Press release
Water Heaters Market Poised to Hit $90.22 Billion by 2029 with Accelerating Growth Trends
Water Heaters Market
Water Heaters Market Size Growth Forecast: What to Expect by 2025?
The scale of the water heaters market has seen significant growth lately. There is a forecasted increase from $63.14 billion in 2024 to $67.29 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.6%. This growth during the historical period can be credited to factors such as increased disposable income, heavy investments, the adoption of internet of things (IoT), and the introduction of new products with sophisticated features.
How Will the Water Heaters Market Size Evolve and Grow by 2029?
The market for water heaters is projected to witness a robust expansion in the coming years, surging to a value of $90.22 billion in 2029, with a compound annual growth rate (CAGR) of 7.6%. This estimated growth during the forecasted period can be attributed to factors like expanding internet accessibility, an upsurge in mergers and acquisitions, and a heightened demand for instant water heaters. Prominent trends for this period encompass the creation of smart water heaters to conserve energy and boost the system's efficiency, focusing on innovations in hybrid water heaters or systems, to cater to the blossoming demand. To augment their revenue, organizations should contemplate contributing to technology development aimed at enhancing performance, managing the power load on the grid by monitoring temperature changes. Attention should also be given to deploying energy-efficient technologies within water heaters to curtail total energy usage during the water heating process. Furthermore, aligning with governmental associations for the preservation of renewable energy sources and for decarbonization purposes is advised. Market players should also consider forging ties with technology investments and associations synergistically to expand their market footprint.
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What Drivers Are Propelling the Growth of Water Heaters Market Forward?
The expected rise in rapid urbanization is believed to be a significant factor propelling the growth of the water heaters market during the forecast period. As per the information from Independent Commission for Aid Impact (ICAI), a UK-based service and information platform, it has been projected that by 2050, about 67% of the global population will inhabit urban areas, as stated in January 2024. Moreover, the World Bank, a US-based global financial institution offering loans and grants to governments of low to middle-income countries, reported in April 2023 that 56% or 4.4 billion people of the world's population were residing in urban areas in 2023, and this figure is anticipated to more than double by 2050. With the surge in the urban population, increased disposable incomes, and affordability among city residents, the demand for the water heaters market is estimated to increase. Consequently, the water heaters market is being significantly influenced by rapid urbanization.
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Which Emerging Trends Are Transforming the Water Heaters Market in 2025?
Manufacturers of water heaters are progressively focusing on the production of products that are energy-efficient, aiming to lower carbon emissions and provide energy savings for users. The increasing prevalence of energy-efficient appliances is a result of strict regulatory measures on electric household appliances by governments, coupled with technological advancements. These energy-saving appliances are engineered to use the least amount of energy possible to perform their necessary functions. At present, more than 80 nations have implemented standards and labels specific to energy-efficient appliances. To illustrate, an Energy Star-approved water heater in the USA enables savings of $3500 over its operational lifespan.
What Are the Key Segments in 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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Who Are the Key Players Shaping the Water Heaters Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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
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