Water Heater Market to Hit $44.11 Billion by 2032: Key Growth Insights
The global water heater market has witnessed significant growth in recent years, driven by increasing demand for energy-efficient and cost-effective solutions. According to a report by Straits Research, the global water heater market size was valued at USD 29.43 billion in 2021 and is projected to reach USD 44.11 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.6% during the forecast period (2024-2032).
Industry Dimensions
The water heater market has evolved significantly over the years, with various factors contributing to its growth. The market is driven by factors such as increasing demand for energy-efficient solutions, growing awareness about the importance of water conservation, and rising demand for tankless water heaters.
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Water Heater Market Size and Share
The global water heater market size was valued at USD 29.43 billion in 2021 and is projected to reach USD 44.11 billion by 2032. The market is expected to grow at a CAGR of 4.6% during the forecast period.
Water Heater Market Statistics
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The electric water heater segment accounted for the largest market share in 2021
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The tankless water heater segment is expected to grow at the highest CAGR during the forecast period
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The residential segment accounted for the largest market share in 2021
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North America accounted for the largest market share in 2021
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Regional Trends
North America
The North American water heater market is driven by factors such as increasing demand for energy-efficient solutions and growing awareness about the importance of water conservation. The US and Canada are the major contributors to the growth of the market in this region.
Water Heater Market Segmentations
By Product (2018-2032)
- Electric
- Gas
- Solar
By Technology (2018-2032)
- Tankless
- Storage
- Hybrid
Top Players in Water Heater Market
- A.O. Smith
- Robert Bosch LLC
- Ariston Thermo SpA
- Rheem Manufacturing Company
- Rinnai Corporation
- Bradford White Corporation
- NORITZ Corporation
- Whirlpool Corporation
- Westinghouse Electric Corporation
- Bajaj Electricals Ltd.
Conclusion
The global water heater market is expected to grow at a CAGR of 4.6% during the forecast period (2024-2032). The market is driven by factors such as increasing demand for energy-efficient solutions and growing awareness about the importance of water conservation. The electric water heater segment accounted for the largest market
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