The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rapid Urbanization are expected to drive innovation in water heaters manufacturing, thus driving the market during the forecast period.

The global water heaters market is expected to grow from $33.91 billion in 2022 to $37.87 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The global water heaters market size is expected to grow to $57.04 billion in 2027 at a CAGR of 10.8%.

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Global Water Heaters Market Segments Include:

• By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
• By End User: Residential, Commercial, Industrial
• By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global water heaters market in 2021.

Major Market Players in the water heaters market include Siemens AG, Bajaj Electricals Ltd., Bradford White, Rinnai, HTP, Bradford White, Rheem Manufacturing Co., Heat Transfer Products Inc.

Water heater manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. Energy efficient appliances are designed to utilize minimum energy to complete the required task. Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, an energy star certified water heater saves $3500 over its lifetime.

The Water Heaters Global Market Report 2023  provides a water heaters market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The water heaters market forecast analyzes water heaters market size, water heaters market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A water heater is a device used for heating water above its ambient temperature, used generally for domestic purposes.

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