Rockville, Feb. 20, 2024 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, The global Water Heater Market is estimated at a value of US$ 36.1 billion in 2024 is forecasted to reach US$ 92 billion by the end of 2034 Water heaters are water-heating appliances that utilize a hot water storage tank to maximize water-heating capacity to provide warm water for domestic uses, and their need is high in almost all parts of the world but more so in countries with colder climates.
- A study published in the IEEE Open Access Journal of Power and Energy found that water heaters offer a more economical way to store energy compared to batteries. Mahan Mansouri, an energy market analyst, conducted this research during his Ph.D. dissertation at the Ohio State University. He discovered that aggregating thousands or millions of water heaters could be low-cost compared to deploying batteries.
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The market is witnessing steady growth, driven by several product advancements by leading manufacturers. Solar heater sales are set to rise at steady pace over the next ten years due to growing consumer consciousness regarding environmental sustainability and energy conservation, which is driving their inclination toward energy-efficient and environment-friendly water heating options.
Key Segments of Water Heater Market Research Report
| By Product Type | By Energy Source | By Region |
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Key Takeaways from Market Study
- In 2019, the global market for water heaters was valued at US$ 21.8 billion.
- The global market is projected to expand at a CAGR of 9.8% between 2024 and 2034.
- North America is set to account for a significant market share of 34.3%, while East Asia is projected to hold 20.1% share in 2024.
- The market in the United States is forecasted to be valued at US$ 7.2 billion in 2024.
- China is set to reach a market size of US$ 3.6 billion in 2024.
- In 2024, storage water heaters are expected to account for a significant market share of 49.3%.
- Electric water heaters are poised to account for 69.3% market share in 2024.
“Sales of electric water heaters set to rise rapidly across the world and account for a market share of around 70% by the end of 2034,” says a Fact.MR analyst.
Manufacturers Focusing Providing Highly Efficient Water Heaters
Demand for water heaters is on the rise due to increased commercial infrastructure development around the world. Companies are looking to manufacture highly efficient water heaters to decrease energy usage and improve operational effectiveness.
Market players are integrating new technologies into their products. Tankless water heaters are gaining popularity in the commercial sector because they provide an extended supply of hot water, meeting the demands of large volumes. Furthermore, companies are actively exploring new technologies through mergers and acquisitions to offer improved products in the global market.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 92 Billion |
| Growth Rate (2024-2034) | 9.8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
North America and China Lead Global Water Heater Markets
North America emerges as the principal hub for water heaters, driven by the perpetual need for hot water across residential and commercial domains. The United States dominates within the region, closely followed by Canada. An escalating preference for energy-efficient and environmentally conscious hot water solutions is evident, with instant water heaters gaining popularity due to their compact design and energy-saving features.
In East Asia, China takes the lead in the water heater market, buoyed by its vast population and rapid urbanization. The country's robust economic growth has amplified demand for both residential and commercial water heating solutions.
The rapid pace of urban development and the proliferation of residential and commercial constructions have fueled a surge in water heater demand. As urbanization accelerates and new infrastructure projects emerge, the necessity for efficient water heating systems becomes paramount.
In China, there is a notable uptick in demand for compact home water storage units equipped with efficient heating mechanisms, particularly in densely populated urban centers characterized by high-rise buildings. Consequently, Chinese manufacturers are intensifying efforts to enhance their product portfolios by focusing on the development of boiler storage water heaters and hot water storage tanks.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the water heater market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based product type (storage water heaters, tankless water heaters, hybrid water heaters) and energy source (electric, solar, gas), across six key regions of the world (North America, Latin, America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Water Cooler Market: The global water cooler market has reached a valuation of US$ 1.8 billion in 2023 and is projected to touch US$ 3.1 billion by 2033-end, expanding at a CAGR of 5.5%.
Water Purifier Market: According to Fact.MR, the global water purifier market reached US$ 45.10 billion in 2022. Projections for the forecast period (2023 to 2033) indicate a CAGR of 9.3% for the market, resulting in worldwide sales worth US$ 120 billion by 2033.
Bottled Water Market: The global bottled water market reached a valuation of US$ 301.7 Billion, and is likely to register a Y-o-Y growth rate of 5.0% in 2022, closing at US$ 318.29 Billion.
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