Water Heater Market, By Product Type, By Type, By Application, By Region

Description

Water Heater Market is estimated to be valued at USD 42.88 Bn in 2025 and is expected to reach USD 97.19 Bn by 2032, growing at a compound annual growth rate (CAGR) of 12.4% from 2025 to 2032.

Report Coverage		Report Details
Base Year:	2024	Market Size in 2025:	USD 42.88 Bn
Historical Data for:	2020 To 2024	Forecast Period:	2020 To 2024
Forecast Period 2025 to 2032 CAGR:	12.40%	2032 Value Projection:	USD 97.19 Bn

The global water heater market is influenced by factors such as economic conditions, consumer preferences, energy policies, technological advancements, and regulatory environment. The market is expected to continue to grow owing to increasing demand for hot water in the residential, commercial, and industrial sectors and growing demand for energy-efficient and sustainable solutions. The global water heater market is highly competitive, with multiple major players and numerous regional and local manufacturers. The market is characterized by a wide range of products such as storage water heaters, non-water heaters, solar water heaters, and heat pump water heaters.

Market Dynamics

The global water heater market is valued at US$ 31.47 Billion in terms of value by the end of 2022, exhibiting a compound annual growth rate (CAGR) of 12.41% from 2023 to 2030. Increased demand for hot water technological advancements, increasing adoption of renewable energy sources, fluctuating energy prices, government regulations and policies, infrastructure development, competitive landscape, These dynamic factors collectively shape the global water heater market, presenting both opportunities and challenges for manufacturers, consumers, and other industry players.

Key features of the study

This report provides in-depth analysis of the global water heater market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period 2025-2032, considering 2024 as the base year.
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
It profiles key players in the global water heater market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies.
Key companies covered as a part of this study include A. O. Smith Corporation, Zhongshan Inse Group Co, Ltd., Haier Electronics Group Co., Ltd.Himin Solar Co., Ltd., Ariston Thermo Group, Genrui, Bajaj Electricals Ltd., Rheem Manufacturing Company, Jiaxing Jinyi Solar Energy Technology Co, Ltd., Noritz Corporation, SIEMENS AG, Bradford White Corp., Venus Home Appliances (P) Ltd., Havells, and Others.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
The global water heater market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global water heater market.

Market Segmentation

Global Water Heater Market, By Product Type
- Storage Water Heaters
- Tankless Water Heaters
- Hybrid Water Heaters
- Others
Global Water Heater Market, By Type
- Electric Water Heater
- Solar Water Heater
- Gas Water Heater
Global Water Heater Market, By Application
- Residential
- Industrial
- Commercial
Global Water Heater Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Key Players Insights
- O. Smith Corporation
- Zhongshan Inse Group Co, Ltd.
- Haier Electronics Group Co., Ltd.
- Himin Solar Co., Ltd.
- Ariston Thermo Group
- Genrui
- Bajaj Electricals Ltd.
- Rheem Manufacturing Company
- Jiaxing Jinyi Solar Energy Technology Co, Ltd.
- Noritz Corporation
- SIEMENS AG
- Bradford White Corp.
- Venus Home Appliances (P) Ltd.
- Havells

Product Code: CMI3289

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snapshot, By Product Type
- Market Snapshot, By Type
- Market Snapshot, By Application
- Market Snapshot, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
  - High growth construction and manufacturing industry is expected to drive the growth of the global water heater market during the forecast period
  - Growing urbanization across the world is expected to propel the global water heater market growth over the forecast period
- Restraints
  - Constant struggle to meet quality and energy efficiency standards is expected to restrain growth of the global water heater market during the forecast period
  - Limited availability of specific fuels, low awareness among the populace, installation challenges, and cost limitations
- Opportunities
  - Use of renewable energy instead of conventional fuel source is expected to pose lucrative growth opportunities
  - Advancement in existing technologies is expected to offer significant opportunity for market players
Impact Analysis
Key Highlights
Regulatory Scenario
Product launch/Approvals
PEST Analysis
PORTER's Analysis
Merger and Acquisition Scenario

4. Global Water Heater Market, By Product Type, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
Storage Water Heaters
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Tankless Water Heater
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Hybrid Water Heaters
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

5. Global Water Heater Market, By Type, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
Electric Water Heater
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Solar Water Heater
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Gas Water Heater
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

6. Global Water Heater Market, By Application, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
Residential
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Industrial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Commercial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

7. Global Water Heater Market, By Region, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, By Country, 2023and 2032 (%)
- Y-o-Y Growth Analysis, For Country 2021-2032
- Country Trends
North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2020-2032, (USD Bn)
  - U.S.
  - Canada
Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2020-2032, (USD Bn)
  - U.K.
  - Germany
  - Italy
  - France
  - Spain
  - Russia
  - Rest of Europe
Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2020-2032, (USD Bn)
  - China
  - India
  - Japan
  - ASEAN
  - Australia
  - South Korea
  - Rest of Asia Pacific
Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2020-2032, (USD Bn)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Middle East & Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Type, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2020-2032, (USD Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country 2020-2032, (USD Bn)
  - GCC Countries
  - South Africa
  - Rest of Middle East & Africa

8. Competitive Landscape

A. O. Smith Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Zhongshan Inse Group Co, Ltd.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Haier Electronics Group Co, Ltd.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Himin Solar Co., Ltd.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Ariston Thermo Group
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Genrui
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Bajaj Electricals Ltd.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Rheem Manufacturing Company
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Jiaxing Jinyi Solar Energy Technology Co, Ltd.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
Noritz Corporation
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
SIEMENS AG
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Bradford White Corp.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
Venus Home Appliances (P) Ltd.
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
Havells
- Company Highlights
- Product Portfolio
- Key Highlights
- Financial Performance
- Strategies
- Analyst Views

9. Section

Research Methodology
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