Dublin, Dec. 02, 2024 (GLOBE NEWSWIRE) — The “Water Heater: Global Markets” report has been added to ResearchAndMarkets.com’s offering.
The global market for water heaters was valued at $23.7 billion in 2023 and is expected to reach $32.1 billion by the end of 2029, growing at a CAGR of 5.2% during the forecast period.
The water heater market is experiencing robust growth driven by several key factors. Primarily, increasing urbanization and rising disposable incomes are fueling the demand for modern amenities, including hot water. The growing emphasis on energy efficiency and sustainability is spurring the adoption of advanced water heater technologies like heat pumps and instant water heaters.
The expansion of the construction and real estate sectors, particularly in developing economies, is creating a substantial demand for water heaters in residential and commercial buildings. Moreover, stringent government regulations promoting energy conservation are encouraging consumers and businesses toopt for energy-efficient water heating solutions.
Technological Advances and Applications
Technological innovations from enhancing energy efficiency to providing greater convenience have revolutionized the water heating industry. Instant water heaters heat water on-demand, eliminating energy waste from constantly reheating stored water. Smart water heaters offer remote control, energy monitoring and learn user habits to optimize performance. Hybrid water heaters combine electric resistance heating with heat pump technology, extracting heat from the air for significant energy savings.
Further, hydrogen-powered water heaters are being explored as a potential clean energy solution. These advances not only reduce utility bills but also contribute to a smaller environmental footprint. Consequently, technological advances have transformed water heaters from basic appliances into energy-efficient, smart and environmentally friendly devices. These innovations not only enhance user comfort and convenience but also contribute to a more sustainable future.
Report Scope
A water heater is a device that heats water for domestic and commercial uses. It operates by converting energy from a source such as electricity, gas or solar power into thermal energy, which heats the water. This heated water is then stored in a tank or heated on demand in instant heaters and made available for use.
Water heaters find extensive applications in both residential and commercial settings. In homes, they provide hot water for bathing, cleaning dishes, laundry and other household chores. Additionally, they are essential for cooking, especially in areas where gas stoves are not prevalent. Commercial applications such as hospitals, hotels, restaurants and laundries rely on water heaters for various processes, including cleaning equipment, sterilizing tools, and heating materials.
This report gives an overview of the global market for water heaters and examines market trends. It includes 2023 as the base year and forecast data from 2024 to the end of 2029. The report analyzes the global market revenue ($ million) in terms of segments (product type, storage capacity, energy source and applications) and regions (North America, Europe, Asia-Pacific and the Rest of the World).
The report includes:
- 49 data tables and 44 additional tables
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025, and projected CAGRs through 2029
- Estimates of the current market size and revenue prospects, along with a market share analysis by product type, storage capacity, energy type, application and region
- Discussion of the market dynamics, technological advances, regulations, and the macroeconomic factors influencing the industry
- A Porter’s Five Forces model, and global supply chain and PESTLE analyses
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, ESG score analysis, and the ESG practices of leading companies
- A review of recent patents
- Analysis of the industry structure, including company market shares, strategic alliances, M&A activity and a venture funding outlook
- Company profiles of major players within the industry, including A.O. Smith, Rheem Manufacturing Co., and Rinnai Corp.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 125 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $23.7 Billion |
| Forecasted Market Value (USD) by 2029 | $32.1 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Executive Summary
- Market Outlook
- Scope of Report
- Market Summary
- Technological Advances and Applications
- Market Dynamics and Growth Factors
- Future Trends and Developments
- Segmental Analysis
- Regional Insights and Emerging Markets
- Conclusion
Chapter 2 Market Overview
- Technology Overview
- Current and Future Market Overview
- Macroeconomic Factors
- Economic Growth and Housing Market Impact on the Water Heater Industry
- Impact on the Water Heater Industry of Government Regulations and Policies
- Value Chain Analysis
- Research & Development
- Raw Material Suppliers
- Manufacturers
- Distributors
- End Users
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Bargaining Power of Buyers (Consumers)
- Bargaining Power of Suppliers (Vendors)
- Potential of New Entrants
- Threat from Substitutes
- Competition the Industry
Chapter 3 Market Dynamics
- Overview
- Market Drivers
- Growing Demand for Energy-Efficient Water Heaters
- Rapid Urbanization and Migration of People Towards Cities
- Market Restraints
- Geographic Limitations for the Water Heater Market
- High Upfront Costs on Energy-efficient Water Heaters
- Market Opportunities
- Government Mandates Pertaining to Energy Efficiency
- Increasing Demand for Smart Water Heaters
Chapter 4 Emerging Technologies and Developments
- Emerging Technologies
- Tankless Water Heaters
- Smart Water Heaters
- Heat Pump Water Heaters
- Hybrid Water Heaters
- High-Efficiency Condensing Water Heaters
- Patent Analysis
- Regional Patterns
- Key Findings
Chapter 5 Market Segmentation Analysis
- Segmentation Breakdown
- Water Heaters Market by Product Type
- Instant Water Heaters
- Storage Water Heaters
- Water Heaters Market by Storage Capacity
- < 30 Liters
- 30-100 Liters
- 100-250 Liters
- 250-400 Liters
- > 400 Liters
- Water Heaters Market by Energy Source
- Electric Water Heaters
- Solar Water Heaters
- Gas Water Heaters
- Water Heaters Market by Applications
- Residential Water Heaters
- Commercial Water Heaters
- Water Heaters Market by Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
Chapter 6 Competitive Intelligence
- Market Share Analysis
- SWOT Analysis of Key Players
Chapter 7 Sustainability in the Water Heaters Industry: An ESG Perspective
- Overview
- Key ESG Issues in the Water Heater Industry
- ESG Performance Analysis
- Current Status of ESG in the Global Market
- ESG Practices in the Water Heaters Market
- ESG-Related Risks in Water Heater Industry
- ESG-Related Opportunities in the Water Heater Industry
- Concluding Remarks
Chapter 8 Appendix
- Methodology
- References
- Abbreviations
Chapter 9 Company Profiles
- A.O. Smith
- Ariston Holding N.V.
- Bradford White Corp.
- Ferroli S.p.A.
- Guangdong Macro Gas Co. Ltd.
- Haier.com
- Havells India Ltd.
- Kyungdong Navien
- Noritz Corp.
- Rheem Manufacturing Co.
- Rinnai Corp.
- Robert Bosch GmbH
- State Industries
- Vaillant Group
For more information about this report visit https://www.researchandmarkets.com/r/7iqgra
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