2. Financial performance
- 9.10.4.3. Product benchmarking
- 9.10.4.4. Recent developments
- 9.10.5. Rinnai Corporation
- 9.10.5.1. Participant's overview
- 9.10.5.2. Financial performance
- 9.10.5.3. Product benchmarking
- 9.10.5.4. Recent developments
- 9.10.6. Bradford White Corporation
- 9.10.6.1. Participant's overview
- 9.10.6.2. Financial performance
- 9.10.6.3. Product benchmarking
- 9.10.6.4. Recent developments
- 9.10.7. NORITZ Corporation
- 9.10.7.1. Participant's overview
- 9.10.7.2. Financial performance
- 9.10.7.3. Product benchmarking
- 9.10.7.4. Recent developments
- 9.10.8. Whirlpool Corporation
- 9.10.8.1. Participant's overview
- 9.10.8.2. Financial performance
- 9.10.8.3. Product benchmarking
- 9.10.8.4. Recent developments
- 9.10.9. Westinghouse Electric Corporation
- 9.10.9.1. Participant's overview
- 9.10.9.2. Financial performance
- 9.10.9.3. Product benchmarking
- 9.10.9.4. Recent developments
- 9.10.10. Bajaj Electricals Ltd
- 9.10.10.1. Participant's overview
- 9.10.10.2. Financial performance
- 9.10.10.3. Product benchmarking
- 9.10.10.4. Recent developments
- 9.10.11. Haier Inc.
- 9.10.11.1. Participant's overview
- 9.10.11.2. Financial performance
- 9.10.11.3. Product benchmarking
- 9.10.11.4. Recent developments
- 9.10.12. Havells India Ltd
- 9.10.12.1. Participant's overview
- 9.10.12.2. Financial performance
- 9.10.12.3. Product benchmarking
- 9.10.12.4. Recent developments
- 9.10.13. Lennox International Inc.
- 9.10.13.1. Participant's overview
- 9.10.13.2. Financial performance
- 9.10.13.3. Product benchmarking
- 9.10.13.4. Recent developments
- 9.10.14. FERROLI S.p.A
- 9.10.14.1. Participant's overview
- 9.10.14.2. Financial performance
- 9.10.14.3. Product benchmarking
- 9.10.14.4. Recent developments
- 9.10.15. Kenmore
- 9.10.15.1. Participant's overview
- 9.10.15.2. Financial performance
- 9.10.15.3. Product benchmarking
- 9.10.15.4. Recent developments