Water Heater Market
Water Heater Market Study by Storage Water Heaters, Tankless Water Heaters, and Hybrid Water Heaters from 2024 to 2024
Analysis of Water Heater Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Water Heater Market Outlook (2024 to 2034)
The global water heater market is estimated to be valued at US$ 36.1 billion in 2024 and is forecasted to reach US$ 92 billion by the end of 2034, expanding at a CAGR of 9.8% between 2024 and 2034.
A water heater, also known as a storage water heater, is a household appliance designed to heat water and store it in a tank for further use. These heaters can run on various fuels, including electricity, oil, propane, natural gas, and even solar energy. The choice of water heater depends on factors such as fuel availability, building type, fuel costs, household requirements, and safety considerations.
More consumers are showing a growing interest in energy-efficient water heaters as a means to lower utility costs and minimize environmental harm. As a result, there has been a rise in the popularity of tankless water heaters and heat pump water heaters, both of which offer higher efficiency compared to conventional tank-based models. Solar water heater sales are also on the rise globally due to their clean, renewable, and cost-effective nature, thus steadily increasing their water heater market share.
Key Market Growth Drivers :
- Increasing demand for energy-efficient appliances has prompted a shift toward water heaters that can help reduce utility bills and environmental footprints.
- Tankless water heaters and heat pump water heaters are being increasingly used due to their superior efficiency compared to conventional tank-based models.
- Technological progress within the market has led to the introduction of smart water heaters that are capable of remote control via smartphone applications.
- Government regulations and energy efficiency criteria play a significant role in increasing the global water heater market size.
- Manufacturers are adhering to set efficiency standards, prompting the development of more effective water heating technologies.
| Report Attributes | Details |
|---|---|
| Water Heater Market Size (2024E) | US$ 36.1 Billion |
| Forecasted Market Value (2034F) | US$ 92 Billion |
| Global Market Growth Rate (2024 to 2034) | 9.8% CAGR |
| North America Market Growth Rate (2024 to 2034) | 10% CAGR |
| East Asia Market Value (2024E) | US$ 8 Billion |
| Solar Water Heater Sales (2034F) | US$ 9.8 Billion |
| Key Companies Profiled | A.O. Smith; Bosch; Haier; American Water Heaters; Ariston; GE Appliances; Whirlpool Corporation; Rinnai Corporation |
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What’s Influencing Global Water Heater Sales?
“More Consumers Moving toward Energy-efficient and User-friendly Appliances”
Energy efficiency is becoming increasingly important worldwide as more consumers seek appliances that can help reduce energy costs and environmental impact, including residential water heaters. More people are also seeking reliability, durability, and ease of use, with demand for specific types of water heaters, such as tankless and solar-powered ones reflecting these changing preferences.
“Government Regulations and Advancements in Technology”
Government regulations are also playing a crucial role in shaping the market by enforcing energy efficiency standards and emissions reductions, which manufacturers need to adhere to remain competitive and access key markets. Advancements in technology, such as smart controls and more efficient heating elements, are driving innovation in water heater designs and attracting customers who are interested in features such as remote control and energy monitoring. Environmental awareness is driving consumers toward eco-friendly alternatives such as solar water heaters and heat pump systems that utilize renewable energy sources and reduce carbon emissions.
“Rapid Infrastructure Development Driving Water Heater Market Growth”
Economic factors such as rising disposable income levels, the expanding housing market, and increasing energy prices are influencing consumer decisions and pushing demand for water heaters. Regional differences in climate, energy infrastructure, and building codes impact the selection and installation of water heaters, with preferences varying based on factors such as climate and regulations.
What are the Constraints Adversely Affecting Water Heater Manufacturers?
“High Installation Cost Remains Key Challenge”
Some water heater types such as tankless and solar-powered models have higher initial costs compared to traditional tank-based heaters, dissuading certain consumers from opting for these energy-efficient choices. Installation complexity is a challenge with certain water heaters such as solar-powered or heat pump systems, as they may necessitate modifications to existing plumbing and electrical setups, leading to increased installation expenses and complexity.
“Limited Access to Renewable Sources of Energy”
The effectiveness of environment-friendly alternatives such as solar water heaters and heat pump systems may be constrained by factors such as geographic location, climate, and access to renewable energy sources. Tankless water heaters, while providing hot water on demand, may struggle to meet simultaneous hot water needs in larger households, resulting in intermittent supply issues. Solar water heaters are reliant on sunlight availability, which varies based on weather conditions and geographic location, potentially impacting their reliability and performance in some locations and climates.
“High Maintenance and Repair Costs of Water Heaters”
Maintenance and repair for advanced water heater technologies such as smart controls and heat pumps may require specialized services, leading to additional expenses for consumers. Manufacturers face challenges meeting stringent energy efficiency standards and regulatory requirements, potentially leading to increased production costs that are more often than not passed on to buyers.
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Country-wise Insights
Why is the United States a Key Market for Water Heater Suppliers?
“High Demand for Instant Water Heaters”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 7.2 Billion |
| Growth Rate (2024 to 2034) | 10% CAGR |
| Projected Value (2034F) | US$ 18.8 Billion |
North America stands as the primary market for water heaters, fueled by the ever-rising need for hot water across the residential and commercial sectors. Within North America, the United States has a huge water heater market, followed by Canada. There's a growing preference for energy-efficient and eco-friendly hot water options, with instantaneous water heaters gaining traction owing to their compactness and energy-saving capabilities.
What’s Leading to Rising Demand for Water Heaters in China?
“Rising Demand for Compact Storage Water Heaters”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 3.6 Billion |
| Growth Rate (2024 to 2034) | 10.3% CAGR |
| Projected Value (2034F) | US$ 9.5 Billion |
China leads as the primary market for water heaters in East Asia, propelled by its extensive population and urban development trends. The country's swift economic expansion has heightened the requirement for both residential and commercial water heating solutions.
Rapid urbanization and the burgeoning construction of residential and commercial properties have driven a surge in the demand for water heaters. As urban migration intensifies and new infrastructure emerges, the necessity for water heating systems has escalated.
There is rising demand for compact home water storage units with efficient heating systems in China, particularly in densely populated cities characterized by high-rise buildings. Consequently, Chinese manufacturers are dedicating significant efforts to enhancing their product offerings by focusing on the development of boiler storage water heaters and hot water storage tanks.
Category-wise Insights
Why are Electric Water Heaters a Popular Choice among Consumers?
“Technological Advancements in Electric Water Heaters”
| Attribute | Electric Water Heaters |
|---|---|
| Market Value (2024E) | US$ 25 Billion |
| Growth Rate (2024 to 2034) | 9.9% CAGR |
| Projected Value (2034F) | US$ 64.5 Billion |
Electric water heaters, a popular choice in water heating systems, utilize electricity to heat water. Increasing government regulations aimed at promoting energy efficiency are driving the demand for electric water heaters. Manufacturers have been compelled to produce more efficient models to meet these standards, thus stimulating market growth for electric models.
Innovations in electric water heater technology, such as improved insulation, heat pump systems, and smart controls, have enhanced energy efficiency and user convenience.
Which Type of Water Heater Has Been Gaining Prominence of Late?
“Constantly Rising Demand for Storage Water Heaters”
| Attribute | Storage Water Heaters |
|---|---|
| Market Value (2024E) | US$ 17.8 Billion |
| Growth Rate (2024 to 2034) | 10% CAGR |
| Projected Value (2034F) | US$ 46.3 Billion |
The main catalyst driving demand growth for storage water heaters is the high need for hot water solutions in both residential and commercial settings, as hot water is crucial for everyday tasks such as bathing, cooking, and cleaning.
As per the latest water heater market trends, growth in population and rising urbanization are fueling demand for housing and infrastructure, leading to increased adoption of storage water heaters. Urban areas are exhibiting particularly high demand due to their higher population density and ongoing housing development projects.
There's a significant contribution to market expansion from the need to replace aging or faulty water heaters. As older units become less efficient or malfunction, consumers seek out new storage water heaters that offer improved energy efficiency and performance. Advancements in storage water heater technology, such as more effective heating elements and advanced controls, are propelling segment growth. Product innovations have resulted in higher energy efficiency, reduced standby heat loss, and overall improved performance of water heaters.
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Competitive Landscape
Key players in the water heater industry are A. O. Smith Corporation, Rheem Manufacturing Company, and Bradford White Corporation. They possess extensive distribution networks, a wide array of product offerings, and a longstanding presence, rendering them formidable market competitors. This market exhibits intense competition among various prominent companies, each vying for a higher market share through strategies such as pricing, energy efficiency, dependability, and excellent customer support.
Furthermore, alongside these global leaders, various regional players operate within specific geographic markets. These entities are concentrating on addressing the distinct requirements and preferences of consumers in their respective regions, leveraging local knowledge and distribution channels. Collaboration and partnerships are also key strategies that several market players are resorting to gain a competitive edge in the market.
- In January 2023, Fujitsu General entered into a joint venture with FGAHP, a company specializing in heat pump and water solutions, to produce heat pump water heating systems called ATW in Europe.
- In December 2022, Fujitsu General Limited partnered with Groupe Atlantic to establish a joint venture focused on manufacturing ATW heat pump water heating systems in Europe.
Key Segments of Water Heater Market Research
-
By Product Type:
- Storage Water Heaters
- Tankless Water Heaters
- Hybrid Water Heaters
-
By Energy Source:
- Electric Water Heaters
- Solar Water Heaters
- Gas Water Heaters
-
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis 2018 to 2023 and Forecast, 2024 to 2034
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis 2018 to 2023 and Forecast, 2024 to 2034
- 9. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, by Product Type
- 9.1. Storage Water Heaters
- 9.2. Tankless Water Heaters
- 9.3. Hybrid Water Heaters
- 10. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, by Energy Source
- 10.1. Electric Water Heaters
- 10.2. Solar Water Heaters
- 10.3. Gas Water Heaters
- 11. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, by Region
- 11.1. North America
- 11.2. Latin America
- 11.3. Europe
- 11.4. East Asia
- 11.5. South Asia
- 11.6. Oceania
- 11.7. Middle East and Africa (MEA)
- 12. North America Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 13. Latin America Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 14. Europe Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 15. South Asia Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 16. East Asia Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 17. Oceania Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 18. Middle East and Africa Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 19. Key and Emerging Countries Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1. A.O. Smith
- 21.2. Bosch
- 21.3. Haier
- 21.4. American Water Heaters
- 21.5. Ariston
- 21.6. GE Appliances
- 21.7. Whirlpool Corporation
- 21.8. Rinnai Corporation
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Product Type
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Energy Source
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2023
Figure 02: Global Market Volume Forecast (in 000' Units), 2024 to 2034
Figure 03: Pricing Analysis (US$) Per Product Type, By Region, 2023
Figure 04: Pricing Analysis (US$) Per Product Type, By Region, 2023
Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2023
Figure 06: Global Market Value Forecast (US$ Mn), 2024 to 2034
Figure 07: Global Market Absolute $ Opportunity, 2024 to 2034
Figure 08: Global Market Share Analysis (%), By Product Type, 2024 to 2034
Figure 09: Global Market Y-o-Y Analysis (%), By Product Type, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 11: Global Market Share Analysis (%), By Energy Source, 2024 to 2034
Figure 12: Global Market Y-o-Y Analysis (%), By Energy Source, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 14: Global Market Share Analysis (%), By Region, 2024 to 2034
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2024 to 2034
Figure 16: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 17: North America Market Value Share, By Product Type, 2024 (E)
Figure 18: North America Market Value Share, By Energy Source, 2024 (E)
Figure 19: North America Market Value Share, By Country, 2024 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2023
Figure 21: North America Market Value Forecast (US$ Mn), 2024 to 2034
Figure 22: North America Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 23: North America Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 24: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 25: Latin America Market Value Share, By Product Type, 2024 (E)
Figure 26: Latin America Market Value Share, By Energy Source, 2024 (E)
Figure 27: Latin America Market Value Share, By Country, 2024 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2023
Figure 29: Latin America Market Value Forecast (US$ Mn), 2024 to 2034
Figure 30: Latin America Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 31: Latin America Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 32: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 33: Europe Market Value Share, By Product Type, 2024 (E)
Figure 34: Europe Market Value Share, By Energy Source, 2024 (E)
Figure 35: Europe Market Value Share, By Country, 2024 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2023
Figure 37: Europe Market Value Forecast (US$ Mn), 2024 to 2034
Figure 38: Europe Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 39: Europe Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 40: Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 41: South Asia Market Value Share, By Product Type, 2024 (E)
Figure 42: South Asia Market Value Share, By Energy Source, 2024 (E)
Figure 43: South Asia Market Value Share, By Country, 2024 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2023
Figure 45: South Asia Market Value Forecast (US$ Mn), 2024 to 2034
Figure 46: South Asia Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 47: South Asia Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 48: South Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 49: East Asia Market Value Share, By Product Type, 2024 (E)
Figure 50: East Asia Market Value Share, By Energy Source, 2024 (E)
Figure 51: East Asia Market Value Share, By Country, 2024 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2023
Figure 53: East Asia Market Value Forecast (US$ Mn), 2024 to 2034
Figure 54: East Asia Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 55: East Asia Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 56: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 57: Oceania Market Value Share, By Product Type, 2024 (E)
Figure 58: Oceania Market Value Share, By Energy Source, 2024 (E)
Figure 59: Oceania Market Value Share, By Country, 2024 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2023
Figure 61: Oceania Market Value Forecast (US$ Mn), 2024 to 2034
Figure 62: Oceania Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 63: Oceania Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 64: Oceania Market Attractiveness Analysis by Country, 2024 to 2034
Figure 65: Middle East and Africa Market Value Share, By Product Type, 2024 (E)
Figure 66: Middle East and Africa Market Value Share, By Energy Source, 2024 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2024 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2023
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2024 to 2034
Figure 70: Middle East and Africa Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 71: Middle East and Africa Market Attractiveness Analysis by Energy Source, 2024 to 2034
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2024 to 2034
Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2024 & 2034
Figure 74: UNITED STATES Market Value Share, By Product Type, 2024 (E)
Figure 75: UNITED STATES Market Value Share, By Energy Source, 2024 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2024 & 2034
Figure 77: Canada Market Value Share, By Product Type, 2024 (E)
Figure 78: Canada Market Value Share, By Energy Source, 2024 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2024 & 2034
Figure 80: Mexico Market Value Share, By Product Type, 2024 (E)
Figure 81: Mexico Market Value Share, By Energy Source, 2024 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2024 & 2034
Figure 83: Brazil Market Value Share, By Product Type, 2024 (E)
Figure 84: Brazil Market Value Share, By Energy Source, 2024 (E)
Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2024 & 2034
Figure 86: UNITED KINGDOM Market Value Share, By Product Type, 2024 (E)
Figure 87: UNITED KINGDOM Market Value Share, By Energy Source, 2024 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2024 & 2034
Figure 89: Germany Market Value Share, By Product Type, 2024 (E)
Figure 90: Germany Market Value Share, By Energy Source, 2024 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2024 & 2034
Figure 92: France Market Value Share, By Product Type, 2024 (E)
Figure 93: France Market Value Share, By Energy Source, 2024 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2024 & 2034
Figure 95: Italy Market Value Share, By Product Type, 2024 (E)
Figure 96: Italy Market Value Share, By Energy Source, 2024 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2024 & 2034
Figure 98: Spain Market Value Share, By Product Type, 2024 (E)
Figure 99: Spain Market Value Share, By Energy Source, 2024 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2024 & 2034
Figure 101: Russia Market Value Share, By Product Type, 2024 (E)
Figure 102: Russia Market Value Share, By Energy Source, 2024 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2024 & 2034
Figure 104: China Market Value Share, By Product Type, 2024 (E)
Figure 105: China Market Value Share, By Energy Source, 2024 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2024 & 2034
Figure 107: Japan Market Value Share, By Product Type, 2024 (E)
Figure 108: Japan Market Value Share, By Energy Source, 2024 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2024 & 2034
Figure 110: South Korea Market Value Share, By Product Type, 2024 (E)
Figure 111: South Korea Market Value Share, By Energy Source, 2024 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2024 & 2034
Figure 113: India Market Value Share, By Product Type, 2024 (E)
Figure 114: India Market Value Share, By Energy Source, 2024 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2024 & 2034
Figure 116: ASEAN Market Value Share, By Product Type, 2024 (E)
Figure 117: ASEAN Market Value Share, By Energy Source, 2024 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2024 & 2034
Figure 119: Australia Market Value Share, By Product Type, 2024 (E)
Figure 120: Australia Market Value Share, By Energy Source, 2024 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2024 & 2034
Figure 122: New Zealand Market Value Share, By Product Type, 2024 (E)
Figure 123: New Zealand Market Value Share, By Energy Source, 2024 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2024 & 2034
Figure 125: GCC Countries Market Value Share, By Product Type, 2024 (E)
Figure 126: GCC Countries Market Value Share, By Energy Source, 2024 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2024 & 2034
Figure 128: Turkey Market Value Share, By Product Type, 2024 (E)
Figure 129: Turkey Market Value Share, By Energy Source, 2024 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2024 & 2034
Figure 131: South Africa Market Value Share, By Product Type, 2024 (E)
Figure 132: South Africa Market Value Share, By Energy Source, 2024 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
Which type of water heater is most commonly used?
Storage water heaters are widely used with an estimated market share of 49.3% in 2024.
How big is the global water heater market?
The global water heater market is estimated to be valued at US$ 36.1 billion in 2024.
What is the top-performing water heater available in the market currently?
Tankless water heaters are forecasted to account for a market valuation of US$ 8.5 billion in 2024.
What is the sales forecast for water heaters for 2034?
The global market is forecasted to reach US$ 92 billion by the end of 2034.
How is the market for electric water heaters faring?
Electric water heaters are projected to account for a market share of 70.1% by 2034.
What is the lifespan of water heaters?
Water heaters typically last between 8 to 12 years depending on various factors.
Water Heater Market