Press release
Urbanization-Driven Expansion Driving The Water Heaters Market: Strategic Insights Driving Water Heaters Market Momentum in 2025
Water Heaters Market
What Will the Water Heaters Industry Market Size Be by 2025?
Recent years have seen a robust expansion of the water heaters market size. There's anticipated growth from $64.74 billion in 2024 to $70.48 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.9%. This development in the historical era can be related to increased disposable income, hefty investments, the incorporation of Internet of Things (IoT) technologies, and the introduction and adoption of innovative products with advanced features.
What's the Long-Term Growth Forecast for the Water Heaters Market Size Through 2029?
Anticipated robust growth in the water heaters market over the upcoming years could lead the sector to reach a valuation of $96.03 billion in 2029, courtesy of an 8.0% compound annual growth rate (CAGR). Key drivers of this trend in the forecast period include an ever-increasing internet reach, a surge in mergers and acquisitions, and mounting demand for instant heating appliances. Strategic focal points of the forthcoming interval encompass introducing smart water heaters to optimize energy utilization and enhance heater efficiency, prioritizing innovation in hybrid water heating systems to cater to escalating demand. Further market growth can be facilitated through active support in technological development aimed at performance improvement and managing grid power loads. Prioritizing the introduction of energy-efficient technologies in water heaters can decrease the overall energy usage in the water heating process. Partnering with governmental bodies can assist in upholding renewable energy commitments and pursuing decarbonization. Market players should contemplate enticing technology investments and alliances to bolster their market presence.
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What Are the Key Growth Drivers Fueling the Water Heaters Market Expansion?
The escalation in urban living is predicted to significantly influence the expansion of the water heaters market in the predicted timeframe. For example, the Independent Commission for Aid Impact (ICAI), a UK-based information and services entity, stated in January 2024 that around 67% of the global population, more than two-thirds, are predicted to reside in urban environments by 2050. Additionally, in April 2023, the World Bank, a U.S.-based global financial organization that provides loans and grants to governments of countries with low and middle incomes, revealed that 56% of global population, equal to 4.4 billion individuals, were residing in urban areas in 2023. This number is projected to more than double by 2050. The increased urban populace, coupled with rise in disposable incomes and the affordability among city dwellers, will stimulate the demand for the water heaters market. Consequently, swift urbanization is spurring the growth of the water heaters market.
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What Are the Key Trends Driving Water Heaters Market Growth?
Manufacturers of water heaters are continually developing products that are more energy-efficient in an effort to lessen the carbon footprint and offer energy saving options for users. This trend towards energy efficiency in appliances is driven by strict government regulations for electric home appliances and technological progress. Appliances that are energy efficient are designed to use the least amount of energy possible to accomplish their task. Presently, there are standards and labels for energy efficient appliances in more than 80 countries. Specifically, in the USA, a water heater with an energy star certification can result in lifetime savings of $3500.
How Is the Water Heaters Market Segmented?
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 Companies Are Leading the Charge in Water Heaters Market Innovation?
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.
Which Regions Are Leading the Global Water Heaters Market in Revenue?
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
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