Global Water Heater Market Outlook, 2028

The Global Water Heater market is anticipated to cross USD 45 Billion by 2028 due to rising demand of the water heater in residential and commercial sectors.

Featured Companies

  • 1. Bajaj Electricals Limited
  • 2. Havells India Limited
  • 3. Midea Group Co Limited
  • 4. Crompton Greaves Consumer Electricals Ltd.
  • 5. A.O. Smith Corporation
  • 6. V-Guard Industries Limited
  • 7. Robert Bosch GmbH
  • 8. Whirlpool Corporation
  • 9. Electrolux
  • More...

Water is one of the most important utilities for household, commercial, and industrial needs. The water used for these applications is processed before using it for a particular application. Hot water, cold water, chilled water, and steam are among the types of water used in various forms. Various equipments are used to provide the desired type and quality of water depending on the water temperature requirements of the user. Water heaters are equipment used to heat the water and provide hot water to the users. Water heaters use electricity, fuel, oil, or solar energy to heat the water to the desired temperature. The rising need for hot water for different domestic uses, such as cooking, washing, bathing, and cleaning, is predicted to drive the worldwide water heater market. As various states and towns around the nation pursue legislative initiatives to reduce greenhouse gas emissions as well as energy usage in buildings, green technology and sustainability are becoming increasingly important. The demand for intelligent water heating as well as energy-efficient systems for heating water is expected to rise in the next years as a result of stricter building standards and regulations. It is projected that the market for water heaters run by solar energy would expand as a consequence of effective actions to enhance air quality as well as raise public awareness of the use of renewable solutions. Moreover, it is anticipated that the market growth will be pushed by the continuous industry competition as well as the growing attention that different market players are paying to product design. The demand for the product is expected to be fuelled by the rising usage of a wide range of water heaters in the industrial and commercial sectors. A surge in hot water usage, mostly from healthcare facilities and hotels, is anticipated to boost the market. Since the product is utilized in several industrial industries, including the production of food and drinks industries, the need for water heaters is also anticipated to increase. Significant expenditures in product development and innovation are anticipated to drive the market for electric water heaters. Leading manufacturers take part in the release of cutting-edge products and technologies that enhance customer experience and save operational expenses. According to the research report, “Global Water Heater Market Outlook, 2028” published by Bonafide Research, the market is anticipated to cross USD 45 Billion by 2028, increasing from USD 34.21 Billion in 2022. The market is expected to grow with 6.13% CAGR by 2023-28. This growth is owing to the increasingly hot water demand from various residential applications, including washing, bathing, cleaning, and cooking. The company’s restructuring its operations and recovering from the COVID-19 impact, which had earlier resulted in restrictive containment measures involving remote working and the closure of commercial activities that resulted in operational challenges, are primarily responsible for the growth of the market. The COVID-19 pandemic has had a slight effect on the water heater industry owing to a steady drop in production facilities, as well as delays in different projects and restricted product rollout. Furthermore, continued government regulations and expenditures on the spread of renewable gadgets will drive industry demand. As the global population grows and more people move to urban areas, the need for water heaters in residential and commercial buildings also increases. Urban dwellers often rely on water heaters for hot water needs. Also, there is a growing emphasis on energy-efficient appliances and sustainable technologies. Many modern water heaters are designed to be more energy-efficient, reducing energy consumption and greenhouse gas emissions. Advances in technology have led to the development of more efficient and innovative water heating systems. Tankless water heaters, heat pump water heaters, and solar water heaters are examples of technologies that have gained popularity due to their efficiency and eco-friendliness. Water heaters have a finite lifespan, and consumers often need to replace old or malfunctioning units. This replacement demand contributes to the growth of the market. Consumers are becoming more informed about the benefits of energy-efficient appliances and are willing to invest in products that save them money in the long run. This increased awareness drives demand for energy-efficient water heaters.

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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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Water Heater Market Based on the regions, Asia Pacific is dominating the market in 2022 as the region holds around 59% of the total global population, which is among the critical reasons for the growth of the different industries such as chemical, pharmaceutical, and oil and gas industry. The global water heater market is categorized into five major regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among them, the Asia Pacific region is witnessing significant growth in the water heater market. Rapid urbanization, population growth, and rising disposable incomes are driving the demand for water heating solutions. China, India, Japan, South Korea, and Southeast Asian countries are the major contributors to market growth. The market is dominated by electric storage water heaters; although there is increasing demand for solar water heaters and heat pump water heaters. Economic growth in countries like India and China, combined with increased access to gas and electricity in rural regions, is expected to drive demand for water heaters over the forecast period. The water heater market in Europe is estimated to grow during the forecast period. The growth can be ascribed to a surge in demand for superior and dependable water heaters from a variety of commercial and industrial end-users. Furthermore, the extreme cold weather in the region is likely to drive the demand for water heaters. Increased infrastructure spending, a strong housing market, and the economic prosperity of South Asian and South East Asian nations contribute to market expansion. Additionally, it is anticipated that focusing on carbon neutrality and energy-efficiency standards would accelerate market growth. Demand for water heaters is anticipated to rise over the forecast period due to economic expansion in nations like China and India and the expanding availability of gas and electricity in China's semi-urban areas.

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Manmayi Raval

Manmayi Raval

Research Consultant

Based on the product type, electric water heaters are expected to hold a dominant share in the global water heater market owing to their high demand from the domestic and commercial applications. Depending on the type, water heaters available in the market are electric, solar, gas, geothermal and others. Among them, the electric segment dominated the market for water heaters in 2022 owing to the rising electrification rate coupled with increased customer accessibility mainly across the Asia Pacific and African economies. The product demand is expected to be driven by energy efficiency, greater environmental sustainability, and temperature control during the forecast period. Due to the market's dominance by electric water heaters and their prominent revenue share in 2022, primarily in the nations of the Asia Pacific and Africa, growing electrification rates and improved consumer accessibility were major factors. Energy efficiency increased environmental sustainability, and temperature control is predicted to be the main drivers of product demand throughout the projection period. Due to the growing demand from consumers for water heating systems that are both environmentally friendly and energy efficient, the solar category is predicted to grow with higher CAGR during the projection period. Industry expansion is anticipated to be boosted by the growing focus of different product producers on creating new systems and technologies that operate more efficiently. Demand for solar goods is expected to increase as a result of strict government regulations to minimize greenhouse gas emissions and a growing focus on energy conservation due to the swift depletion of non-renewable resources. Furthermore, it is anticipated that rising environmental consciousness for both developed and emerging countries will fuel demand. During the projected period, it is anticipated that gas water heaters would be used extensively as a result of the growth of piped gas networks in several developing countries. Additionally, it is anticipated that increased emphasis on product innovation and distinctiveness would increase demand for gas water heaters, supporting the expansion of the entire sector. Due to the significant potential for energy conversion and minimal maintenance requirements of the product, the storage segment led the market for water heaters in 2022.

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Manmayi Raval

Storage water heaters are generally more affordable upfront compared to some alternative technologies like tankless or heat pump water heaters. This affordability makes them accessible to a wider range of consumers. Installation of storage water heaters is typically straightforward and can be done by a wide range of professionals, including plumbers. This ease of installation reduces installation costs and time. Many consumers are accustomed to using storage water heaters, and they are comfortable with the traditional way of heating and storing hot water. This familiarity can lead to a preference for tank-type heaters. Storage water heaters provide a steady and continuous supply of hot water, making them suitable for households with high hot water demand. They are capable of handling multiple hot water needs simultaneously. Tank-type water heaters generally require less maintenance compared to some other technologies. They have fewer components and are less complex, reducing the need for regular servicing. In areas prone to power outages, storage water heaters with gas or propane heating elements can continue to provide hot water even when the electricity is down. This can be a significant advantage for homeowners. While storage water heaters historically have been less energy-efficient than some alternative technologies, newer models incorporate improved insulation and energy-efficient features, making them more competitive in terms of energy consumption. Some storage water heaters are now available with hybrid technology, which combines storage with heat pump technology. These hybrid models can offer increased energy efficiency while retaining the benefits of storage. Storage water heaters come in various sizes, allowing consumers to choose the right capacity for their needs. This flexibility is important for households with varying hot water demands. Homes and businesses with higher hot water demand require larger capacity water heaters and the 100-250 liter range can comfortably meet the needs of many households and commercial establishments. In many parts of the world, family sizes are growing, and multi-generational households are becoming more common. Larger families often require more hot water for bathing, cleaning, and other daily activities. The 100-250 liter sector is often used in commercial and industrial settings, such as hotels, restaurants, and manufacturing facilities, where a continuous supply of hot water is crucial for various operations. Modern bathrooms are often designed with spa-like features, such as large bathtubs and rainfall showers, which demand a significant amount of hot water. Larger capacity water heaters can provide a luxurious bathing experience. Manufacturers are designing larger capacity water heaters with improved energy efficiency features, such as better insulation and advanced heating elements. This makes them more appealing to environmentally conscious consumers and businesses. In regions with unreliable electricity or gas supply, having a larger capacity water heater can serve as a backup to ensure a continuous supply of hot water even during power outages. As technology advances and production processes become more efficient, the cost of manufacturing larger capacity water heaters has decreased, making them more affordable to a broader range of consumers and businesses. When homeowners renovate or expand their properties, they may opt for larger water heaters to accommodate the increased hot water demand associated with the changes. Advances in insulation technology have allowed manufacturers to improve the efficiency of larger capacity water heaters, reducing standby heat loss and making them more cost-effective to operate. The growing need for dependable, eco-friendly, and inexpensive water heating technologies, particularly in the industrial and residential sectors, is expected to drive market expansion. The residential segment led the market for water heaters in 2022 owing to the rapid residential infrastructural development, rising disposable incomes, expanding piped gas network, and increasing electrification rate across various developing countries are expected to drive the demand for water heaters in the residential sector. In addition, the capacity of water heaters to function at reduced costs, up to 75% cheaper in summer and 30% to 40% lower in winter is expected to boost product demand during the forecast period. Market growth is anticipated to be fuelled by the rising need for dependable, affordable, and environmentally friendly water heating technologies, notably in the industrial and residential sectors. . The segment growth is mainly attributed to the increase in disposable income and rapid residential infrastructural development that increases the usage of water heaters. The growing population across the globe due to which the energy consumption increase, resulting in demand for effective energy systems, that led to the growth of the market. Moreover, the significant benefits of small smart water heating appliances and growing demand for hot water in small and mid-size families also drive the market growth. Construction, food & beverage, pharmaceutical, power, and agricultural industries all utilize water heaters, which is expected to drive the industry's expansion. Water heaters are used for producing steam, preventing frost, and heating water in the construction sector. Due to increased government expenditure on the construction of healthcare facilities, which in turn would greatly increase the number of water heater installations, the product demand in the commercial sector is anticipated to increase at a CAGR of over 7% over the projection period. Furthermore, the market is anticipated to grow because of the rising use of tank less solutions in commercial settings. Market Drivers • Growing Urbanization and Population Growth: As urbanization continues to increase worldwide, more people are living in urban areas where access to centralized heating systems may be limited. Additionally, population growth leads to higher demand for residential and commercial buildings, which, in turn, drives the need for water heaters. The rise in urbanization and population growth drives the demand for water heaters in both residential and commercial applications. It leads to a growing customer base for water heater manufacturers and suppliers. • Energy Efficiency and Sustainability Concerns: Concerns about energy efficiency and environmental sustainability are driving consumer preferences and government regulations. Customers are increasingly seeking energy-efficient appliances to reduce their utility bills and carbon footprint. Manufacturers are investing in research and development to create more energy-efficient water heaters, including tankless and heat pump models. Government incentives and regulations are encouraging the adoption of eco-friendly technologies, fostering innovation in the industry. Market Challenges • Fluctuating Raw Material Prices: The water heater industry relies on materials such as steel, copper, and aluminum. The prices of these raw materials are subject to fluctuations due to factors like supply chain disruptions, geopolitical tensions, and market dynamics. Sudden increases in raw material prices can lead to increased production costs for water heater manufacturers, potentially resulting in higher prices for consumers or reduced profit margins for companies. • Competition from Alternative Technologies: Water heaters face competition from alternative technologies such as solar water heaters and hybrid heating systems. These technologies offer energy efficiency and sustainability benefits that challenge traditional electric or gas water heaters. To remain competitive, water heater manufacturers must innovate and adapt their products to incorporate hybrid technology or integrate with renewable energy sources. This competition drives innovation but also poses a challenge in terms of market share. Market Trends • Smart Water Heaters: The integration of smart technology into water heaters is gaining momentum. Smart water heaters can be controlled remotely provides real-time energy usage data, and offer features like predictive maintenance alerts. Consumers are increasingly adopting smart water heaters for convenience, energy savings, and improved control. This trend is pushing manufacturers to develop more IoT-enabled water heaters and expand their product offerings. • Heat Pump Water Heaters: Heat pump water heaters are becoming more popular due to their high energy efficiency. These systems extract heat from the air or ground, making them a greener alternative to traditional electric resistance heaters. As environmental concerns grow, the demand for heat pump water heaters is rising. Manufacturers are investing in improving the efficiency and performance of these systems to meet consumer expectations. Covid-19 Impacts The COVID-19 pandemic had a significant impact on the global water heater market. During the initial phases of the pandemic, the industry experienced disruptions in manufacturing and supply chain operations, causing delays in production and distribution. Lockdowns, reduced economic activity, and uncertainty about the future led to a decline in new construction projects and slowed down the replacement market as consumers postponed non-essential purchases. Additionally, the economic downturn and financial uncertainties prompted some consumers to prioritize cost-cutting measures, potentially deferring investments in high-efficiency water heaters. However, as people spent more time at home and health and hygiene awareness increased, there was a heightened demand for hot water, particularly in residential settings. This led to a shift in market dynamics, with a stronger focus on residential water heater sales compared to commercial ones. Despite the initial challenges, the industry adapted by implementing safety measures, exploring online sales channels, and emphasizing the importance of energy-efficient water heaters. As economies recovered and restrictions eased, the market gradually rebounded, driven by a combination of replacement demand, innovation, and growing sustainability concerns. Competitive Landscape The market is extremely fragmented with various global and regional product manufacturers releasing innovative systems and technologies. Various industry participants' strategies typically involve new product development, product upgrades, and expansions to boost market penetration and respond to the changing technical needs of the application industries. The major players form technical partnerships to innovate and develop novel product lines, therefore expanding their consumer base. In addition, evolving consumer preferences along with quality requirements, as well as energy efficiency, are projected to offer new opportunities for key participants in the coming years. Key Developments • For instance, in January 2023, Hindware Home Innovation, India, and its JV company, Group Atlantic, France started the operation of a water heater manufacturing plant in India. This Indo-French joint venture was intended to manufacture 600,000 units of heating appliances and water heaters, thereby strengthening its presence across the country. • On January. 4, 2023, Bradford White Water Heaters, an industry-leading US manufacturer of water heaters, boilers, and storage tanks, introduces Bradford White Connect, an external adapter providing app-driven monitoring technology for the AeroTherm heat pump water heater (HPWH) series. • On March 20, 2023, Bradford White Water Heaters, an industry-leading American manufacturer of water heaters, boilers, and storage tanks, announces that its Infiniti® GS and GR tankless water heaters and select eF Series Ultra High Efficiency commercial tank gas water heaters have been certified by the Green Restaurant Association (GRA), the leading voice within the Green Restaurant movement, for use in GRA-certified restaurants. • On February 21, 2023, Rheem Manufacturing Company, a leading global manufacturer of water heating and HVACR products, is introducing Rheem Maximus, a super high-efficiency gas water heater designed with a powerful, efficient burner. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Global Water Heater market Outlook with its value and forecast along with its segments • Region & Country-wise Water Heater market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions & Countries covered in the report • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, South Africa) By Product • Electric • Solar • Gas By Technology • Tankless • Storage • Hybrid By Capacity • Below 30 Litres • 30-100 Litres • 100-250 Litres • 250-400 Litres • Above 400 Litres By Application • Residential • Commercial The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Water Heater industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

Companies Mentioned

  • Bajaj Electricals Limited
  • Havells India Limited
  • Midea Group Co Limited
  • Crompton Greaves Consumer Electricals Ltd.
  • A.O. Smith Corporation
  • V-Guard Industries Limited
  • Robert Bosch GmbH
  • Whirlpool Corporation
  • Electrolux
  • Haier Group Corporation
  • Ariston Holding N.V.
  • Rheem Manufacturing Company
  • Rinnai Corporation
  • Bradford White Corporation
  • Noritz Corporation
  • Lennox International Inc
  • Ferroli S.p.A.
  • Kenmore
  • Stiebel Eltron, Inc.
  • IBC Technologies, Inc

Table of Contents

  • Table of Contents
  • 1. Executive Summary
  • 2. Market Dynamics
  • 2.1. Market Drivers & Opportunities
  • 2.2. Market Restraints & Challenges
  • 2.3. Market Trends
  • 2.4. Covid-19 Effect
  • 2.5. Supply chain Analysis
  • 2.6. Policy & Regulatory Framework
  • 2.7. Industry Experts Views
  • 3. Research Methodology
  • 3.1. Secondary Research
  • 3.2. Primary Data Collection
  • 3.3. Market Formation & Validation
  • 3.4. Report Writing, Quality Check & Delivery
  • 4. Market Structure
  • 4.1. Market Considerate
  • 4.2. Assumptions
  • 4.3. Limitations
  • 4.4. Abbreviations
  • 4.5. Sources
  • 4.6. Definitions
  • 5. Economic /Demographic Snapshot
  • 6. Global Water Heater Market Outlook
  • 6.1. Market Size By Value
  • 6.2. Market Share By Region
  • 6.3. Market Size and Forecast, By Geography
  • 6.4. Market Size and Forecast, By Product
  • 6.5. Market Size and Forecast, By Technology
  • 6.6. Market Size and Forecast, By Capacity
  • 6.7. Market Size and Forecast, By Application
  • 7. North America Water Heater Market Outlook
  • 7.1. Market Size By Value
  • 7.2. Market Share By Country
  • 7.3. Market Size and Forecast, By Product
  • 7.4. Market Size and Forecast, By Technology
  • 7.5. Market Size and Forecast, By Capacity
  • 7.6. Market Size and Forecast, By Application
  • 7.7. United States Water Heater Market Outlook
  • 7.7.1. Market Size By Value
  • 7.7.2. Market Size and Forecast By Product
  • 7.7.3. Market Size and Forecast By Technology
  • 7.7.4. Market Size and Forecast By Capacity
  • 7.7.5. Market Size and Forecast By Application
  • 7.8. Canada Water Heater Market Outlook
  • 7.8.1. Market Size By Value
  • 7.8.2. Market Size and Forecast By Product
  • 7.8.3. Market Size and Forecast By Technology
  • 7.8.4. Market Size and Forecast By Capacity
  • 7.8.5. Market Size and Forecast By Application
  • 7.9. Mexico Water Heater Market Outlook
  • 7.9.1. Market Size By Value
  • 7.9.2. Market Size and Forecast By Product
  • 7.9.3. Market Size and Forecast By Technology
  • 7.9.4. Market Size and Forecast By Capacity
  • 7.9.5. Market Size and Forecast By Application
  • 8. Europe Water Heater Market Outlook
  • 8.1. Market Size By Value
  • 8.2. Market Share By Country
  • 8.3. Market Size and Forecast, By Product
  • 8.4. Market Size and Forecast, By Technology
  • 8.5. Market Size and Forecast, By Capacity
  • 8.6. Market Size and Forecast, By Application
  • 8.7. Germany Water Heater Market Outlook
  • 8.7.1. Market Size By Value
  • 8.7.2. Market Size and Forecast By Product
  • 8.7.3. Market Size and Forecast By Technology
  • 8.7.4. Market Size and Forecast By Capacity
  • 8.7.5. Market Size and Forecast By Application
  • 8.8. United Kingdom Water Heater Market Outlook
  • 8.8.1. Market Size By Value
  • 8.8.2. Market Size and Forecast By Product
  • 8.8.3. Market Size and Forecast By Technology
  • 8.8.4. Market Size and Forecast By Capacity
  • 8.8.5. Market Size and Forecast By Application
  • 8.9. France Water Heater Market Outlook
  • 8.9.1. Market Size By Value
  • 8.9.2. Market Size and Forecast By Product
  • 8.9.3. Market Size and Forecast By Technology
  • 8.9.4. Market Size and Forecast By Capacity
  • 8.9.5. Market Size and Forecast By Application
  • 8.10. Italy Water Heater Market Outlook
  • 8.10.1. Market Size By Value
  • 8.10.2. Market Size and Forecast By Product
  • 8.10.3. Market Size and Forecast By Technology
  • 8.10.4. Market Size and Forecast By Capacity
  • 8.10.5. Market Size and Forecast By Application
  • 8.11. Spain Water Heater Market Outlook
  • 8.11.1. Market Size By Value
  • 8.11.2. Market Size and Forecast By Product
  • 8.11.3. Market Size and Forecast By Technology
  • 8.11.4. Market Size and Forecast By Capacity
  • 8.11.5. Market Size and Forecast By Application
  • 8.12. Russia Water Heater Market Outlook
  • 8.12.1. Market Size By Value
  • 8.12.2. Market Size and Forecast By Product
  • 8.12.3. Market Size and Forecast By Technology
  • 8.12.4. Market Size and Forecast By Capacity
  • 8.12.5. Market Size and Forecast By Application
  • 9. Asia-Pacific Water Heater Market Outlook
  • 9.1. Market Size By Value
  • 9.2. Market Share By Country
  • 9.3. Market Size and Forecast, By Product
  • 9.4. Market Size and Forecast, By Technology
  • 9.5. Market Size and Forecast, By Capacity
  • 9.6. Market Size and Forecast, By Application
  • 9.7. China Water Heater Market Outlook
  • 9.7.1. Market Size By Value
  • 9.7.2. Market Size and Forecast By Product
  • 9.7.3. Market Size and Forecast By Technology
  • 9.7.4. Market Size and Forecast By Capacity
  • 9.7.5. Market Size and Forecast By Application
  • 9.8. Japan Water Heater Market Outlook
  • 9.8.1. Market Size By Value
  • 9.8.2. Market Size and Forecast By Product
  • 9.8.3. Market Size and Forecast By Technology
  • 9.8.4. Market Size and Forecast By Capacity
  • 9.8.5. Market Size and Forecast By Application
  • 9.9. India Water Heater Market Outlook
  • 9.9.1. Market Size By Value
  • 9.9.2. Market Size and Forecast By Product
  • 9.9.3. Market Size and Forecast By Technology
  • 9.9.4. Market Size and Forecast By Capacity
  • 9.9.5. Market Size and Forecast By Application
  • 9.10. Australia Water Heater Market Outlook
  • 9.10.1. Market Size By Value
  • 9.10.2. Market Size and Forecast By Product
  • 9.10.3. Market Size and Forecast By Technology
  • 9.10.4. Market Size and Forecast By Capacity
  • 9.10.5. Market Size and Forecast By Application
  • 9.11. South Korea Water Heater Market Outlook
  • 9.11.1. Market Size By Value
  • 9.11.2. Market Size and Forecast By Product
  • 9.11.3. Market Size and Forecast By Technology
  • 9.11.4. Market Size and Forecast By Capacity
  • 9.11.5. Market Size and Forecast By Application
  • 10. South America Water Heater Market Outlook
  • 10.1. Market Size By Value
  • 10.2. Market Share By Country
  • 10.3. Market Size and Forecast, By Product
  • 10.4. Market Size and Forecast, By Technology
  • 10.5. Market Size and Forecast, By Capacity
  • 10.6. Market Size and Forecast, By Application
  • 10.7. Brazil Water Heater Market Outlook
  • 10.7.1. Market Size By Value
  • 10.7.2. Market Size and Forecast By Product
  • 10.7.3. Market Size and Forecast By Technology
  • 10.7.4. Market Size and Forecast By Capacity
  • 10.7.5. Market Size and Forecast By Application
  • 10.8. Argentina Water Heater Market Outlook
  • 10.8.1. Market Size By Value
  • 10.8.2. Market Size and Forecast By Product
  • 10.8.3. Market Size and Forecast By Technology
  • 10.8.4. Market Size and Forecast By Capacity
  • 10.8.5. Market Size and Forecast By Application
  • 10.9. Columbia Water Heater Market Outlook
  • 10.9.1. Market Size By Value
  • 10.9.2. Market Size and Forecast By Product
  • 10.9.3. Market Size and Forecast By Technology
  • 10.9.4. Market Size and Forecast By Capacity
  • 10.9.5. Market Size and Forecast By Application
  • 11. Middle East & Africa Water Heater Market Outlook
  • 11.1. Market Size By Value
  • 11.2. Market Share By Country
  • 11.3. Market Size and Forecast, By Product
  • 11.4. Market Size and Forecast, By Technology
  • 11.5. Market Size and Forecast, By Capacity
  • 11.6. Market Size and Forecast, By Application
  • 11.7. UAE Water Heater Market Outlook
  • 11.7.1. Market Size By Value
  • 11.7.2. Market Size and Forecast By Product
  • 11.7.3. Market Size and Forecast By Technology
  • 11.7.4. Market Size and Forecast By Capacity
  • 11.7.5. Market Size and Forecast By Application
  • 11.8. Saudi Arabia Water Heater Market Outlook
  • 11.8.1. Market Size By Value
  • 11.8.2. Market Size and Forecast By Product
  • 11.8.3. Market Size and Forecast By Technology
  • 11.8.4. Market Size and Forecast By Capacity
  • 11.8.5. Market Size and Forecast By Application
  • 11.9. South Africa Water Heater Market Outlook
  • 11.9.1. Market Size By Value
  • 11.9.2. Market Size and Forecast By Product
  • 11.9.3. Market Size and Forecast By Technology
  • 11.9.4. Market Size and Forecast By Capacity
  • 11.9.5. Market Size and Forecast By Application
  • 12. Competitive Landscape
  • 12.1. Competitive Dashboard
  • 12.2. Business Strategies Adopted by Key Players
  • 12.3. Key Players Market Share Insights and Analysis, 2022
  • 12.4. Key Players Market Positioning Matrix
  • 12.5. Porter's Five Forces
  • 12.6. Company Profile
  • 12.6.1. Robert Bosch GmbH
  • 12.6.1.1. Company Snapshot
  • 12.6.1.2. Company Overview
  • 12.6.1.3. Financial Highlights
  • 12.6.1.4. Geographic Insights
  • 12.6.1.5. Business Segment & Performance
  • 12.6.1.6. Product Portfolio
  • 12.6.1.7. Key Executives
  • 12.6.1.8. Strategic Moves & Developments
  • 12.6.2. A. O. Smith
  • 12.6.3. Ariston Holding N.V.
  • 12.6.4. Rheem Manufacturing Company
  • 12.6.5. Rinnai Corporation
  • 12.6.6. Bradford White Corporation
  • 12.6.7. Noritz Corporation
  • 12.6.8. Whirlpool Corporation
  • 12.6.9. Bajaj Electricals Ltd
  • 12.6.10. Haier Group Corporation
  • 12.6.11. Havells India Ltd
  • 12.6.12. Lennox International Inc
  • 12.6.13. Ferroli S.p.A.
  • 12.6.14. Kenmore
  • 12.6.15. V-Guard Industries Ltd
  • 12.6.16. Stiebel Eltron, Inc.
  • 12.6.17. IBC Technologies, Inc
  • 12.6.18. Crompton Greaves Consumer Electricals Limited
  • 12.6.19. Electrolux AB
  • 12.6.20. Midea Group
  • 13. Strategic Recommendations
  • 14. Annexure
  • 14.1. FAQ`s
  • 14.2. Notes
  • 14.3. Related Reports
  • 15. Disclaimer

List of Table
Table 1 : Global Water Heater Market Snapshot, By Segmentation (2022 & 2028) (in USD Million)
Table 2 : Influencing Factors for Water Heater Market, 2022
Table 3: Top 10 Counties Economic Snapshot 2020
Table 4: Economic Snapshot of Other Prominent Countries 2020
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Water Heater Market Size and Forecast, By Geography (2017 to 2028F) (In USD Million)
Table 7 : Global Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 8 : Global Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 9 : Global Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 10 : Global Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 11 : North America Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 12 : North America Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 13 : North America Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 14 : North America Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 15 : United States Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 16 : United States Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 17 : United States Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 18 : United States Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 19 : Canada Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 20 : Canada Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 21 : Canada Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 22 : Canada Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 23 : Mexico Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 24 : Mexico Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 25 : Mexico Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 26 : Mexico Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 27 : Europe Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 28 : Europe Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 29 : Europe Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 30 : Europe Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 31 : Germany Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 32 : Germany Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 33 : Germany Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 34 : Germany Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 35 : United Kingdom Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 36 : United Kingdom Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 37 : United Kingdom Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 38 : United Kingdom Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 39 : France Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 40 : France Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 41 : France Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 42 : France Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 43 : Italy Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 44 : Italy Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 45 : Italy Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 46 : Italy Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 47 : Spain Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 48 : Spain Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 49 : Spain Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 50 : Spain Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 51 : Russia Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 52 : Russia Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 53 : Russia Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 54 : Russia Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 55 : Asia-Pacific Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 56 : Asia-Pacific Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 57 : Asia-Pacific Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 58 : Asia-Pacific Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 59 : China Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 60 : China Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 61 : China Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 62 : China Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 63 : Japan Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 64 : Japan Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 65 : Japan Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 66 : Japan Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 67 : India Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 68 : India Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 69 : India Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 70 : India Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 71 : Australia Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 72 : Australia Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 73 : Australia Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 74 : Australia Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 75 : South Korea Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 76 : South Korea Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 77 : South Korea Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 78 : South Korea Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 79 : South America Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 80 : South America Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 81 : South America Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 82 : South America Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 83 : Brazil Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 84 : Brazil Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 85 : Brazil Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 86 : Brazil Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 87 : Argentina Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 88 : Argentina Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 89 : Argentina Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 90 : Argentina Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 91 : Colombia Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 92 : Colombia Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 93 : Colombia Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 94 : Colombia Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 95 : Middle East & Africa Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 96 : Middle East & Africa Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 97 : Middle East & Africa Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 98 : Middle East & Africa Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 99 : United Arab Emirates Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 100 : United Arab Emirates Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 101 : United Arab Emirates Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 102 : United Arab Emirates Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 103 : Saudi Arabia Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 104 : Saudi Arabia Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 105 : Saudi Arabia Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 106 : Saudi Arabia Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)
Table 107 : South Africa Water Heater Market Size and Forecast By Product (2017 to 2028F) (In USD Million)
Table 108 : South Africa Water Heater Market Size and Forecast By Technology (2017 to 2028F) (In USD Million)
Table 109 : South Africa Water Heater Market Size and Forecast By Capacity (2017 to 2028F) (In USD Million)
Table 110 : South Africa Water Heater Market Size and Forecast By Application (2017 to 2028F) (In USD Million)

List of Figures
Figure 1: Global Water Heater Market Size (USD Million) By Region, 2022 & 2028
Figure 2: Market attractiveness Index, By Region 2028
Figure 3: Market attractiveness Index, By Segment 2028
Figure 4: Global Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 5: Global Water Heater Market Share By Region (2022)
Figure 6: North America Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 7: North America Water Heater Market Share By Country (2022)
Figure 8: US Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 9: Canada Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 10: Mexico Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 11: Europe Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 12: Europe Water Heater Market Share By Country (2022)
Figure 13: Germany Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 14: UK Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 15: France Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 16: Italy Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 17: Spain Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 18: Russia Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 19: Asia-Pacific Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 20: Asia-Pacific Water Heater Market Share By Country (2022)
Figure 21: China Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 22: Japan Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 23: India Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 24: Australia Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 25: South Korea Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 26: South America Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 27: South America Water Heater Market Share By Country (2022)
Figure 28: Brazil Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 29: Argentina Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 30: Columbia Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 31: Middle East & Africa Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 32: Middle East & Africa Water Heater Market Share By Country (2022)
Figure 33: UAE Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 34: Saudi Arabia Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 35: South Africa Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 36: Competitive Dashboard of top 5 players, 2022
Figure 37: Market Share insights of key players, 2022
Figure 38: Porter's Five Forces of Global Water Heater Market

Feed Phosphate Market Research FAQs

The water heater market is driven by factors such as population growth, urbanization, increased disposable income, technological advancements, energy efficiency regulations, and a rising demand for hot water across residential, commercial, and industrial sectors.

The largest markets for water heaters are typically found in regions with high population densities and varying climate conditions. Some of the major markets include North America, Europe, Asia-Pacific, and regions within these continents.

Energy efficiency regulations have a significant impact on the water heater market. Governments and organizations worldwide are implementing strict efficiency standards to reduce energy consumption and greenhouse gas emissions. This has led to the development and adoption of more energy-efficient water heater technologies.

The popularity of tankless vs. tank-style water heaters varies by region. Tankless water heaters are generally more energy-efficient and space-saving, making them popular in regions where energy costs are high and space is limited. However, tank-style water heaters are still widely used, especially in areas where gas is readily available.

The adoption of renewable energy sources, such as solar power, for water heating is growing. Solar water heaters use sunlight to heat water, reducing electricity or gas consumption. As environmental concerns and energy costs rise, the demand for solar water heaters and other renewable energy-based water heating solutions is increasing.
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Global Water Heater Market Outlook, 2028

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