Global Water Heater Market Overview, 2023-28

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. A.O. Smith Corporation
  • 3. Robert Bosch GmbH
  • 4. Whirlpool Corporation
  • 5. Haier Group Corporation
  • 6. Ariston Holding N.V.
  • 7. Rheem Manufacturing Company
  • 8. Rinnai Corporation
  • 9. Bradford White Corporation
  • More...

The water heater market is experiencing a period of rapid transformation, driven by technological innovation, shifting consumer preferences, and a global push toward sustainability. No longer just a mundane household appliance, water heaters are now at the forefront of a sustainable and energy-efficient future. One of the most significant trends in the water heater market is the relentless pursuit of energy efficiency. With increasing environmental concerns and a desire to reduce energy consumption, manufacturers are developing water heaters that are not only more energy-efficient but also environmentally friendly. Tankless water heaters, for instance, are designed to eliminate the standby energy loss associated with traditional storage tanks, making them a popular choice for eco-conscious consumers. The rise of the Internet of Things (IoT) has not spared water heaters. Smart water heaters are becoming increasingly common, offering user’s unprecedented convenience and control. These innovative appliances can be remotely operated and monitored via mobile apps. With features like scheduling, energy consumption tracking, and maintenance alerts, users can optimize their water heating while reducing energy waste. As the world collectively grapples with climate change, the water heater industry is actively pursuing sustainability. Manufacturers are exploring greener refrigerants in heat pump water heaters, incorporating sustainable materials, and ensuring compliance with eco-friendly standards. These efforts reflect a commitment to reducing the environmental impact of water heating systems. Cultural bathing habits and traditions can impact the size and type of water heater used. Cultures that emphasize daily bathing rituals may require larger water heaters to accommodate the hot water needs of multiple family members. Historical practices and traditions related to heating water influence the choice of water heaters. In some cultures, heating water on stovetops or through immersion heaters may have been common in the past. Economic factors, including income levels and economic stability, impact cultural preferences for water heaters. Higher disposable income may lead to investments in advanced and efficient water heating systems. According to the research report, “Global Water Heater Market Overview, 2023-28” 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. Regional climate and weather patterns have a significant impact on the water heater market. Colder climates typically have higher hot water demands, leading to a preference for larger and more powerful water heaters. In contrast, warmer regions may favor energy-efficient and solar-powered water heating solutions. The cost and availability of energy sources, such as electricity, natural gas, propane, and solar power, greatly influence consumer choices. In areas with expensive electricity, consumers may opt for gas or solar water heaters to save on energy bills. Also, government regulations and standards play a critical role in shaping the water heater market. Energy efficiency requirements, emissions regulations, and safety standards can drive manufacturers to develop more efficient and environmentally friendly products to comply with local laws. Consumer preferences and cultural norms are unique factors that influence water heater choices. For example, some regions may have a strong cultural tradition of using solar water heaters, while others may prefer the convenience of tankless electric units. The type of housing and infrastructure available in a region can impact water heater preferences. High-rise apartments may have space constraints, leading to the popularity of tankless or compact water heaters, while single-family homes may have more flexibility in choosing larger storage tanks. Economic factors, such as income levels and economic stability, influence purchasing decisions. In regions with higher disposable income, consumers may invest in more advanced and efficient water heating systems. Rapid urbanization and population growth in urban areas drive the demand for water heaters. As more people move to cities, the need for hot water in residential and commercial spaces increases, contributing to market growth. Growing environmental consciousness and a desire to reduce carbon footprints are leading consumers to seek greener water heating options. Solar water heaters, heat pumps, and hybrid systems are gaining popularity as eco-friendly alternatives. Advances in water heater technology, such as smart controls, remote monitoring, and energy-efficient components, drive market growth. Consumers are drawn to products that offer convenience, energy savings, and the latest features.

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Based on the regions, Europe has some of the most rigorous energy efficiency standards and regulations for appliances, including water heaters. The European Union's Ecodesign Directive and Energy Labeling Regulation set strict requirements for energy performance and labeling of water heaters. Manufacturers must comply with these regulations, driving the development and adoption of more energy-efficient water heaters in the region. Europe is at the forefront of the global transition toward green technologies and renewable energy sources. Solar water heaters, which use solar energy to heat water, are gaining popularity in Europe due to incentives, subsidies, and a strong emphasis on reducing carbon emissions. Heat pump water heaters, which extract heat from the surrounding air or ground to heat water, are being promoted as energy-efficient solutions in Europe. They align with the region's focus on reducing greenhouse gas emissions and dependence on fossil fuels. European consumers and businesses place a high value on energy efficiency and sustainability. This preference extends to water heaters, with demand for energy-efficient models, such as heat pumps and tankless water heaters, driving market growth. Europe has a significant number of older buildings, which are often in need of renovations and upgrades. This presents an opportunity for the replacement of outdated and inefficient water heaters with newer, more energy-efficient models. Europe's strong awareness of climate change and environmental issues has led to a commitment to reducing carbon footprints. Water heaters are seen as a critical part of the solution to achieving greater energy efficiency and sustainability in the home and commercial sectors. European manufacturers are investing in research and development to create advanced water heating technologies that meet the region's strict efficiency standards while providing reliable hot water solutions. Based on the types, solar water heaters are expected to witness significant growth in the global water heater market due to several compelling reasons, driven by both environmental and economic factors. There is a global shift toward renewable energy sources, and solar energy is a prominent part of this transition. Solar water heaters harness the abundant and free energy from the sun, making them an eco-friendly choice that aligns with sustainability goals and reduces carbon emissions. Many governments around the world offer incentives, subsidies, tax credits, and rebates to promote the adoption of solar water heaters. These financial incentives make solar water heaters a more attractive and cost-effective option for consumers and businesses. Solar water heaters provide a degree of energy independence. By relying on a free and abundant energy source like the sun, users are less vulnerable to fluctuations in energy prices and supply disruptions. Over the long term, solar water heaters can result in significant cost savings. While the initial installation cost may be higher than traditional water heaters, the ongoing operational costs are lower since sunlight is free. Advances in solar thermal technology have improved the efficiency and reliability of solar water heaters. Innovations in collector design, heat transfer systems, and storage solutions have made them more effective and user-friendly. As countries around the world commit to reducing their carbon footprints and transitioning to renewable energy sources, solar water heaters are seen as a key component of a sustainable and energy-efficient future. Rapid urbanization and population growth in emerging economies have led to increased energy demand. Solar water heaters are well-suited to meet the hot water needs of both residential and commercial buildings in these growing urban areas. Green building certifications and standards, such as LEED (Leadership in Energy and Environmental Design), encourage the use of energy-efficient and sustainable technologies, including solar water heaters, in construction and renovation projects. Solar water heaters can be integrated with existing water heating systems, providing a hybrid solution that combines solar energy with other energy sources for continuous hot water supply, enhancing their appeal to a wider range of consumers. Hybrid water heaters are expected to witness significant growth in the global water heater market driven by their ability to combine the benefits of different technologies. Hybrid water heaters are known for their high energy efficiency. They use heat pump technology to extract heat from the surrounding air or ground, making them significantly more energy-efficient than traditional resistance-based electric water heaters. This increased efficiency translates into lower energy bills for consumers. Hybrid water heaters can substantially reduce energy costs over time. While the initial purchase price may be higher than that of conventional water heaters, the energy savings achieved through their efficient operation often result in a shorter payback period. The eco-friendly nature of hybrid water heaters aligns with global sustainability goals and environmental concerns. By using heat pump technology and reducing reliance on fossil fuels, hybrid water heaters contribute to lower greenhouse gas emissions and a smaller carbon footprint. Many governments and utility companies offer financial incentives, rebates, and tax credits to encourage the adoption of energy-efficient water heating technologies, including hybrid water heaters. These incentives make hybrid systems more affordable and attractive to consumers. Hybrid water heaters are versatile and can be installed in a variety of locations, including basements, garages, and utility rooms. They can also be used in both residential and commercial settings, making them suitable for a wide range of applications. Hybrid water heaters typically have a quicker recovery time compared to some other energy-efficient options, such as solar water heaters. This means they can provide a continuous supply of hot water, which is essential for households with high hot water demand. Hybrid water heaters can often be retrofitted into existing water heating systems, allowing consumers to upgrade their water heating technology without the need for significant infrastructure changes.

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Manmayi Raval

Manmayi Raval

Research Consultant

The 250-400 liter water heater segment is expected to witness growth in the global water heater market as they are versatile enough to meet the needs of a variety of applications, including small residential homes, multi-family dwellings, and small commercial businesses. 250-400 liter water heaters are typically more energy-efficient than smaller water heaters, which can save homeowners and businesses money on their energy bills. 250-400 liter water heaters are relatively affordable, making them a good option for budget-minded consumers. Smart water heaters are becoming increasingly popular because they offer a number of convenient features, such as voice control, remote monitoring, and scheduling. 250-400 liter water heaters are available in a variety of smart models, making them a good option for consumers who are looking for a smart water heater that is also the right size for their needs. In addition to the above factors, the growing demand for hot water in emerging markets is also expected to drive the growth of the 250-400 liter water heater segment. Emerging markets are experiencing rapid urbanization and economic growth. This is leading to a growing demand for hot water in these markets, as more and more people are moving into urban areas and connecting to municipal water and electricity grids. Furthermore, commercial water heaters are used in a variety of applications, including hotels, restaurants, hospitals, schools, and office buildings. The demand for hot water in these applications is expected to grow in the coming years due to a number of factors, such as increasing urbanization, rising standards of living, and growing tourism. As energy costs continue to rise, businesses are increasingly looking for ways to save energy. This is leading to a growing demand for energy-efficient commercial water heaters. Smart commercial water heaters offer a number of benefits, such as remote monitoring, scheduling, and energy management. This is making them increasingly popular among businesses. Many governments around the world are offering financial incentives and rebates to businesses that install energy-efficient and smart commercial water heaters. This is further driving the growth of the market. The key players in the global commercial water heater market are investing heavily in research and development to develop new and innovative products. They are also expanding their presence in emerging markets to capitalize on the growing demand for commercial water heaters in these regions. Market Drivers

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• Replacement Demand and Aging Infrastructure: Many water heaters have a limited lifespan, and as existing units age and require replacement, it drives demand for new water heater installations. Replacement demand is a significant driver for the market, as homeowners and businesses regularly update their water heaters, often opting for more energy-efficient models or those with advanced features. • Technological Advancements in Heating Elements: Advancements in heating elements, such as improved insulation and faster heating methods, are enhancing the efficiency and performance of water heaters. These technological advancements enable water heaters to provide quicker hot water delivery while reducing energy consumption, contributing to overall customer satisfaction and cost savings. Market Challenges • Regulatory Compliance and Energy Efficiency Standards: Water heater manufacturers need to comply with increasingly stringent energy efficiency standards and regulations set by governments and environmental agencies. Meeting these standards requires continuous investment in research and development, potentially increasing production costs. However, it also promotes the adoption of more energy-efficient water heating solutions. • Supply Chain Disruptions and Material Shortages: Global supply chain disruptions and material shortages, as seen in recent times due to events like the COVID-19 pandemic, can impact production schedules and increase lead times for water heater manufacturers. Manufacturers need to carefully manage their supply chains to mitigate disruptions, which can affect their ability to meet customer demand and maintain inventory levels. Market Trends • Hybrid Water Heaters: Hybrid water heaters combine different heating methods, such as heat pumps and electric elements, to optimize energy efficiency. These systems can switch between modes based on demand and ambient conditions. Hybrid water heaters are gaining popularity due to their ability to provide energy savings without sacrificing hot water availability. This trend is expected to continue as consumers seek cost-effective and eco-friendly options. • Integration with Renewable Energy Sources: Water heaters are increasingly being integrated with renewable energy sources, such as solar panels and wind turbines, to further reduce carbon footprints and energy costs. This trend aligns with sustainability goals and is supported by government incentives for renewable energy adoption. Manufacturers are working on products that seamlessly interface with renewable systems. • Water Heater Leasing and Subscription Models: Some markets are seeing a shift toward leasing or subscription models for water heaters, allowing customers to access the latest technology without a large upfront investment. This trend can provide consumers with more flexibility and affordability while promoting regular equipment upgrades, which can be appealing in regions where the cost of purchasing water heaters outright is a barrier. 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 • On January 31, 2022, GE Appliances, a Haier company, Air and Water Solutions, is set to exhibit for the first time as a new division at AHR Expo booth N8106. The division is a dedicated solutions provider of residential and light commercial water heaters, water filtration, HVAC, and ductless heating and cooling solutions for professional contractors and wholesale distributors. • In September 2022, A. O. Smith, a water heating and water treatment industry leader, announces the addition of the Voltex AL (anti-leak) hybrid electric heat pump water heater to its residential product line. The Voltex AL model leads the water heating industry in efficiency, with the 66-gallon unit having the highest overall Uniform Energy Factor (UEF) of 4.02 and the 50-gallon unit having the highest UEF of 3.8. It's also available in an 80-gallon version. • January 2022- To give customers a user-friendly experience with home appliances, Haier Smart Home launched two essential platforms, Three-Winged Bird Experience Cloud and Smart Home Brain, as well as four scenarios, including a bright kitchen, smart air supply, smart water supply, and whole-house intelligence. • October 2022- Rheem and American Standard Water Heaters, two significant manufacturers of water heaters, received EcoPort certification, the OpenADR Alliance's newest certification program. 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 covered in the report • North America • Europe • Asia-Pacific • South America • Middle-East & 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
  • A.O. Smith Corporation
  • Robert Bosch GmbH
  • Whirlpool Corporation
  • Haier Group Corporation
  • Ariston Holding N.V.
  • Rheem Manufacturing Company
  • Rinnai Corporation
  • Bradford White Corporation
  • Noritz Corporation

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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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 : Europe Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 16 : Europe Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 17 : Europe Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 18 : Europe Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 19 : Asia-Pacific Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 20 : Asia-Pacific Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 21 : Asia-Pacific Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 22 : Asia-Pacific Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 23 : South America Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 24 : South America Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 25 : South America Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 26 : South America Water Heater Market Size and Forecast, By Application (2017 to 2028F) (In USD Million)
Table 27 : Middle East & Africa Water Heater Market Size and Forecast, By Product (2017 to 2028F) (In USD Million)
Table 28 : Middle East & Africa Water Heater Market Size and Forecast, By Technology (2017 to 2028F) (In USD Million)
Table 29 : Middle East & Africa Water Heater Market Size and Forecast, By Capacity (2017 to 2028F) (In USD Million)
Table 30 : Middle East & 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: Europe Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 9: Europe Water Heater Market Share By Country (2022)
Figure 10: Asia-Pacific Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 11: Asia-Pacific Water Heater Market Share By Country (2022)
Figure 12: South America Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 13: South America Water Heater Market Share By Country (2022)
Figure 14: Middle East & Africa Water Heater Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 15: Middle East & Africa Water Heater Market Share By Country (2022)
Figure 16: Competitive Dashboard of top 5 players, 2022
Figure 17: Market Share insights of key players, 2022
Figure 18: Porter's Five Forces of Global Water Heater Market

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 Overview, 2023-28

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