Water Heater Market Size, Share & Trends Report

Water Heater Market Size, Share & Trends Analysis Report By Product (Electric, Solar, Gas), By Technology, By Capacity, By Application (Residential), By Region, And Segment Forecasts, 2024 - 2030

Report ID: GVR-4-68038-824-4
Number of Pages: 152
Format: Electronic (PDF)

Historical Range: 2018 - 2023
Industry: Advanced Materials

Market Segmentation

Water Heater Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Electric
- Solar
- Gas
Water Heater Technology Outlook (Revenue, USD Billion, 2018 - 2030)
- Tankless
- Storage Tank
- Hybrid
Water Heater Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Residential
- Commercial
- Industrial
Water Heater Capacity Outlook (Revenue, USD Billion, 2018 - 2030)
- Below 30 Liters
- 30 - 100 Liters
- 100 - 250 Liters
- 250 - 400 Liters
- Above 400 Liters
Water Heater Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
  - North America Water Heater Market, By Product
    - Electric
    - Solar
    - Gas
  - North America Water Heater Market, By Technology
    - Tankless
    - Storage Tank
    - Hybrid
  - North America Water Heater Market, By Application
    - Residential
    - Commercial
    - Industrial
  - North America Water Heater Market, By Capacity
    - Below 30 Liters
    - 30 - 100 Liters
    - 100 - 250 Liters
    - 250 - 400 Liters
    - Above 400 Liters
  - U.S.
    - U.S. Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - U.S. Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - U.S. Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - U.S. Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - Canada
    - Canada Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Canada Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Canada Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Canada Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - Mexico
    - Mexico Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Mexico Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Mexico Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Mexico Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
- Europe
  - Europe North America Water Heater Market, By Product
    - Electric
    - Solar
    - Gas
    - Europe Water Heater Market, By Technology
    - Tankless
    - Storage Tank
    - Hybrid
  - Europe Water Heater Market, By Application
    - Residential
    - Commercial
    - Industrial
  - Europe Water Heater Market, By Capacity
    - Below 30 Liters
    - 30 - 100 Liters
    - 100 - 250 Liters
    - 250 - 400 Liters
    - Above 400 Liters
  - Germany
    - Germany Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Germany Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Germany Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Germany Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - France
    - France Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - France Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - France Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - France Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - UK
    - UK Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - UK Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - UK Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - UK Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - Italy
    - Italy Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Italy Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Italy Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Italy Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
- Asia Pacific
  - Asia Pacific Water Heater Market, By Product
    - Electric
    - Solar
    - Gas
    - Asia Pacific Water Heater Market, By Technology
    - Tankless
    - Storage Tank
    - Hybrid
  - Asia Pacific Water Heater Market, By Application
    - Residential
    - Commercial
    - Industrial
  - Asia Pacific Water Heater Market, By Capacity
    - Below 30 Liters
    - 30 - 100 Liters
    - 100 - 250 Liters
    - 250 - 400 Liters
    - Above 400 Liters
  - China
    - China Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - China Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - China Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - China Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - India
    - India Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - India Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - India Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - India Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - Japan
    - Japan Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Japan Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Japan Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Japan Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - Australia
    - Australia Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Australia Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Australia Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Australia Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
- Central & South America
  - Central & South America Water Heater Market, By Product
    - Electric
    - Solar
    - Gas
    - Central & South America Water Heater Market, By Technology
    - Tankless
    - Storage Tank
    - Hybrid
  - Central & South America Water Heater Market, By Application
    - Residential
    - Commercial
    - Industrial
  - Central & South America Water Heater Market, By Capacity
    - Below 30 Liters
    - 30 - 100 Liters
    - 100 - 250 Liters
    - 250 - 400 Liters
    - Above 400 Liters
  - Brazil
    - Brazil Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Brazil Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Brazil Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Brazil Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - Argentina
    - Argentina Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Argentina Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Argentina Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Argentina Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
- Middle East & Africa
  - Middle East & Africa Water Heater Market, By Product
    - Electric
    - Solar
    - Gas
    - Middle East & Africa Water Heater Market, By Technology
    - Tankless
    - Storage Tank
    - Hybrid
  - Middle East & Africa Water Heater Market, By Application
    - Residential
    - Commercial
    - Industrial
  - Middle East & Africa Water Heater Market, By Capacity
    - Below 30 Liters
    - 30 - 100 Liters
    - 100 - 250 Liters
    - 250 - 400 Liters
    - Above 400 Liters
  - Saudi Arabia
    - Saudi Arabia Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - Saudi Arabia Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - Saudi Arabia Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - Saudi Arabia Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters
  - UAE
    - UAE Water Heater Market, By Product
      - Electric
      - Solar
      - Gas
    - UAE Water Heater Market, By Technology
      - Tankless
      - Storage Tank
      - Hybrid
    - UAE Water Heater Market, By Application
      - Residential
      - Commercial
      - Industrial
    - UAE Water Heater Market, By Capacity
      - Below 30 Liters
      - 30 - 100 Liters
      - 100 - 250 Liters
      - 250 - 400 Liters
      - Above 400 Liters

Water Heater Market Dynamics

Drivers: Increasing Demand For Energy-Efficient Water Heating Systems And Technological Advancements

Water heating is a heat transfer process in which an energy source is used to heat water above its initial temperature. According to the U.S. Department of Energy, water heating accounts for around 18% of an average household’s energy consumption in the U.S. The trend toward energy efficiency is driven by both increasing consumer demand and favorable government regulations. Energy and environmental regulations are increasingly influencing the adoption of energy-efficient appliances as well as building resources. Energy efficiency has become a priority for a large number of contractors, builders, and engineers who support and work on green projects. Moreover, in the U.S., green solutions and sustainability are gaining importance as various states and cities across the country are implementing regulatory policies to reduce greenhouse gas emissions and energy use in buildings. In addition, stricter building codes and regulations are expected to augment the demand for energy-efficient and smart water heating solutions over the coming years. Aligning with the energy efficiency trend is the heat pump technology, which is also gaining importance in the water heater market. Several energy advocates and utilities also support the adoption of heat pump water heater technology owing to its use of a renewable energy resource and high efficiency.

Growing Residential And Commercial Construction Activities

Increasing construction spending in the developing economies of the Asia Pacific and Middle East & Africa, on account of economic and industrial development, coupled with population growth, is expected to positively impact the demand for water heaters over the forecast period. The governments of various emerging countries have been investing significantly in public infrastructures including hospitals, offices, and housing societies. The residential construction market, which was initially impacted by the COVID-19 pandemic, is in the recovery phase. One of the key trends that have emerged during the pandemic is the growing preference for single-family housing. In addition, there is an increasing need for additional living space with the transition to studying and working from home. Rising urban migration, coupled with spiraling demand for a diverse range of water heaters across the real estate sector is anticipated to drive the growth of the water heater market over the coming years.

Restraints: High Cost Associated With Installation, Operation, And Maintenance

Water heaters play a crucial role in every household, wherein they are used to provide hot water for a wide range of day-to-day residential applications. Traditional or tank-type water heaters feature a storage tank and are fueled by electric power or gas. Cold water is drawn into the tank, heated, and then stored to be used across the residence or facility. The cost of tank-type water heaters is largely dependent on their capacity, which typically ranges from 20 gallons to 80 gallons. These units have lower upfront costs than tankless water heaters; however, their maintenance cost is generally higher. The cost of a new tank-type water heater, including its installation cost, ranges between USD 1,300 and USD 2,000 in the U.S. which includes the price of a basic tank water heater, installation materials, permits, installation labor cost, and cost involved in removing the old unit. These water heaters are compact and heat the water as and when needed, thereby making them more environmentally friendly. Thus, the upfront costs as well as maintenance costs associated with various types of water heaters are expected to limit their adoption, especially in middle-income and low-income countries, thereby restraining the growth of the water heater market over the forecast period.

What Does This Report Include?

This section will provide insights into the contents included in this water heater market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Water heater market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Water heater market quantitative analysis

Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

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