Water Heaters Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

What industry-specific factors are fueling the growth of the water heaters market?
The water heaters market is anticipated to experience growth in the forecasted timeframe, largely due to rapid urbanization. The Independent Commission for Aid Impact (ICAI), a platform based in the UK that offers information and services, projected in January 2024 that around 67% of the global populace would reside in urban regions by 2050. Furthermore, as of April 2023, the World Bank, a US-based international financial establishment that extends loans and grants to governments of countries with low-to-mid incomes, reported that 56% of the global population, totalling 4.4 billion people, lived in urban settings in 2023. They anticipate that this figure will more than double its given size by 2050. The increase in urban dwellers, combined with the surge in disposable earnings and affordability among city inhabitants, is likely to stimulate the demand for the water heaters market. Hence, the proliferation of urbanization is fuelling the growth of the water heaters market.

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What Is the projected market size and growth rate for the water heaters market?
The market size for water heaters has significantly increased over the past few years. Expected expansion from $64.74 billion in 2024 to $70.48 billion in 2025 is set at a compound annual growth rate (CAGR) of 8.9%. Factors influencing this historic growth include increased disposable income, substantial investments, the adoption of the internet of things (IoT), and the introduction of new products with advanced features.

The market for water heaters is projected to experience robust growth in the coming years, increasing to a worth of $96.03 billion in 2029 with a compound annual growth rate (CAGR) of 8.0%. This projected growth over the forecast period is attributed to factors such as higher levels of internet penetration, a surge in merger and acquisition activities, as well as a growing demand for instant heating devices. Key trends over the forecast period are anticipated to include a transition towards smart water heaters for better energy conservation and improved appliance efficiency, a focus on advancements in hybrid water heaters or systems to accommodate escalating demand, and efforts by companies to assist in the betterment of performance technology. It would be beneficial for companies to explore energy-efficient technologies for water heaters to minimize energy use during the water heating process, liaise with government bodies for renewable energy and decarbonization purposes, and consider technology investments and partnerships to expand their market presence.

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How are the latest trends influencing the growth of the water heaters market?
Manufacturers of water heaters are progressively focusing on the production of energy-efficient models as a means of minimizing carbon emissions and providing consumers with energy saving solutions. The surge in energy-efficient devices can be credited to strict governmental regulations regarding electric domestic appliances and technological advancements. These devices are engineered to use the least possible amount of energy to perform the necessary tasks. As of now, over 80 nations have defined standards and labels for such energy efficient devices. For instance, owning an energy star certified water heater in the USA translates to savings of $3500 over the course of its lifespan.

What major market segments define the scope and growth of the water heaters market?
The water heaters market covered in this report is segmented -

1) By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
2) By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
3) By End User: Residential, Commercial, Industrial

Subsegments:
1) By Solar Heaters: Active Solar Water Heating Systems, Passive Solar Water Heating Systems, Solar Pool Heaters
2) By Electric Heaters: Tank Electric Water Heaters, Tankless Electric Water Heaters, Heat Pump Water Heaters
3) By Gas And Propane Heaters: Tank Gas Water Heaters, Tankless Gas Water Heaters, Condensing Gas Water Heaters
4) By Geothermal Heaters: Ground Source Heat Pumps, Water Source Heat Pumps, Direct Exchange Systems

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Which region dominates the water heaters market?
Asia-Pacific was the largest region in the water heaters market in 2024. Western Europe was the second-largest region in the global water heaters market share. The regions covered in the water heaters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which key market leaders are driving the water heaters industry growth?
Major companies operating in the water heaters market include A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, Bajaj Electricals Ltd, Crompton Greaves Consumer Electricals Ltd., Havells India Ltd., Taian Haoli Solar Energy Technology Co., Ltd., AquaWorld Group Co., Ltd., Changzhou XNE Technology Co., Ltd., Guangdong PHNIX Eco-Energy Solution Ltd., Siemens AG, Stiebel Eltron International GmbH, Telford Copper & Stainless Cylinders, Hamworthy Heating, Sun Ray, PBS Power Equipment, s.r.o., Enerstena Group, Petrojet Trade s.r.o., Druzstevni zavody Drazice company, Noritz Corporation, General Electric (GE), ATMOR, Kyungdong Navien Co.,Ltd., Viesmann Group, Whirlpool Corporation, Alfa Laval, Carrier Corporation, Apen Group, State Industries, American Water Heaters, EcoSmart US, Goodman, ABRAVA- DASOL, Aquecedor Solar Transsen Ltda., Br Solar, IEM - Intercambio Eletro Mecanico Ltda., Dana Water Heaters and Coolers Factory LLC, Al Khatib Electrical Water Heater Factory, Pure Blue International LLC, Solar Ray, Genersys South Africa, GoSolar CC, ITS Solar, Kwikot (Pty) Ltd.

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What Is Covered In The Water Heaters Global Market Report?

• Market Size Forecast: Examine the water heaters market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the water heaters market for a structured understanding.
• Key Players Overview: Analyze major players in the water heaters market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the water heaters market.
• Segment Contributions: Evaluate how different segments drive overall growth in the water heaters market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the water heaters market.
• Industry Challenges: Identify potential risks and obstacles affecting the water heaters market.
• Competitive Landscape: Review strategic developments in the water heaters market, including expansions, agreements, and new product launches.

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