Urbanization-Driven Expansion Driving The Water Heaters Market: An Emerging Driver Transforming The Water Heaters Market Landscape

The Water Heaters Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Water Heaters Market?
The size of the water heaters market has seen significant expansion in recent years. Its growth is projected to scale from $64.74 billion in 2024 to $70.48 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.9%. The surge during the historic phase can be credited to factors such as an increase in disposable income, major investments, the adaptation of Internet of Things (IoT), and the launch of innovative products with advanced features.

The market size of water heaters is projected to experience significant expansion in the upcoming years, with expected growth to $96.03 billion in 2029 at a compound annual growth rate (CAGR) of 8.0%. Factors contributing to this growth during the forecast period include increased access to the internet, a surge in mergers and acquisitions, and the rising demand for instant heating devices. Noteworthy trends for the forecast period include the introduction of smart water heaters to enhance energy preservation and water heater efficiency, and the focus on innovation in hybrid water heaters or systems. To cater to the growing demand and boost their earnings, companies are encouraged to assist in technology development for better performance. The emphasis is also on adapting to the power load on the grid by monitoring the temperature, investing in energy-saving technologies in water heaters to decrease the overall energy use during the process of water treatment heating. Companies should also consider working with government organizations to uphold their renewable energy goals and for decarbonization objectives, while market players should appeal for technological investments and alliances to strengthen their market position.

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What Are the Different Water Heaters Market Segments?
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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What Are the Primary Drivers Shaping the Water Heaters Market?
The surge in urbanization is predicted to boost the water heaters market in the coming years. As per the Independent Commission for Aid Impact (ICAI), a UK-based information and services platform, it is estimated that by 2050, about 67% of the global population would inhabit urban regions. Moreover, data from the World Bank, a US-based international financial institution offering loans and grants to the governments of nations with low to middle incomes, revealed in April 2023 that 56% of the global populace, roughly 4.4 billion individuals, resided in urban areas in 2023. It is anticipated that this figure will multiply more than twice by 2050. Increased incomes and affordability in urban contexts will spur the demand for the water heaters market. Consequently, swift urbanization is propelling the water heaters market.

Which Companies Are Leading in the Water Heaters Market?
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.

What Are the Major Trends Shaping the Water Heaters Market?
Manufacturers of water heaters are progressively creating products that are energy-efficient to minimize the carbon footprint and help consumers save on energy. The emergence of energy-efficient appliances is due to strict governmental rules concerning electric household appliances and technological advancements. Appliances that are energy efficient are created to use the least amount of energy possible to perform the necessary function. Presently, standards and labels for energy-efficient appliances exist in more than 80 nations. As a case in point, in the USA, a water heater with energy star certification saves $3500 over its lifespan.

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What Are the Top Revenue-Generating Geographies in 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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Water Heaters Market?
2. What is the CAGR expected in the Water Heaters Market?
3. What Are the Key Innovations Transforming the Water Heaters Industry?
4. Which Region Is Leading the Water Heaters Market?

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