USD 23.50 Billion
Report ID:
SQMIG25E2106 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
90
|Figures:
73
Global Residential Water Heater Market size was valued at USD 23.50 Billion in 2022 and is poised to grow from USD 24.72 Billion in 2023 to USD 37.09 Billion by 2031, at a CAGR of 5.20% during the forecast period (2024-2031).
In recent years, the global market for residential water heaters has witnessed significant shifts in consumer preferences and technology adoption. Energy efficiency has become a paramount concern, leading to a growing demand for eco-friendly and high-efficiency water heating solutions.
Furthermore, the increasing trend toward smart homes and IoT integration has influenced the development of connected water heaters, allowing homeowners to have greater control and real-time monitoring of their water heating systems.
Manufacturers are also focusing on durability and longevity, offering products designed to withstand the rigors of daily use. As sustainability gains traction, the market has seen an influx of solar and heat pump-based water heaters, reflecting a broader commitment to reducing carbon footprints.
Additionally, regulatory standards and incentives have played a pivotal role in shaping the market landscape, with various regions implementing energy efficiency guidelines and rebate programs to incentivize the adoption of energy-efficient water heating solutions.
Global Market Size
USD 23.50 Billion
Largest Segment
Storage
Fastest Growth
Storage
Growth Rate
5.20% CAGR
To get more reports on the above market click here to Buy The Report
The global residential water heater market is segmented on the basis of product, capacity, fuel, and region. Based on product the market is segmented as instant and storage. On the basis of capacity the market is segmented as < 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters. Based on fuel, it is segregated into natural gas and LPG. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Storage water heaters currently dominate the residential water heater market due to their long-standing popularity and widespread adoption. These heaters store and constantly heat a tank full of water, ensuring a readily available hot water supply. They are favored for their reliability and affordability, making them a common choice for households worldwide.
However, tankless or instantaneous water heaters are experiencing the fastest growth in the market. Their appeal lies in energy efficiency and space-saving design. Unlike storage heaters, tankless units heat water on-demand, minimizing standby heat loss and offering endless hot water. As eco-consciousness and urbanization rise, consumers are gravitating towards tankless options to reduce energy consumption and optimize space utilization in smaller living environments. Additionally, government incentives and rebates for energy-efficient appliances further drive the adoption of tankless water heaters, contributing to their rapid growth in the market.
Analysis by Capacity
The 30-100 liters capacity range is currently dominating the residential water heater market. This segment appeals to a broad spectrum of consumers, offering a versatile solution suitable for smaller households and apartments, which make up a significant portion of the residential market. Its popularity is driven by a balance between affordability, space efficiency, and sufficient hot water supply for everyday needs.
Moreover, the fastest-growing capacity range in the residential water heater market is the > 400 liters category. This growth can be attributed to the increasing demand for larger water heaters in homes with multiple bathrooms, high hot water consumption, and a desire for enhanced convenience. Additionally, advancements in technology and energy efficiency have made larger capacity units more appealing to environmentally-conscious consumers, further fueling their growth.
To get detailed analysis on other segments, Request For Free Sample Report
Asia Pacific dominates the global residential water heater market due to its massive population and rapid urbanization. The region's increasing middle-class population, coupled with rising living standards, has led to a substantial demand for residential water heaters. Additionally, the adoption of energy-efficient and eco-friendly heating solutions is on the rise, further fueling market growth.
However, North America is the fastest-growing region in the residential water heater market, primarily driven by a strong focus on energy efficiency and sustainability. Government incentives, such as tax credits and rebates for energy-efficient appliances, have encouraged homeowners to replace older, less efficient water heaters with advanced models. The demand for smart and connected water heaters is also surging, aligning with the region's tech-savvy consumer base and desire for energy conservation.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Energy Efficiency Initiatives
Restraints
Fluctuating Raw Material Prices
Request Free Customization of this report to help us to meet your business objectives.
The competitive landscape in the global residential water heater market is characterized by intense rivalry among numerous industry players. These companies continually strive to differentiate their products through innovation, energy efficiency, and technology integration.
The market is marked by a mix of established manufacturers with extensive product portfolios and emerging players focusing on niche segments or innovative solutions. Strategic collaborations and partnerships are prevalent as companies seek to expand their market reach and leverage complementary expertise.
Customer-centric approaches, including after-sales services and warranty offerings, play a pivotal role in influencing consumer choices. This competitive environment fosters innovation and product diversification, ultimately benefiting consumers with a wider range of choices and advanced features in residential water heaters.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global residential water heater market analysis, the market continues to evolve with a strong emphasis on energy efficiency, technological advancements, and sustainability. The market is driven by a growing awareness of environmental concerns and a shift towards eco-friendly heating solutions. Energy-efficient water heaters, including heat pump and solar-powered models, are gaining traction among consumers seeking to reduce energy consumption and lower their carbon footprint. Additionally, the adoption of smart and connected water heaters is on the rise, allowing homeowners to optimize energy usage and control their devices remotely. Regulatory standards and government incentives in various regions are further propelling market growth by encouraging the adoption of energy-efficient appliances. Looking ahead, the residential water heater market is poised for continued growth. The trend towards energy efficiency and sustainability is expected to remain a primary driver, with consumers and governments alike placing greater importance on eco-friendly heating solutions. Smart and connected water heaters will likely become more sophisticated, integrating seamlessly into smart home ecosystems and providing users with even more control and energy savings. Furthermore, as technology advances, we can anticipate the emergence of water heaters that are not only energy-efficient but also better equipped to handle water quality challenges, such as hard water and scale buildup. Collaboration between manufacturers and renewable energy companies may lead to innovative hybrid systems that harness renewable energy sources for heating water, further reducing carbon emissions. In summary, the residential water heater market is set to witness significant developments in energy efficiency, technology integration, and sustainability, making it an exciting and dynamic space in the coming years. Manufacturers that adapt to these trends and prioritize innovation will be well-positioned to thrive in this evolving market landscape.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 23.50 Billion |
Market size value in 2031 | USD 37.09 Billion |
Growth Rate | 5.20% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Residential Water Heater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Residential Water Heater Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Residential Water Heater Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Residential Water Heater Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG25E2106