Water Heater Market To Reach USD 50.6 Billion By 2032 Report By DataHorizzon Research

DataHorizon Research

Increasing demand for energy efficient water heaters to drive industry growth.

Fort Collins, Colo., March 18, 2024 (GLOBE NEWSWIRE) — The water heater market was worth $31.5 billion in 2023 and is expected to grow at a CAGR of 5.4% to $50.6 billion by 2032.

The water heater market is expected to grow due to increased demand from residential properties for various purposes such as cooking, washing, cleaning and bathing. Additionally, the introduction of smaller, energy-efficient solar water heaters is becoming increasingly popular among consumers due to their aesthetic appeal and cost-saving benefits.

The global industry is expected to be driven by the growth of the real estate industry, a major consumer of water heating systems. The real estate sector includes retail, residential, commercial and hospitality subsectors, all of which contribute to the increasing demand for water heaters. The surge in real estate development, driven by the need for office space, urban and semi-urban accommodation and the expansion of the corporate environment, is expected to boost development Demand for water heaters.

Furthermore, the introduction of energy-saving and eco-friendly electric and solar water heaters is driving the market demand. Water heater manufacturers place great emphasis on reducing electricity consumption because water heaters consume significant energy. Innovations such as the “Air to Heat” water heater concept, which uses ambient air to heat water in the tank, represent advances in reducing energy consumption. These technological developments and government initiatives are expected to increase demand for advanced will boost water heaters.

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Segmentation overview:

The globe Water heater market was segmented into Product, technology, capacity, application and region. Based on product, water heater market segmentation includes electric, solar and gas. Electric water heaters account for a significant share of the consumer market. The demand for electric water heaters is due to their affordability and safety compared to gas heaters. In addition, with the introduction of energy efficient water heaters, buyers who were skeptical about purchasing electric water heaters due to rising electricity bills are preferring to purchase electric water heaters.

The story goes on

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Highlights of the Water Heater Market Report:

  • Asia Pacific holds a large share of the water heater market with China, India and Japan having a large share in this region. In countries like India and South Korea, the demand for residential properties is growing, and due to the high population in these countries, the demand for water heaters is also increasing.

  • Prominent players in the water heater market report include AO Smith Corporation, Robert Bosch LLC, Whirlpool Corporation, Havells, Bajaj Electricals Ltd., Haier Group Corporation, Rinnai Corporation, V-Guard Industries Ltd., Ariston Thermo Group, Ebara Corporation and others.

Industry Trends and Insights:

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Water Heater Market Segmentation:

By product: Electricity, solar, gas

By technology: Tankless, storage tank and hybrid

By capacity: Below 30 liters, 30-100 liters, 100-250 liters, 250-400 liters and over 400 liters

By application: Residential, commercial, industrial, energy and utilities, IT and telecommunications, legal and compliance and others.

By region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

About DataHorizon Research:

DataHorizon is a market research and consulting firm that helps companies around the world formulate growth strategies for changing business dynamics. Its offerings include cross-enterprise advisory services and business insights to make actionable decisions. DHR's comprehensive research methodology for predicting long-term and sustainable market trends makes complex decisions easier for organizations.

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CONTACT: Email: [email protected] Tel.: +1-970-672-0390 Website: https://www.datahorizzonresearch.com

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