USD 26.89 Billion
Report ID: SQMIG25E2052 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 63 | Figures: 75
Water heater Market size was valued at USD 26.89 Billion in 2021 and is poised to grow from USD 28.10 Billion in 2022 to USD 39.96 Billion by 2030, at a CAGR of 4.5% during the forecast period (2023-2030).
The market for water heaters is driven by the increasing need for hot water in households, hotels, hospitals, and other commercial establishments. The key driving factors for the water heater market are the growing population and urbanization, particularly in developing regions. As more people move to urban areas and live in modern homes, the demand for water heaters increases significantly. There are several restraining factors that impact the water heater market. One of the major challenges is the high energy consumption of conventional water heaters, leading to increased carbon emissions and environmental concerns. The water heater market presents significant opportunities for growth. The increasing demand for tankless or instant water heaters, which provide on-demand hot water and are more energy-efficient, is driving the market forward. Moreover, the rising awareness about energy conservation and the adoption of renewable energy sources are creating opportunities for the integration of solar water heaters and heat pump water heaters in residential and commercial buildings. The global water heater market serves the vital purpose of fulfilling the demand for hot water across various sectors. While factors like population growth and improving living standards drive the market, energy consumption, raw material costs, and counterfeit products pose challenges. However, the market offers opportunities for innovation in energy-efficient and environmentally friendly water heating solutions to meet the evolving needs of consumers.
US Water Heater Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 26.89 Billion
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The global water heater market is segmented on the basis of product, technology, and region. In terms of product, the market is segmented into electric, solar, and gas. By Technology, the market is segmented into Tankless, Storage, Hybrid. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Water heater Market Analysis by Product
In 2022, the electric segment emerged as the dominant player in the water heater market, capturing a significant revenue share of 51.2%. This dominance can be attributed to the increasing electrification rate in regions like Asia Pacific and Africa, where more customers have access to electricity. The demand for electric water heaters is driven by factors such as energy efficiency, environmental sustainability, and temperature control features.
The solar segment is expected to experience a promising growth rate, with a projected CAGR of 5.2% during the forecast period. This growth is fueled by the growing consumer preference for energy-efficient and eco-friendly water heating systems. Manufacturers in the industry are focusing on developing new systems and technologies that offer improved efficiency, which further contributes to the expansion of the market.
Water heater Market Analysis by Technology
In 2022, the storage segment emerged as the dominant force in the water heater market, capturing a significant share of 54.8% of the global revenue. This dominance can be attributed to the high energy conversion potential and low maintenance requirements of storage water heaters. These water heaters are commonly used in commercial and industrial applications, especially in colder regions, where there is a need for a constant supply of hot water. The reliability and efficiency of storage water heaters make them a preferred choice in these diverse environments.
The tankless segment is projected to witness a notable growth rate, with a forecasted CAGR of 4.9% from 2023 to 2030. Tankless water heaters offer several advantages, including rapid hot water supply and reduced standby heating losses. They are known for their energy efficiency, as they only heat water when needed, resulting in less energy wastage compared to storage water heaters. Tankless water heaters also provide more accurate temperature control, allowing users to have precise control over their hot water needs. The increasing focus on energy efficiency and environmental sustainability is driving the adoption of tankless water heaters, both in residential and commercial spaces.
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The Asia Pacific accounted for the largest share in the market driven by the increasing population, rapid urbanization, and rising disposable incomes in countries such as China, India, and Southeast Asian nations. The region's high demand for water heaters can be attributed to factors such as the need for hot water in residential, commercial, and industrial applications, as well as the growing awareness of energy-efficient and technologically advanced water heating solutions.
The fastest-growing region in the water heater market is expected to be the Middle East and Africa. This region is witnessing rapid infrastructural development, including the construction of commercial buildings, hotels, and residential complexes, which creates a significant demand for water heaters. Additionally, the growing tourism industry in the Middle East and Africa further contributes to the increasing adoption of water heaters in the hospitality sector. The rising population, improving living standards, and government initiatives promoting the use of energy-efficient appliances also drive the market growth in this region.
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Water heater Market Drivers
Increasing Urbanization and Residential Construction
Rising Awareness of Energy Efficiency and Environmental Sustainability
Water heater Market Restraints
High Initial Cost
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The global water heater market features a competitive landscape with several prominent players vying for market share. Key players in the industry are focused on product innovation, technological advancements, and strategic collaborations to maintain a competitive edge. companies are actively engaged in research and development activities to introduce energy-efficient and eco-friendly water heating solutions. They are also investing in advanced manufacturing techniques to enhance production capabilities and meet the growing demand for water heaters. Moreover, manufacturers are increasingly focusing on expanding their product portfolios to cater to diverse consumer needs and preferences.
Water heater Market Top Player’s Company Profiles
Water heater Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global water heater market analysis, the increasing population, urbanization, and changing lifestyle patterns have led to a rise in the demand for water heaters. Additionally, advancements in technology have resulted in the development of more energy-efficient and eco-friendly water heating systems, which further contribute to market growth. The global water heater market is driven by factors such as increasing population, technological advancements, energy efficiency requirements, and changing consumer preferences. While facing challenges such as raw material price volatility and competition from alternative technologies, the market offers opportunities for growth through innovation, smart technology integration, and the adoption of renewable energy sources.
|Market size value in 2021
|USD 26.89 Billion
|Market size value in 2030
|USD 39.96 Billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Water Heater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Water Heater Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Water Heater Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Water Heater Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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