Arizton estimated that the water heater market will grow at a CAGR of 8.08% from 2023 to 2029.  

 

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Report Summary  

Market Size (2029): USD 33.37 Billion 

Market Size (2023): USD 20.93 Billion 

CAGR (2023-2029): 8.08% 

Historic Year: 2020-2022 

Base Year: 2023 

Forecast Year: 2024-2029 

Market Segmentation: Product, Category, End-user, Distribution Channel, and Geography 

Geographic Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa 

 

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The water heater market is transforming significantly, shaped by evolving consumer preferences and dynamic industry trends. Technological advances play a crucial role in meeting the demands of modern consumers who prioritize energy efficiency, smart features, and durability. This drive for innovation is propelled by the need for cost savings and enhanced convenience, with manufacturers responding by integrating cutting-edge technologies into their product lines. Key innovations in the market include the introduction of tankless water heaters, heat pumps, and solar-powered systems. Tankless water heaters are gaining popularity for their ability to provide on-demand hot water without the need for a storage tank, thereby saving space and reducing energy consumption. Heat pumps, known for their high efficiency, transfer heat from the air or ground to heat water, making them a sustainable option. Solar-powered water heaters, leveraging renewable energy, offer an eco-friendly alternative that aligns with the growing consumer focus on sustainability. 

Environmental concerns are increasingly influencing purchasing decisions in the water heater market. As awareness of carbon footprints and the environmental impact of traditional heating methods grows, there is a notable surge in demand for eco-friendly options. Solar water heaters and heat pumps are gaining traction as consumers seek to reduce their environmental impact. 

Government initiatives are further propelling this trend by promoting renewable energy adoption and offering incentives for the installation of eco-friendly heating systems. These policies encourage consumers to invest in sustainable technologies and drive innovation within the industry, pushing manufacturers to develop more efficient and environmentally friendly products. Overall, the water heater market is evolving rapidly, driven by technological advancements and a shift towards sustainability. As manufacturers continue to innovate and respond to consumer demands, the market is poised for significant growth, with eco-friendly and technologically advanced water heaters leading the way. 

Recent Vendors Activities in the Global Water Heater Market

• In 2023, Eccotemp introduced the SH22 Smart Home Tankless Water Heater Series, pioneering voice command functionality via Alexa & Google, revolutionizing water heating. With the Eccotemp Smart App, users can customize settings, monitor energy usage, and receive maintenance alerts, optimizing efficiency and convenience. The series offers versatile performance, with on-demand hot water for up to three bathrooms, flexible fuel options, and indoor/outdoor installation capabilities. Safety is ensured with CSA certification and a robust warranty feature. Through this, the company increases its product portfolio, driving business growth in the water heater industry. 

• In 2021, A.O. Smith acquired Giant, a Canadian water heater manufacturer, to expand their international presence and increase their profitability in the market. 

Geographical Insights  

• In APAC, the demand for water heaters has surged, driven by government initiatives and urbanization. Government subsidies for solar water heaters have incentivized the adoption of these eco-friendly alternatives, contributing to the overall increase in demand. Urbanization trends have also played a significant role, with more people moving to cities and requiring water heaters for their households. In 2023, China and India emerged as the top revenue contributors in APAC, propelled by their substantial populations and improving living standards. As these countries grow economically and demographically, the demand for water heaters will remain strong.  

• The demand for water heaters in Europe has risen significantly due to cold weather conditions in Germany, Russia, France, and others. Germany and the UK have the highest revenue share in the region, primarily attributable to prevailing housing trends and stringent Energy Efficiency Regulations. These countries have a substantial demand for water heaters owing to their temperate climates, older housing stock often lacking central heating systems and a strong emphasis on energy-efficient solutions to reduce carbon emissions and energy consumption. 

 

Vendor Lists 

Key Company Profiles 

• A.O. Smith 

• Haier 

• Midea 

 

Strong Competitors 

• Ariston Thermo 

• Key Strengths 

• Key Strategies 

• Key Opportunities 

• Bradford White Corporation 

• Rheem Manufacturing Company  

• Rinnai Corporation 

 

Other Prominent Vendors 

• Apricus Solar 

• Alternate Energy Technologies 

• Bock Water Heaters 

• Bromic Plumbing & Gas 

• Bajaj Electricals 

• BSH Home Appliances 

• Crompton Greaves Consumer Electricals Limited 

• Eccotemp 

• Efficient Technology Sales 

• Electrolux 

• FERROLI S.p.A 

• GROUPE ATLANTIC 

• Guangdong Vanward New Electric 

• Heliodyne 

• Hubbell Water Heaters 

• Havells India 

• Himin Solar 

• Intellihot 

• Jaquar India 

• Jiaxing Jinyi Solar Energy Technology 

• Kingspan 

• Kenmore 

• Lennox International 

• MACRO 

• Navien Inc. 

• Noritz America Corporation 

• Linuo Ritter International 

• Lorenzetti S.A. 

• Orient Electric 

• Robert Bosh 

• RECO 

• Sioux Corporation 

• SunMaxx Solar 

• SunEarth 

• SANDEN International 

• Sakura 

• Stiebel Eltron 

• TekSupply 

• Viessmann Manufacturing Company 

• VENUS HOME APPLIANCES 

• V-GUARD INDUSTRIES 

• Watts Water Technologies 

• Westinghouse Electric Company 

• Whirlpool 

• Wagner Solar 

• Zytech Solar 

 

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Market Segmentation 

Product 

• Electric 

• Gas & Oil 

• Heat Pumps 

• Solar 

Category 

• Storage 

• Instant 

End-User 

• Residential 

• Commercial 

Distribution Channel 

• Offline 

• Online 

Geography 

• APAC 

• China 

• India 

• Japan 

• Philippines 

• South Korea 

• Australia 

• Europe 

• Germany 

• The UK 

• France 

• Italy 

• Spain 

• Poland 

• North America 

• The US 

• Canada 

• Latin America 

• Brazil 

• Mexico 

• Argentina 

• Chile 

• Middle East & Africa 

• Turkey 

• Saudi Arabia 

• South Africa 

• Egypt 

 

Key Questions Answered in the Report: 

How big is the water heater market? 

What is the growth rate of the global water heater market? 

What are the significant trends in the water heater industry? 

Who are the key players in the global water heater market? 

 

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