Reports
Global Water Heater Market Size, Share, Trends, Forecast: By Product: Electric, Solar, Gas; By Technology: Tankless, Storage, Hybrid; By Capacity: Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250-400 Liters, Above 400 Liters, Others; By Application: Residential, Commercial, Industrial; Regional Analysis; Competitive Landscape; 2024-2032
Global Water Heater Market Outlook
The global water heater market stood at USD 30.1 billion in 2021 and is expected to grow at a CAGR of 4.0% during the period 2024-2032.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Demand from Commercial and Residential Sectors, Technological Advancements to Drive Market Growth
Demand for hot water from commercial and residential sectors is expected to boost market growth. Hot water is required for several applications including cleaning, washing, cooking, patient hygiene (in hospitals), etc. In recent years, the market has witnessed increased demand for more advanced and sophisticated water heating systems. Tankless water heaters are more popular in terms of residential applications, but witnessing increased interest in small commercial buildings, like diners and eating joints. However, such units are more common in larger central systems in bigger structures. Technologically advanced tankless water heaters are expected to drive the market during the period 2024-2032 due to advantages such as increased efficiency, extended life, reduced time to dispense hot water, less required space, and increased safety.
China, Mexico, Italy, Germany, and USA were the key exporters of electric instant, storage and immersion water heaters in 2019. Chief importers of electric instant, storage and immersion water heaters in 2019 were USA, France, Germany, United Kingdom, and Spain.
Air to Water (ATW) Heat Pumps a Significant Market in Europe
In Europe, air to water (ATW) heat pumps is a significant market. In France, sanitary hot water or cylinder-integrated ATW heat pumps are in considerable demand. According to analyst reports, 2017 witnessed decreased growth, but sales of hot water heat pumps rose in 2018 with an overall growth of over 13%. In the USA, sales of cylinder-integrated electric storage heat pump water heater (HPWH) units increased to nearly 70000 pieces yearly in 2017-2018, which accounted for over 1.9% of the overall yearly electric storage water heater sales. Air-to-water heat pumps have witnessed significant growth in China.
India, China, Japan, and South Korea Prominent Markets in Asia; Initiatives Such as Japan’s “Introduction Subsidy Scheme” May Help Boost Markets in Other Markets
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. The considerable growth was seen as an outcome of the “Introduction Subsidy Scheme” implemented by the Japanese Government in 2002 to subsidize a portion of the cost to introduce heat pump water heaters. While the scheme is not currently in force, it is seen as a best-practice policy suitable to be followed by other national marketplaces. South Korea, although a relative newcomer to the market, is looking to grow in the heat pump market.
Air Source Heat Pump (ASHP) a Significant Water Heater Segment in China; Heat Pump Water Heaters (HPWHs) also Gaining Prominence
Heat pump water heaters do not directly generate heat, rather, utilize electricity to move heat between two points. Therefore, such heaters can be significantly more energy efficient as compared to standard electric resistance water heaters. While heat pump water heater systems might usually entail higher initial cost than standard storage water heaters, the higher acquisition and installation costs could be offset by lower operating costs.
In China, household device brands including Midea, Haier, A.O. Smith, etc. are prominent brands in the Air Source Heat Pump (ASHP) water heater segment. The segment is seen as one with significant growth potential. According to analyst reports, heat pumps (particularly ASHPs) are expected to grow in market size to over 15% by 2040. Heat Pump Water Heaters (HPWHs) have also gained prominence owing to their capacity to offer considerably more heat while using the same quantity of electricity as that consumed by standard electric storage water heaters. Several reputed water heating manufacturers have rolled out models, and by 2017-2018, HPWH consignments stood at over 69000 (average), with the projected market penetration of approximately over 1.9%.
Innovative, Energy-efficient and Environmentally Friendly Water Heating Systems Expected to Drive Growth
Companies like Bradford White strive to create innovative, sophisticated, high-performance and reliable products that offer increased energy-efficiency and are environmentally friendly. Such efforts indicate consumers’ preference for products that improve quality of life while saving energy and not damaging the environment. The company’s offerings include models AeroTherm® Heat Pump Water Heater, Infiniti® K Series tankless water heaters and eF Series® gas water heaters – which the company claims are designed to save energy and money.
Similarly, Daikin offers heat pumps delivering cost-effective heating solutions for residential and commercial settings. The company claims that connecting solar collectors to heat pump systems may further enhance efficiency and savings.
Global Water Heater Market Segmentation
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
By product, the market is segmented into:
- Electric
- Solar
- Gas
By technology, the market is segmented according to:
- Tankless
- Storage
- Hybrid
According to capacity, the market is classified as follows:
- Below 30 Liters
- 30 - 100 Liters
- 100 - 250 Liters
- 250-400 Liters
- Above 400 Liters
- Others
By application, the market is segmented into:
- Residential
- Commercial
- Industrial
By region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Key Industry Players in the Global Water Heater Market
The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Bosch Thermotechnology Corp
- Ariston Holding NV
- Rinnai America Corporation
- Bradford White Corporation
- Whirlpool Corporation
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Technology, Capacity, Application, Region |
| Breakup by Product | Electric, Solar, Gas |
| Breakup by Technology | Tankless, Storage, Hybrid |
| Breakup by Capacity | Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250-400 Liters, Above 400 Liters, Others |
| Breakup by Application | Residential, Commercial, Industrial |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Bosch Thermotechnology Corp, Ariston Holding NV, Rinnai America Corporation, Bradford White Corporation, Whirlpool Corporation, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Water Heater Market Analysis
8.1 Key Industry Highlights
8.2 Global Water Heater Historical Market (2018-2023)
8.3 Global Water Heater Market Forecast (2024-2032)
8.4 Global Water Heater Market by Product
8.4.1 Electric
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Solar
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Gas
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.5 Global Water Heater Market by Technology
8.5.1 Tankless
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Storage
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Hybrid
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.6 Global Water Heater Market by Capacity
8.6.1 Below 30 Liters
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 30 - 100 Liters
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 100 - 250 Liters
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 250-400 Liters
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Above 400 Liters
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Water Heater Market by Application
8.7.1 Residential
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Commercial
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Industrial
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.8 Global Water Heater Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2023)
8.8.1.3 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2023)
8.8.2.3 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2023)
8.8.3.3 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2023)
8.8.4.3 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2023)
8.8.5.3 Forecast Trend (2024-2032)
9 North America Water Heater Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Water Heater Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Water Heater Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Water Heater Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Water Heater Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Bosch Thermotechnology Corp
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Ariston Holding NV
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rinnai America Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Bradford White Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Whirlpool Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Water Heater Market: Key Industry Highlights, 2018 and 2032
2. Global Water Heater Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Water Heater Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Water Heater Historical Market: Breakup by Technology (USD Million), 2018-2023
5. Global Water Heater Market Forecast: Breakup by Technology (USD Million), 2024-2032
6. Global Water Heater Historical Market: Breakup by Capacity (USD Million), 2018-2023
7. Global Water Heater Market Forecast: Breakup by Capacity (USD Million), 2024-2032
8. Global Water Heater Historical Market: Breakup by Application (USD Million), 2018-2023
9. Global Water Heater Market Forecast: Breakup by Application (USD Million), 2024-2032
10. Global Water Heater Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Water Heater Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Water Heater Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Water Heater Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Water Heater Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Water Heater Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Water Heater Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Water Heater Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Water Heater Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Water Heater Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Water Heater Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Water Heater Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Water Heater Market Structure
Key Questions Answered in the Report
In 2021, the water heater market attained a value of nearly USD 30.1 billion.
The market is estimated to grow at a CAGR of 4.0% between 2024 and 2032.
The major drivers of the market include the rising demand for hot water from residential and commercial sector, rising application of water heater in the household, rising disposable income, increasing population, and rapid urbanisation.
The growing awareness about hygiene, technological advancements in the home care appliances sector, and emerging e-commerce industry are expected to be the key trends guiding the growth of the industry.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Electric, solar, and gas, are the major products based on which the market has been segmented.
Tankless, storage, and hybrid are the different technologies considered in the report.
Below 30 liters, 30 - 100 liters, 100 - 250 liters, 250-400 liters, and above 400 liters, among others are the different types of capacity based on which the market is divided.
Residential, commercial, and industrial are the different applications of the product.
The major players in the industry are Bosch Thermotechnology Corp, Ariston Holding NV, Rinnai America Corporation, Bradford White Corporation, and Whirlpool Corporation, among others.
Analyst Review
The global water heater market attained a value of USD 30.1 billion in 2021, driven by the increasing demand for home care appliances from the household sector owing to the rising disposable income and rapid urbanisation. Aided by the emerging e-commerce industry, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.0%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, the market is divided into electric, solar, and gas. By technology, the market has been segmented into tankless, storage, and hybrid. On the basis of capacity, the market is divided into below 30 liters, 30 - 100 liters, 100 - 250 liters, 250-400 liters, and above 400 liters, among others. The significant applications of the product include residential, commercial, and industrial. The major regional markets for water heater are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Bosch Thermotechnology Corp, Ariston Holding NV, Rinnai America Corporation, Bradford White Corporation, and Whirlpool Corporation, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
Purchase Options
Call us on
Purchase Full Report
Mini Report
$1699
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$2799
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER