Global Residential Water Heaters Market Size (2024 - 2029)

The Global Residential Water Heaters Market is experiencing growth driven by factors such as the increasing demand for modern amenities in real estate and the expansion of urban areas. Despite the negative impact of COVID-19 on supply chains and production, the market is poised for expansion due to enhanced adoption of energy-efficient and compact heating units. The introduction of smart models and the availability of various capacity ranges further contribute to the market's potential. Additionally, the sustained trend of gas-based water heaters, supported by infrastructure developments, and the growing investment in smart heating technologies are expected to strengthen the market's overall size and share.

Market Size of Global Residential Water Heaters Industry

Residential Water Heaters Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Residential Water Heaters Market Major Players

*Disclaimer: Major Players sorted in no particular order

Residential Water Heaters Market Analysis

COVID - 19 had a slightly negative impact on the Global Residential Water Heaters Market. The supply chain was disrupted due to the imposition of lockdown by majority of the regions across the globe. Also the production rate has slowed down in the years 2020 and 2021. Although, the hygiene factors are expected to push the market in the coming years.

The rise of the real estate and a subsequent demand for modern amenities which include Water Heating is one of the factor influencing the growth of the Residential Water Heaters Market. The nuances and product enhancements will also have a profound effect on the overall market. In addition to this, the increase in the urban regions across the globe and a need for better facilities in the urban houses will also fuel the growth rate. Enhanced adoption of the instant heating units owing to low power consumption coupled with simple and compact designs is set to boost the Residential Water Heaters Market. Introduction of smart innovative models, that have high energy efficiency and cost effeciency will possibly strengthen the overall demand of the Water Heaters. 

Availability of multiple capacity ranges which can be used for a wide variety of applications along with constant supply of pressurized water will complement the storage-based Residential Water Heaters Market. The adoption to the Water Heaters is encouraged by factors such as low deployment costs, easy maintenance and aesthetically sound as well as simple designs. The trend of Gas-based Residential Water Heaters will sustain on account of numerous factors including development of the gas pipeline network, ability to provide hot water for longer duration along with its usability in wide applications. Growing investments toward the manufacturing, development, and design of smart heating equipment, increasing demand for space heating along with growing installation of central heating systems will strengthen the market share.

Residential Water Heaters Industry Segmentation

Hot water heaters are appliances used to heat water and to keep it at a more or less constant elevated temperature. A complete background analysis of the Global Residential Water Heaters Market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report. Global Residential Water Heaters Market is segmented By Product Type(Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type(Electric, Gas, Solar and Others), By Capacity(Small Water Heater, Medium Water Heater and Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online Stores and Other Distribution Channels) and By Geography (North America, Asia-Pacific, Europe, South America, Middle-East and Africa)

By Product Type
Storage Water Heaters
Non-Storage Water Heaters
Hybrid Water Heaters
By Energy Source
Electric
Gas
Solar
Others
By Capacity
Small Water Heater
Medium Water Heater
Large Water Heater
By Distribution Channel
Multi-Branded Stores
Exclusive Stores
Online Stores
Other Distribution Channels
By Geography
North America
Asia Pacifc
Europe
South America
Middle East
Africa
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Global Residential Water Heaters Market Size Summary

The Global Residential Water Heaters Market is experiencing a transformative phase, driven by the increasing demand for modern amenities in the real estate sector and the rise of urbanization. The market is witnessing a shift towards instant heating units due to their low power consumption and compact designs, which are becoming increasingly popular. The introduction of smart, energy-efficient models is further enhancing the market's appeal, as these innovations offer cost-effective solutions for consumers. The availability of water heaters in various capacity ranges, coupled with the ease of maintenance and aesthetic designs, is also contributing to the market's growth. Gas-based water heaters continue to be favored in regions with developed gas pipeline networks, while electric water heaters are gaining traction in the Asia-Pacific region due to their simplicity and advanced technological features.

The Asia-Pacific region dominates the Residential Water Heaters Market, with significant growth potential due to the rapid urbanization and development of modern residential sectors in developing countries. The market is moderately consolidated, with key players like Bosch, Haier, and GE Appliances leading in their respective regions. Despite the push for solar water heaters, their adoption remains limited globally. The market's competitive landscape is characterized by both global and local players, with ongoing innovations and strategic collaborations, such as Bosch's partnership with Capgemini, aimed at enhancing production and client engagement. These developments underscore the dynamic nature of the market, as it adapts to evolving consumer preferences and technological advancements.

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Global Residential Water Heaters Market Size - Table of Contents

  1. 1. INDUSTRY DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Industry Attractiveness - Porters 5 Force Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Insights of Technology Innovations in the Market

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product Type

      1. 2.1.1 Storage Water Heaters

      2. 2.1.2 Non-Storage Water Heaters

      3. 2.1.3 Hybrid Water Heaters

    2. 2.2 By Energy Source

      1. 2.2.1 Electric

      2. 2.2.2 Gas

      3. 2.2.3 Solar

      4. 2.2.4 Others

    3. 2.3 By Capacity

      1. 2.3.1 Small Water Heater

      2. 2.3.2 Medium Water Heater

      3. 2.3.3 Large Water Heater

    4. 2.4 By Distribution Channel

      1. 2.4.1 Multi-Branded Stores

      2. 2.4.2 Exclusive Stores

      3. 2.4.3 Online Stores

      4. 2.4.4 Other Distribution Channels

    5. 2.5 By Geography

      1. 2.5.1 North America

      2. 2.5.2 Asia Pacifc

      3. 2.5.3 Europe

      4. 2.5.4 South America

      5. 2.5.5 Middle East

      6. 2.5.6 Africa

Global Residential Water Heaters Market Size FAQs

The Global Residential Water Heaters Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

A.O. Smith, Ariston Thermo SpA, Bosch, GE Appliances and Haier are the major companies operating in the Global Residential Water Heaters Market.

Global Residential Water Heaters Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)