The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The water heaters market size has grown strongly in recent years. It will grow from  $37.29 billion in 2023 to $40.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%.  The growth in the historic period can be attributed to the rise in disposable income, high investments, adaption of the Internet of Things (IoT), and new product launches along with advanced features. The water heaters market size is expected to see strong growth in the next few years. It will grow to  $58.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.  The growth in the forecast period can be attributed to increased internet penetration, a rise in merger and acquisition activity and growing demand for instant heating units. Major trends in the forecast period include offering smart water heaters to protect the energy and increase the efficiency of the water heater, focus on bringing more advancements in hybrid water heaters or systems, to meet the rising demand and to increase their revenue, companies should consider helping in the development of technologies for improving performance, to switch the power load on the grid, by detecting the temperature, invest in the introduction of energy efficient technologies in water heaters to reduce the overall consumption of energy during the water treatment heating process, consider government associations to maintain their renewable energy and for decarbonization purposes and players in the market should consider appealing to technology investments and associations to develop the market presence.

The water heaters market is poised for growth due to the anticipated impact of rapid urbanization. As per the World Economic Forum’s 2020 data, urban populations, particularly in Northern American countries, constituted 83.6 percent of residents, contributing to 56.2 percent of the global urban population. The ongoing growth in urbanization, combined with the increased disposable incomes and affordability of city dwellers, is expected to drive the demand for water heaters. The market sizes for 2023, 2024, and 2028 are projected to reflect this upward trend, emphasizing the pivotal role of urbanization in shaping the water heaters market’s future.

Get A Free Sample On The Water Heaters Market Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=2715&type=smp

What Are The Key Trends That Influence Water Heaters Market Share Analysis?

The rise of Internet of Things (IoT) technology in water purifiers is a notable trend in the market. IoT refers to a network of interrelated physical components accessible via the internet for data collection and exchange. In water purifiers, IoT technology provides information on water quality, filter life, total dissolved solids levels, and service support. For instance, MI (Xiaomi), a Chinese smartphone manufacturer, recently introduced the Mi Smart Purifier, which connects to the Xiaomi Home app to provide data on total dissolved solids (TDS) and filter life. As IoT-enabled products become more common, this trend is expected to grow in the water purifiers market.

Which Market Players Are Driving Growth In The Water Heaters Market?

Major companies operating in the market are A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, Bajaj Electricals Ltd, Crompton Greaves Consumer Electricals Ltd., Havells India Ltd., Taian Haoli Solar Energy Technology Co., Ltd., AquaWorld Group Co., Ltd., Changzhou XNE Technology Co., Ltd., Guangdong PHNIX Eco-Energy Solution Ltd., Siemens AG, Stiebel Eltron International GmbH, Telford Copper & Stainless Cylinders, Hamworthy Heating, Sun Ray, PBS Power Equipment, s.r.o., Enerstena Group, Petrojet Trade s.r.o., Druzstevni zavody Drazice company, Noritz Corporation, General Electric (GE), ATMOR, Kyungdong Navien Co.,Ltd., Viesmann Group, Whirlpool Corporation, Alfa Laval, Carrier Corporation, Apen Group, State Industries, American Water Heaters, EcoSmart US, Goodman, ABRAVA- DASOL, Aquecedor Solar Transsen Ltda., Br Solar, IEM – Intercambio Eletro Mecanico Ltda., Dana Water Heaters and Coolers Factory LLC, Al Khatib Electrical Water Heater Factory, Pure Blue International LLC, Solar Ray, Genersys South Africa, GoSolar CC, ITS Solar, Kwikot (Pty) Ltd.

How Is The Global Water Heaters Market Segmented?

The water heaters market covered in this report is segmented –

1) By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
2) By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
3) By End User: Residential, Commercial, Industrial

Read The Full Water Heaters Market Report Here

https://www.thebusinessresearchcompany.com/report/water-heaters-global-market-report

The Water Heaters Global Market Report 2024 provides an overview of the water heatersmarket 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 and their market positions.

The Table Of Content For The Water Heaters Market Include

1. Water Heaters Market Executive Summary
2. Water Heaters Market Segments
3. Water Heaters Market Size And Template Market Growth Rate
4.  Key Water Heaters Market Trends
5. Major Water Heaters Market Drivers
……
25. Key Mergers And Acquisitions In The Water Heaters Market
26. Top Water Heaters Companies
27. Water Heaters Market Opportunities And Strategies
28. Water Heaters Market, Conclusions And Recommendations
29. Appendix

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model