Fort Collins, Colorado, March 18, 2024 (GLOBE NEWSWIRE) -- The Water Heater Market was valued at USD 31.5 Billion in 2023 and is anticipated to grow CAGR at 5.4% to reach USD 50.6 Billion by 2032.
The water heater market is expected to grow due to increased demand from residential properties for various purposes such as cooking, washing, cleaning, and bathing. Additionally, the introduction of smaller, energy-efficient solar water heaters is gaining popularity among consumers due to their aesthetic appeal and cost-saving benefits.
The global industry is poised to be propelled by the growth of the real estate industry, a major consumer of water heater systems. The real estate sector encompasses retail, housing, commercial, and hospitality subsectors, all contributing to the increasing demand for water heaters. The surge in real estate development, driven by the need for office spaces, urban and semi-urban accommodations, and the expansion of the corporate environment is expected to boost the demand for water heaters.
Furthermore, introducing energy-saving and environmentally friendly electric and solar water heaters drives market demand. Water heater manufacturers prioritize reducing electricity consumption, considering the significant energy consumption associated with water heaters. Innovations such as the 'Air to Heat' concept for water heaters, which utilizes surrounding air to heat water inside the tank, represent advancements to reduce energy consumption. These technological developments and government initiatives are expected to fuel the demand for advanced water heaters in the foreseeable future.
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Segmentation Overview:
The global water heater market has been segmented into product, technology, capacity, application, and region. Based on product, the water heater market segmentation includes electric, solar, and gas. Electric water heaters hold a substantial share in the consumer market. The demand for electric water heaters is due to their affordability and safety compared to gas heaters. Additionally, with the introduction of energy-efficient water heaters, buyers who were skeptical of buying electric water heaters due to rising electricity bills are also preferring to buy electric water heaters.
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Water Heater Market Report Highlights:
- The global water heater market growth is anticipated at a CAGR of 5.4% by 2032.
- The popularity of water heaters in the consumer market is expected to propel their demand.
- Asia Pacific holds a major share of the water heater market, with China, India, and Japan holding a major share in this region. The demand for housing properties is growing in countries like India and South Korea, and due to the high population in these countries, the demand for water heaters is also rising.
- Some prominent players in the water heater market report include A.O. Smith Corporation, Robert Bosch LLC, Whirlpool Corporation, Havells, Bajaj Electricals Ltd., Haier Group Corporation, Rinnai Corporation, V-Guard Industries Ltd., Ariston Thermo Group, Ebara Corporation, and others.
Industry Trends and Insights:
- In 2023, Voltas expanded in the water heater segment as a part of its expansions in the home appliance sector.
- Havells India introduced their air-to-water heat pump water heater for residential segment that exhibits high efficiency for regular use.
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Water Heater Market Segmentation:
By Product: Electric, Solar, Gas
By Technology: Tankless, Storage Tank, and Hybrid
By Capacity: Below 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and Above 400 liters
By Application: Residential, Commercial, Industrial, Energy & Utilities, IT & Telecom, Legal & Compliance, and Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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