Water Heater Market Expected to Witness a Sustainable Growth over 2030: Grand View Research Inc.

 Water Heater Market Growth & Trends

The global water heater market size is anticipated to reach USD 40.09 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.5% from 2022 to 2030. The market is primarily driven by increasing hot water demand from various residential applications, including cleaning, and cooking, which is anticipated to augment the industry growth during the forecast period. Rising consumer demand and favorable government policies are driving the trend toward energy efficiency. Energy and environmental regulations are increasingly influencing the adoption of energy-efficient appliances, which is expected to augment the demand for energy-efficient and smart water heating solutions over the coming years.

Increasing construction spending coupled with rising government investments in public infrastructures in the developing economies of the Asia Pacific and Middle East & Africa, on account of economic and industrial development, coupled with population growth, is expected to positively impact the demand for these products during the forecast period. Favorable measure to enhance the air quality along with rising awareness regarding the adoption of renewable solutions is expected to augment the demand for solar products. Furthermore, the increasing emphasis of major industry competitors on product aesthetics and design, along with continued industry competition, is expected to fuel industry expansion.

Regulations such as the National Appliance Energy Conservation Act (NAECA) set minimum standards for water heaters in the U.S. Thus, such regulations, coupled with initiatives such as LEED certification and net-zero buildings, are expected to boost the adoption of energy-efficient solutions, thereby, positively impacting the overall industry growth. Key market players are undertaking strategic collaborations, product developments, new product launches, and expansions as sustainable strategies and cater to the changing technological requirements of the application industries The technological partnerships to innovate product lines enhance their customer base.

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Water Heater Market Report Highlights

• Electric led the market and accounted for 51.2% of the revenue share in 2022 owing to the improving electrification rate coupled with increasing accessibility at the consumer end
• Storage led the industry and accounted for 54.8% share of the global revenue in 2022 owing to the high energy conversion potential and low maintenance requirement of the product
• The demand for this product with a capacity above 400 liters witnessed a CAGR of 5.2% during the forecast period which is attributed to the rising demand across various industrial applications in stand-alone or in combination with heat exchangers
• The Asia Pacific dominated the market and accounted for 37.1% share, in terms of revenue, in 2022 on account of various factors such as low inflation rate, healthy manufacturing output, and balanced vaccine rollout
• In January 2021, Bradford White Corporation acquired Keltech’s line of the tankless electric segment, with the intention to expand its portfolio of commercial and industrial products

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Water Heater Market Segmentation

Grand View Research has segmented the global water heater market based on product, technology, capacity, application, and region:

Water Heater Product Outlook (Revenue, USD Million; 2018 - 2030)

• Electric
• Solar
• Gas

Water Heater Technology Outlook (Revenue, USD Million; 2018 - 2030)

• Tankless
• Storage
• Hybrid

Water Heater Capacity Outlook (Revenue, USD Million; 2018 - 2030)

• Below 30 Liters
• 30 - 100 Liters
• 100 - 250 Liters
• 250 - 400 Liters
• Above 400 Liters

Water Heater Application Outlook (Revenue, USD Million; 2018 - 2030)

• Residential
• Commercial
• Industrial

Water Heater Regional Outlook (Revenue, USD Million; 2018 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • UK
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE

List Of Key Players Of Water Heater Market

• O. Smith
• Robert Bosch LLC
• Ariston Thermo SpA
• Rheem Manufacturing Company
• Rinnai Corporation
• Bradford White Corporation
• NORITZ Corporation
• Whirlpool Corporation
• Westinghouse Electric Corporation
• Bajaj Electricals Ltd
• Haier Inc.
• Havells India Ltd
• Lennox International Inc.
• FERROLI S.p.A
• Kenmore

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.