Water Heater Market Size, Share and Global Trend By Type (Electric Water Heater, Solar Water Heater, Gas Water Heater, Others), By Storage Type (Tankless Heater, Storage Heater, Heat Pump Heater), By Application (Residential, Industrial, Commercial) and Regional Forecast, 2024-2032

Water is one of the most important utilities for household, commercial, and industrial needs. The water used for these applications is processed before using it for a particular application. Hot water, cold water, chilled water, and steam are among the types of water used in various forms. Various equipment is used to provide the desired type and quality of water depending on the water temperature requirements of the user. Water heaters are equipment used to heat the water and provide hot water to the users. Water heaters use electricity, fuel, oil, or solar energy to heat the water to the desired temperature.

Depending on the type, water heaters available in the market are electric, solar, gas, geothermal and others. However, electric water heaters are expected to hold a dominant share in the global water heater market owing to their high demand from the domestic and commercial applications. The water heaters have a wide range of applications in various residential buildings, commercial spaces, and industrial processes. Hot water is generally used for bathing, washing, and washing in the domestic applications and for the industrial applications, hot water is used as a utility for various processes. The water heaters used in the residential and commercial applications are expected to dominate the water heater market in the coming years.

Water heaters market is highly dependent on the demand from the residential and commercial applications. Governments of different countries are therefore focusing on promoting the usage of renewable energy source for heating water. Owing to which the solar water heaters are expected to witness substantial growth in the sales in the coming years. Water heater systems such as centralized water heaters help in optimizing the space requirement factor in the commercial spaces, which are expected to add to the growth of the water heater market.

The electrical water heaters use electricity as input for heating water. The electricity requirement of the electric water heaters increases the operating cost of the electric water heaters, which is expected to retard the growth of the water heater market up to some extent.

Key Players Covered

Some of the major companies that are present in the global water heater market are Ebara Corporation, Stiebel Eltron Inc., Vanguard Technology Inc., Robert Bosch LLC., Rinnai America Corporation, IBC Technologies Inc., Sofame Technologies Inc., Runsun Energy Technology Co., Ltd, Lorenzetti SA, Groupe Atlantic, A.O.Smith Water Products Company B.V., Lochinvar Ltd, Watlow Electric Manufacturing Co., Aura GmbH & Co. KG, Ariston Thermo SpA, and Grupo Zytec.

SEGMENTATION

Regional Analysis

The global water heater market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is expected to provide lucrative opportunities for the growth of water heaters owing to the rising demand from the domestic and commercial spaces in the region. Primary application of water heaters is in various growing industries such as chemical, fertilizer & pesticide and oil & natural gas for providing hot water as a utility for multiple processes is expected to drive the sales of industrial water heaters in the region. Water heater market in Latin America is expected to witness high growth in the coming years. The region is focused on increasing the number of solar water heaters, which comprise more than 50% share in domestic applications.

Additionally, countries such as Mexico and Peru are rapidly increasing their solar water heater installed capacities, which is expected to drive the growth of water heaters market in the region. Asia Pacific region holds around 56% of the total global population, which is among the critical reasons for the growth of the different industries such as chemical, pharmaceutical, and oil and gas industry in the region. The growth of these industries, coupled with the increase in the demand for the water heaters for the commercial and residential applications, is expected to drive the water heater market in the region. The solar water heaters are expected to gain traction in the Europe region owing to the regulations imposed by the local governments over the usage of other power-consuming water heaters. Water heaters market in the Middle East and Africa region is expected to witness a decent growth owing to the demand from the moderately growing chemical and oil and natural gas industries and increasing commercial spaces in countries such as Saudi Arabia, Qatar and Unite Arab Emirates.

Key Industry Developments

• In June 2019, Opras Power and Light Cooperative have awarded US$ 5.8 Million for financing projects for installation of heat pumps, water heaters, electric pump chargers, and ductless heat pumps. The company aims at financing up to US$ 3,500 for a heat pump water heater for a period of 5 years.
• In May 2019, Guangdong PHNIX Eco-Energy Solution Ltd launched a commercial heat pump water heater in the Indian market. The company is focused on increasing its global footprint through the penetration in developing countries.
• In March 2018, the government of Canada included certain products sold door-to-door such as water heaters, air conditioners and furnaces among others under the Consumers Protection Act of 2002 which states that these services or products should not be sold to the consumers unless the transaction is initiated by the consumer.