The global Water Heater Market size is estimated at US$ 33.94 Billion in 2023 and is projected to hit around USD 76.97 Billion by 2030, growing at a CAGR of 12.4% during the forecast period (2023-2030). The global water heater market refers to industries that involve manufacturing, distributing, and selling hot water systems for various applications. Water heaters are essential devices that provide hot water for residential, commercial, and industrial applications and enable activities such as bathing, cleaning, and heating. The water heater market has witnessed significant growth and development over the years due to factors such as population growth, urbanization, technological advancement, and changing consumer preferences.
Market Statistics:
The global water heater market was valued at US$ 31.47 Billion in terms of value in 2022.
Storage water heaters is the leading product type of water heater market. Hot water storage tanks are traditionally the most used and widely used hot water systems in the world. These are conventional tank-type water heaters that heat and store water.
Global Water Heater Market: Drivers
The increasing need for comfort and convenience
One of the major factors contributing to the growth of the global water heater market is the growing need for comfort and convenience. Consumers expect reliable and efficient access to hot water, driving the adoption of advanced hot water technologies that offer better performance, energy efficiency, and durability. Another big trend in the global water heater market is the integration of smart and connected technologies. Smart water heaters enable remote control and monitoring, energy management, and optimization through mobile applications and home automation systems. This connectivity improves user convenience, energy efficiency, and system performance.
Global Water Heater Market- Impact of Coronavirus (Covid-19) Pandemic
The economic impact of COVID-19, including job losses, income declines, and economic instability, has impacted consumer spending patterns. Consumers have become more cautious about their spending, prioritizing essentials over discretionary purchases such as water heaters. This has reduced the demand for water heaters, especially for domestic use. COVID-19 has changed consumer behavior and preferences. As health and hygiene become more important, the demand for contactless and hygienic solutions has increased. This shift in consumer preferences could impact the adoption of smart contactless water heaters with features such as remote control and self-cleaning capabilities.
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Key Takeaways:
The global water heater market size is estimated at USD 33.94 Billion in 2023 and is projected to hit around USD 76.97 Billion by 2030, growing at a CAGR of 12.4% during the forecast period (2023-2030).
Global Water Heater Market Trends:
The integration of smart and connected technologies in water heaters is gaining traction
The integration of intelligent and connected technologies in water heaters is becoming more important. Smart water heaters offer functions such as remote control, monitoring, and energy management via mobile applications and home automation systems. These connected features enable users to optimize energy usage, track energy usage, and receive alerts for maintenance and disruptions.
Global Water Heater Market: Restraints
The availability and accessibility of specific fuels can pose a restraint in certain regions
Certain regions may limit the availability and accessibility of certain fuels. For example, natural gas or propane may not be readily available in remote or rural areas, limiting the deployment of gas water heaters. Similarly, renewable energy sources such as solar energy may face limitations due to geographic location and lack of infrastructure. These limitations in fuel availability and infrastructure pose challenges for consumers who wish to choose water heating systems based on specific fuels or renewable energy sources. It restricts their options and may lead to a reliance on alternative fuel types or less sustainable heating methods. Consequently, consumers in regions with limited access to specific fuels or renewable energy may be compelled to opt for alternative water heating solutions, such as electric water heaters, which may have different performance characteristics and cost implications.
Global Water Heater Market: Competitive Landscape
The major players are A.O. Smith Corporation, Zhongshan Inse Group Co, Ltd., Haier Electronics Group Co., Ltd.Himin Solar Co., Ltd., Ariston Thermo Group, Genrui, Bajaj Electricals Ltd., Rheem Manufacturing Company, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Noritz Corporation, SIEMENS AG, Bradford White Corp., Venus Home Appliances (P) Ltd., Havells.
Global Water Heater Market: Recent Developments
On October 11, 2021, A. O. Smith Corporation an U.S. manufacturer of both residential and commercial water heaters and boilers and the largest manufacturer and marketer of water heaters, launches Instant Water Heaters with Blue Diamond Technology in Maharashtra and Gujarat market.
On June 7, 2023, EcoSmart, a leader in green, economical tankless electric water heaters, announced the launch of its new EcoSmart Elemen family, which are available in three sizes (12 kW, 18 kW, and 27 kW), these tankless electric water heaters are ideal for residential use and new construction.
