WATER HEATER MARKET ANALYSIS

Water Heater MarketSize and Trends

The global water heater market is estimated to account for US$ 33.94 Billion in terms of value in 2023 and is expected to grow at a CAGR of 12.4% during the forecast period from 2023-2030. A water heater or storage water heater is a domestic water heating appliance that uses a hot water storage tank to optimize heating capacity and provide prompt hot water whenever needed. Conventional storage water heaters use a variety of fuels namely electricity, oil, propane, natural gas, and oil. However, unconventional heaters use solar energy to provide hot water. Solar water heater has been adopted widely around the world since it clean, renewable, and cost-efficient. The selection of proper water solar depends upon several factors such as availability of fuels, type of building that it is being installed, fuel cost, requirements of household, and user safety. Water heaters are used for residential as well as commercial purposes.

Global Water Heater Market Trends:

Development of hybrid solutions

Key companies in the market are focused on introducing hybrid water heater solutions, in order to cater to constant consumer demand for energy efficiency and high performance. Hybrid water heaters combine different technologies such as heat pumps, electric heating elements, and solar panels to optimize energy efficiency. Ambient air, geothermal energy, and solar energy can be used to heat water, reducing reliance on traditional energy sources. By using renewable energy or waste heat energy, hybrid water heaters significantly reduce utility costs compared to conventional water heaters.