Global Water Heater Market to Grow at a CAGR of 4% During the Period 2024-2032, Driven by Demand for Sophisticated Appliances

In recent years, the demand for sophisticated water heating systems has grown. Hot water is required for commercial as well residential applications, including cleaning, washing, cooking, patient hygiene (in hospitals), etc.

Companies like Bradford White and Daikin continually seek to produce modern and technologically advanced products to meet consumer demand for energy-efficient and environmentally friendly devices. For instance, Bradford White claims that its models such as AeroTherm® Heat Pump Water Heater, Infiniti® K Series tankless water heaters and eF Series® gas water heaters are designed to save energy and money. Likewise, Daikin maintains that the company’s offerings deliver cost-effective heating solutions for residential and commercial settings.

According to analysts, the global water heater market is likely to be driven by demand for hot water from commercial and residential sectors.  Tankless water heaters are gaining popularity in small commercial buildings like eating joints, while being more common in residential applications.

Sophisticated tankless water heaters are expected to boost the market during the period 2024-2032 owing to benefits including enhanced efficiency, better life, decreased time to dispense hot water, less required space, and increased safety.

Heat pump water heaters could be considerably more energy-efficient than standard electric resistance water heaters. Although initial costs in installing pump water heater systems might be relatively high, these could be offset by the system’s lower operating costs. Further, heat pump water heaters offer more heat while consuming the same amount of power as that utilized by standard electric storage water heaters. These factors may be behind heat pump water heaters gaining prominence.

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Key Findings of the Report:

• In Europe, air to water (ATW) heat pumps is a significant market.

• Sanitary hot water or cylinder-integrated ATW heat pumps are in considerable demand in France.

• Air-to-water heat pumps have witnessed significant growth in China.

• India, China, Japan, and South Korea are the key markets in Asia.

• The Eco Cute hot water heat pump, which utilizes CO2 as refrigerant, has witnessed significant success in the previous decade.

• “Introduction Subsidy Scheme” implemented by the Japanese Government in 2002 to subsidize a portion of the cost to introduce heat pump water heaters boosted market growth. The policy is seen as a best-practice policy suitable to be followed by other national marketplaces.

• South Korea is looking to grow in the heat pump market.

• According to analyst reports, heat pumps (particularly ASHPs) are expected to grow by over 15% in market size by 2040.

Market Analysis by Product, Technology, Capacity, Application, and Region:

• By product, the market is segmented into Electric, Solar and Gas.

• By technology, the market is segmented according to Tankless, Storage, and Hybrid.

• According to capacity, the market is classified as Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250-400 Liters, Above 400 Liters and Others.

• By application, the global water heater market is segmented into Residential, Commercial, and Industrial.

• By region, the global water heater market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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