Residential Water Heater Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Residential Water Heater Market, valued at USD 26.9 billion in 2023, will grow at a 5.5% CAGR from 2024 to 2032. These appliances, powered by gas, solar energy, or electricity, are essential for heating water used in various activities such as bathing and cooking. The industry's growth is fueled by innovations like Wi-Fi-enabled water heaters, which allow remote monitoring and control via smartphone apps, enhancing convenience and cost savings. The expanding service sector and increased demand for efficient water heating solutions in residential and commercial spaces will further drive market expansion.

The residential water heater industry is fragmented based on product, capacity, fuel, and region.

The storage segment will garner more than USD 24.5 billion by 2032 due to its popularity in providing a reliable and consistent hot water supply. Storage water heaters, which heat and store water in a tank, offer a ready supply of hot water on demand, making them ideal for households with high hot water consumption. Their ability to handle multiple simultaneous uses, such as showers and laundry, adds to their appeal. Besides, advancements in insulation technology and energy efficiency are enhancing the performance and cost-effectiveness of storage water heaters, further driving their dominance in the market.

The <30 liters segment will capture 5% CAGR through 2032, owing to its suitability for small to medium-sized households and apartments. Compact and space-efficient, these water heaters are ideal for residential settings where installation space is limited. Their affordability and efficiency in providing adequate hot water for daily needs, such as washing dishes or handwashing, make them a popular choice. As urban living trends continue to favor smaller living spaces, the demand for <30 liters of water heaters will grow, reinforcing their leading market position.

Asia Pacific residential water heater market will exceed USD 13.5 billion by 2032, driven by its rapid urbanization and growing demand for efficient water heating solutions. The region's robust regulatory framework and stringent building codes support the adoption of advanced water heater technologies. Ongoing R&D efforts are introducing innovative smart water heaters, further boosting market growth. Also, significant investments by governing authorities in developing cutting-edge heating technologies are driving the industry's expansion. These factors collectively make the Asia Pacific a central contributor to the residential water heater industry.

Product Code: 4667

Chapter 1 Methodology and Scope

1.1 Research design
1.2 Base estimates and calculations
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.5 Price trend analysis
3.6 Porter's analysis
- 3.6.1 Bargaining power of suppliers
- 3.6.2 Bargaining power of buyers
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
3.7 PESTEL analysis

Chapter 4 Competitive landscape, 2023

4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation and technology landscape

Chapter 5 Market Size and Forecast, By Product, 2021 - 2032 (USD Million and '000 Units)

5.1 Key trends
5.2 Instant
5.3 Storage

Chapter 6 Market Size and Forecast, By Capacity, 2021 - 2032 (USD Million and '000 Units)

6.1 Key trends
6.2 < 30 liters
6.3 30 -100 liters
6.4 100 - 250 liters
6.5 250 - 400 liters
6.6 > 400 liters

Chapter 7 Market Size and Forecast, By Fuel, 2021 - 2032 (USD Million and '000 Units)

7.1 Key trends
7.2 Natural gas
7.3 LPG

Chapter 8 Market Size and Forecast, By Region, 2021 - 2032 (USD Million and '000 Units)

8.1 Key trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 France
- 8.3.3 Germany
- 8.3.4 Italy
- 8.3.5 Austria
- 8.3.6 Spain
- 8.3.7 Netherland
- 8.3.8 Denmark
- 8.3.9 Finland
- 8.3.10 Sweden
- 8.3.11 Norway
8.4 Eurasia
- 8.4.1 Russia
- 8.4.2 Belarus
- 8.4.3 Armenia
- 8.4.4 Kazakhstan
- 8.4.5 Kyrgyzstan
8.5 CIS
- 8.5.1 Azerbaijan
- 8.5.2 Moldova
- 8.5.3 Tajikistan
- 8.5.4 Turkmenistan
- 8.5.5 Uzbekistan
8.6 Asia Pacific
- 8.6.1 China
- 8.6.2 Australia
- 8.6.3 India
- 8.6.4 Japan
- 8.6.5 South Korea
- 8.6.6 Indonesia
- 8.6.7 Malaysia
- 8.6.8 Singapore
- 8.6.9 Thailand
- 8.6.10 New Zealand
- 8.6.11 Philippines
8.7 Eurasia
- 8.7.1 Russia
- 8.7.2 Belarus
- 8.7.3 Armenia
- 8.7.4 Kazakhstan
- 8.7.5 Kyrgyzstan
8.8 CIS
- 8.8.1 Azerbaijan
- 8.8.2 Moldova
- 8.8.3 Tajikistan
- 8.8.4 Turkmenistan
- 8.8.5 Uzbekistan
8.9 Middle East and Africa
- 8.9.1 Saudi Arabia
- 8.9.2 UAE
- 8.9.3 Qatar
- 8.9.4 Kuwait
- 8.9.5 Oman
- 8.9.6 Turkey
- 8.9.7 South Africa
- 8.9.8 Nigeria
- 8.9.9 Algeria
- 8.9.10 Egypt
- 8.9.11 Israel
- 8.9.12 Cyprus
- 8.9.13 Lebanon
- 8.9.14 Iraq
8.10 Latin America
- 8.10.1 Brazil
- 8.10.2 Argentina
- 8.10.3 Chile
- 8.10.4 Mexico

Chapter 9 Company Profiles

9.1 A. O. Smith India Water Products Pvt. Ltd.
9.2 Ariston Holding N.V.
9.3 American Standard Water Heaters
9.4 Bosch Thermotechnology Corp.
9.5 Bradford White Corporation, USA
9.6 Ferroli S.p.A
9.7 GE Appliances
9.8 Haier Inc.
9.9 Havells India Ltd.
9.10 Lennox International Inc.
9.11 NORITZ Corporation
9.12 Racold
9.13 Rheem Manufacturing Company
9.14 Rinnai America Corporation
9.15 State Industries
9.16 Vaillant
9.17 Westinghouse Electric Corporation