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The global water heater market stood at USD 32.56 billion in 2023 and is expected to grow at a CAGR of 4% during the period 2024-2032 to reach a value of USD 46.3 billion in 2032.
Global Water Heater Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 32.56 |
Market Size 2032 | USD Billion | 46.3 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.0% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 4.4% |
CAGR 2024-2032 - Market by Country | India | 5.0% |
CAGR 2024-2032 - Market by Country | China | 4.8% |
CAGR 2024-2032 - Market by Technology | Tankless | 4.6% |
CAGR 2024-2032 - Market by Product | Solar | 5.3% |
Market Share by Country 2023 | UK | 5.2% |
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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 the electric water heater market size. 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 water heater market growth 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.
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, which could boost water heater market revenue. 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, fuelling the growth of water heater. 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 the water heater market analysis, 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, aiding the commercial water heaters market. 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.
Goldmedal Electricals, an Indian electrical goods company, announced the launch of Iconiq and the Iconiq Digi storage water heaters in January 2024. These heaters possess features such as temperature adjustment, remote control, and feather touch panel, among others, which makes it stand out in the market.
The global water heater market is driven by rising urbanization and demand for energy-efficient solutions, alongside technological advancements and government incentives.
From the data provided by the IEA, the global number of residential buildings using solar thermal technologies for water heating has shown significant growth. In 2010, there were 129 million residential buildings using this technology. By 2018, this number had nearly doubled to 242 million. As per the water heater industry analysis, the trend continued, with 250 million residential buildings in 2019 and 256 million in 2020. The growth persisted, reaching 262 million in 2021, 266 million in 2022, and 269 million in 2023. Projections indicate that by 2030, the number of residential buildings using solar thermal technologies for water heating will rise to 280 million.
This consistent increase highlights a strong global shift towards sustainable energy solutions for residential water heating. The penetration of solar thermal technologies in residential buildings is clearly expanding.
Annual operating costs for water heaters varied significantly between solar and traditional systems from 2018 to 2023. Solar water heaters had the lowest costs, ranging from $90 to $175 annually, offering substantial savings and increasing the water heater industry revenue with more purchases. Traditional tank gas or electric water heaters had higher operating costs, between $225 and $580 annually, driven by continuous energy consumption. Tankless gas or electric heaters also incurred considerable costs, ranging from $150 to $535 annually. The lower operational expenses of solar water heaters, primarily due to their reliance on renewable energy, have increasingly attracted consumers seeking cost-efficient and environmentally friendly solutions. In contrast, traditional and tankless systems faced higher expenses due to reliance on non-renewable energy sources and higher utility bills. These differences in operating costs have driven the growth of the water heater industry, with a growing preference for solar water heaters amid rising energy prices and environmental awareness.
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CAGR 2024-2032 - Market by | Product |
Solar | 5.3% |
Electric | 3.8% |
Gas | 3.6% |
By product, the market is segmented into:
CAGR 2024-2032 - Market by | Technology |
Tankless | 4.6% |
Hybrid | 4.3% |
Storage | 4.1% |
By technology, the market is segmented according to:
According to capacity, the market is classified as follows:
By application, the market is segmented into:
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 4.4% |
Latin America | 4.1% |
Europe | 3.8% |
North America | XX% |
Middle East | XX% |
CAGR 2024-2032 - Market by | Country |
India | 5.0% |
China | 4.8% |
UK | 4.3% |
Australia | 4.2% |
USA | XX% |
Canada | XX% |
Germany | XX% |
2023 Market Share by | Country |
UK | 5.2% |
USA | XX% |
Canada | XX% |
Germany | XX% |
By region, the market is segmented into:
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:
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.
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Air to Water (ATW) Heat Pumps a Significant Market in Europe
In Europe, air to water (ATW) heat pumps contribute significantly to demand of water heater 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.
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:
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Breakup by Product |
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Breakup by Technology |
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Breakup by Capacity |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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
In 2023, the water heater market attained a value of nearly USD 32.56 billion.
The market is estimated to grow at a CAGR of 4% 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 the emerging e-commerce industry are some market trends.
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.
Some major manufacturers are O. Smith Corporation, Rheem Manufacturing Company, Ariston Thermo Group, Bosch Thermotechnology, and Whirlpool Corporation.
Electric water heaters are the most popular in water heater market.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 46.3 billion by 2032.
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