
Water HeatersSize, Share, and Outlook, H2-2025 Report-By Product (Electric, Solar, Gas), By Technology (Tankless, Storage Tank, Hybrid), By Application (Residential, Commercial, Industrial), By Capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters,
Description
Water Heaters Market Outlook
The Water Heaters Market size is expected to register a robust growth rate during the forecast period from 2025 to 2032. The Water Heaters market is a thriving business that is poised to keep growing and presents potential growth opportunities for companies across the industry value chain.
The comprehensive market research report presents 12-year historic and forecast data on Water Heaters segments across 22 countries from 2021 to 2032. Key segments in the report include By Product (Electric, Solar, Gas), By Technology (Tankless, Storage Tank, Hybrid), By Application (Residential, Commercial, Industrial), By Capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, Above 400 Liters). Over 70 tables and charts showcase findings from our latest survey report on Water Heaters markets.
Water Heaters Market Insights, 2025
In 2025, the Water Heaters Market reflects a blend of traditional heating technologies and next-generation innovations driven by sustainability, energy efficiency, and smart home integration. Electric, gas, solar, and hybrid water heaters continue to serve diverse regional energy needs, but significant technological advancements are reshaping performance metrics and control capabilities. Heat pump water heaters are gaining ground in energy-conscious households due to their low operational costs and compatibility with carbon reduction goals. Smart water heaters—enabled with IoT sensors and Wi-Fi connectivity—allow users to schedule heating cycles, monitor energy consumption, and receive predictive maintenance alerts via mobile apps. Commercial and multi-family housing segments are adopting centralized tankless systems for high-demand efficiency. Regulatory mandates for higher EF (Energy Factor) ratings and zero-emission goals are influencing product design and material sourcing. In disaster-prone and remote areas, demand is rising for solar-powered or battery-supported water heaters. As electrification trends pick up, manufacturers are optimizing heaters for compatibility with home energy storage and load-balancing systems..
Five Trends that will define global Water Heaters market in 2025 and Beyond
A closer look at the multi-million market for Water Heaters identifies rapidly shifting consumer preferences across categories. By focusing on growth and resilience, leading Water Heaters companies are prioritizing their investments across categories, markets, and geographies. The report analyses the most important market trends shaping the new landscape to support better decisions for the long and short-term future. The impact of tariffs by the US administration also significantly impact the profitability of Water Heaters vendors.
What are the biggest opportunities for growth in the Water Heaters industry?
The Water Heaters sector demonstrated remarkable resilience over the past year across developed and developing economies. Further, the market presents significant opportunities to leverage the existing momentum towards actions by 2032. On the other hand, recent macroeconomic developments including rising inflation and supply chain disruptions are putting pressure on companies. The chapter assists users to identify growth avenues and address business challenges to make informed commercial decisions with unique insights, data forecasts, and in-depth market analyses.
Water Heaters Market Segment Insights
The Water Heaters industry presents strong offers across categories. The analytical report offers forecasts of Water Heaters industry performance across segments and countries. Key segments in the industry include- By Product (Electric, Solar, Gas), By Technology (Tankless, Storage Tank, Hybrid), By Application (Residential, Commercial, Industrial), By Capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, Above 400 Liters). The largest types, applications, and sales channels, fastest growing segments, and the key factors driving each of the categories are included in the report.
Forecasts of each segment across five regions are provided from 2021 through 2032 for Asia Pacific, North America, Europe, South America, Middle East, and African regions. In addition, Water Heaters market size outlook is provided for 22 countries across these regions.
Market Value Chain
The chapter identifies potential companies and their operations across the global Water Heaters industry ecosystem. It assists decision-makers in evaluating global Water Heaters market fundamentals, market dynamics, and disruptive trends across the value chain segments.
Scenario Analysis and Forecasts
Strategic decision-making in the Water Heaters industry is multi-faceted with the increased need for planning across scenarios. The report provides forecasts across three case scenarios- low growth, reference case, and high growth cases.
Asia Pacific Water Heaters Market Analysis- A Promising Growth Arena for Business Expansion
As companies increasingly expand across promising Asia Pacific markets with over 4.5 billion population, the medium-to-long-term future remains robust. The presence of the fastest-growing economies such as China, India, Thailand, Indonesia, and Vietnam coupled with strengthening middle-class populations and rising disposable incomes drive the market. In particular, China and India are witnessing rapid shifts in consumer purchasing behavior. China is recovering steadily with optimistic forecasts for 2025. Further, Japanese and South Korean markets remain stable with most companies focusing on new product launches and diversification of sales channels.
The State of Europe Water Heaters Industry 2025- Focus on Accelerating Competitiveness
As companies opt for an integrated agenda for competitiveness, the year 2025 presents optimistic scenarios for companies across the ecosystem. With signs of economic recovery across markets, companies are increasing their investments. Europe is one of the largest markets for Water Heaters with demand from both Western Europe and Eastern European regions increasing over the medium to long-term future. Increasing omnichannel shopping amidst robust consumer demand for value purchases shapes the market outlook. The report analyses the key Water Heaters market drivers and opportunities across Germany, France, the United Kingdom, Spain, Italy, Russia, and other Europe.
The US Water Heaters market Insights- Vendors are exploring new opportunities within the US Water Heaters industry.
Easing inflation coupled with strengthening consumer sentiment is encouraging aggressive actions from the US Water Heaters companies. Market players consistently focusing on innovation and pursuing new ways to create value are set to excel in 2025. In addition, the Canadian and Mexican markets offer lucrative growth pockets for manufacturers and vendors. Focus on private-brand offerings and promotions, diversified sales channels, expansion into niche segments, adoption of advanced technologies, and sustainability are widely observed across the North American Water Heaters market.
Latin American Water Heaters market outlook rebounds in line with economic growth.
Underlying demand remains higher among urban consumers with an optimistic economic outlook across Brazil, Argentina, Chile, and other South and Central American countries. Increased consumer spending has been reported in Q1 -2025 and the prospects remain strong for rest of 2025. Aggressive ecosystem moves to create new sources of income are widely observed across markets in the region. Marketing activities focused on customer insights, operations, and support functions are quickly gaining business growth in the region.
Middle East and Africa Water Heaters Markets- New Opportunities for Companies Harnessing Diversity
Rapid growth in burgeoning urban locations coupled with a young and fast-growing population base is attracting new investments in the Middle East and African Water Heaters markets. Designing expansion and marketing strategies to cater to the local consumer base supports the market prospects. In addition to Nigeria, Algeria, South Africa, and other markets, steady growth markets in Ethiopia, Rwanda, Ghana, Tanzania, the Democratic Republic of Congo, and others present significant prospects for companies. On the other hand, Middle Eastern Water Heaters markets including the UAE, Saudi Arabia, Qatar, and Oman continue to offer lucrative pockets of growth.
Competitive Landscape- How Water Heaters companies outcompete in 2025?
The ability to respond quickly to evolving consumer preferences and adapt businesses to niche consumer segments remains a key growth factor. The report identifies the leading companies in the industry and provides their revenue for 2024. The market shares of each company are also included in the report. Further, business profiles, SWOT analysis, and financial analysis of each company are provided in detail. Key companies analyzed in the report include A.O. Smith, Ariston Thermo SpA, Bajaj Electricals Ltd, Bradford White Corporation, FERROLI S.p.A, Haier Inc., Havells India Ltd, Kenmore, Lennox International Inc., NORITZ Corporation, Rheem Manufacturing Company, Rinnai Corporation, Robert Bosch LLC, Westinghouse Electric Corporation, Whirlpool Corporation.
Water Heaters Market Segmentation
By Product
Electric
Solar
Gas
By Technology
Tankless
Storage Tank
Hybrid
By Application
Residential
Commercial
Industrial
By Capacity
Below 30 Liters
30 - 100 Liters
100 - 250 Liters
250 - 400 Liters
Above 400 Liters
Leading Companies
A.O. Smith
Ariston Thermo SpA
Bajaj Electricals Ltd
Bradford White Corporation
FERROLI S.p.A
Haier Inc.
Havells India Ltd
Kenmore
Lennox International Inc.
NORITZ Corporation
Rheem Manufacturing Company
Rinnai Corporation
Robert Bosch LLC
Westinghouse Electric Corporation
Whirlpool Corporation
Reasons to Buy the report Make informed decisions through long and short-term forecasts across 22 countries and segments. Evaluate market fundamentals, dynamics, and disrupting trends set to shape 2025 and beyond. Gain a clear understanding of the competitive landscape, with product portfolio and growth strategies. Get an integrated understanding of the entire market ecosystem and companies. Stay ahead of the competition through plans for growth in a changing environment for your geographic expansion. Assess the impact of advanced technologies and identify growth opportunities based on actionable data and insights. Get free Excel spreadsheet and PPT versions along with the report PDF.
The Water Heaters Market size is expected to register a robust growth rate during the forecast period from 2025 to 2032. The Water Heaters market is a thriving business that is poised to keep growing and presents potential growth opportunities for companies across the industry value chain.
The comprehensive market research report presents 12-year historic and forecast data on Water Heaters segments across 22 countries from 2021 to 2032. Key segments in the report include By Product (Electric, Solar, Gas), By Technology (Tankless, Storage Tank, Hybrid), By Application (Residential, Commercial, Industrial), By Capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, Above 400 Liters). Over 70 tables and charts showcase findings from our latest survey report on Water Heaters markets.
Water Heaters Market Insights, 2025
In 2025, the Water Heaters Market reflects a blend of traditional heating technologies and next-generation innovations driven by sustainability, energy efficiency, and smart home integration. Electric, gas, solar, and hybrid water heaters continue to serve diverse regional energy needs, but significant technological advancements are reshaping performance metrics and control capabilities. Heat pump water heaters are gaining ground in energy-conscious households due to their low operational costs and compatibility with carbon reduction goals. Smart water heaters—enabled with IoT sensors and Wi-Fi connectivity—allow users to schedule heating cycles, monitor energy consumption, and receive predictive maintenance alerts via mobile apps. Commercial and multi-family housing segments are adopting centralized tankless systems for high-demand efficiency. Regulatory mandates for higher EF (Energy Factor) ratings and zero-emission goals are influencing product design and material sourcing. In disaster-prone and remote areas, demand is rising for solar-powered or battery-supported water heaters. As electrification trends pick up, manufacturers are optimizing heaters for compatibility with home energy storage and load-balancing systems..
Five Trends that will define global Water Heaters market in 2025 and Beyond
A closer look at the multi-million market for Water Heaters identifies rapidly shifting consumer preferences across categories. By focusing on growth and resilience, leading Water Heaters companies are prioritizing their investments across categories, markets, and geographies. The report analyses the most important market trends shaping the new landscape to support better decisions for the long and short-term future. The impact of tariffs by the US administration also significantly impact the profitability of Water Heaters vendors.
What are the biggest opportunities for growth in the Water Heaters industry?
The Water Heaters sector demonstrated remarkable resilience over the past year across developed and developing economies. Further, the market presents significant opportunities to leverage the existing momentum towards actions by 2032. On the other hand, recent macroeconomic developments including rising inflation and supply chain disruptions are putting pressure on companies. The chapter assists users to identify growth avenues and address business challenges to make informed commercial decisions with unique insights, data forecasts, and in-depth market analyses.
Water Heaters Market Segment Insights
The Water Heaters industry presents strong offers across categories. The analytical report offers forecasts of Water Heaters industry performance across segments and countries. Key segments in the industry include- By Product (Electric, Solar, Gas), By Technology (Tankless, Storage Tank, Hybrid), By Application (Residential, Commercial, Industrial), By Capacity (Below 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, Above 400 Liters). The largest types, applications, and sales channels, fastest growing segments, and the key factors driving each of the categories are included in the report.
Forecasts of each segment across five regions are provided from 2021 through 2032 for Asia Pacific, North America, Europe, South America, Middle East, and African regions. In addition, Water Heaters market size outlook is provided for 22 countries across these regions.
Market Value Chain
The chapter identifies potential companies and their operations across the global Water Heaters industry ecosystem. It assists decision-makers in evaluating global Water Heaters market fundamentals, market dynamics, and disruptive trends across the value chain segments.
Scenario Analysis and Forecasts
Strategic decision-making in the Water Heaters industry is multi-faceted with the increased need for planning across scenarios. The report provides forecasts across three case scenarios- low growth, reference case, and high growth cases.
Asia Pacific Water Heaters Market Analysis- A Promising Growth Arena for Business Expansion
As companies increasingly expand across promising Asia Pacific markets with over 4.5 billion population, the medium-to-long-term future remains robust. The presence of the fastest-growing economies such as China, India, Thailand, Indonesia, and Vietnam coupled with strengthening middle-class populations and rising disposable incomes drive the market. In particular, China and India are witnessing rapid shifts in consumer purchasing behavior. China is recovering steadily with optimistic forecasts for 2025. Further, Japanese and South Korean markets remain stable with most companies focusing on new product launches and diversification of sales channels.
The State of Europe Water Heaters Industry 2025- Focus on Accelerating Competitiveness
As companies opt for an integrated agenda for competitiveness, the year 2025 presents optimistic scenarios for companies across the ecosystem. With signs of economic recovery across markets, companies are increasing their investments. Europe is one of the largest markets for Water Heaters with demand from both Western Europe and Eastern European regions increasing over the medium to long-term future. Increasing omnichannel shopping amidst robust consumer demand for value purchases shapes the market outlook. The report analyses the key Water Heaters market drivers and opportunities across Germany, France, the United Kingdom, Spain, Italy, Russia, and other Europe.
The US Water Heaters market Insights- Vendors are exploring new opportunities within the US Water Heaters industry.
Easing inflation coupled with strengthening consumer sentiment is encouraging aggressive actions from the US Water Heaters companies. Market players consistently focusing on innovation and pursuing new ways to create value are set to excel in 2025. In addition, the Canadian and Mexican markets offer lucrative growth pockets for manufacturers and vendors. Focus on private-brand offerings and promotions, diversified sales channels, expansion into niche segments, adoption of advanced technologies, and sustainability are widely observed across the North American Water Heaters market.
Latin American Water Heaters market outlook rebounds in line with economic growth.
Underlying demand remains higher among urban consumers with an optimistic economic outlook across Brazil, Argentina, Chile, and other South and Central American countries. Increased consumer spending has been reported in Q1 -2025 and the prospects remain strong for rest of 2025. Aggressive ecosystem moves to create new sources of income are widely observed across markets in the region. Marketing activities focused on customer insights, operations, and support functions are quickly gaining business growth in the region.
Middle East and Africa Water Heaters Markets- New Opportunities for Companies Harnessing Diversity
Rapid growth in burgeoning urban locations coupled with a young and fast-growing population base is attracting new investments in the Middle East and African Water Heaters markets. Designing expansion and marketing strategies to cater to the local consumer base supports the market prospects. In addition to Nigeria, Algeria, South Africa, and other markets, steady growth markets in Ethiopia, Rwanda, Ghana, Tanzania, the Democratic Republic of Congo, and others present significant prospects for companies. On the other hand, Middle Eastern Water Heaters markets including the UAE, Saudi Arabia, Qatar, and Oman continue to offer lucrative pockets of growth.
Competitive Landscape- How Water Heaters companies outcompete in 2025?
The ability to respond quickly to evolving consumer preferences and adapt businesses to niche consumer segments remains a key growth factor. The report identifies the leading companies in the industry and provides their revenue for 2024. The market shares of each company are also included in the report. Further, business profiles, SWOT analysis, and financial analysis of each company are provided in detail. Key companies analyzed in the report include A.O. Smith, Ariston Thermo SpA, Bajaj Electricals Ltd, Bradford White Corporation, FERROLI S.p.A, Haier Inc., Havells India Ltd, Kenmore, Lennox International Inc., NORITZ Corporation, Rheem Manufacturing Company, Rinnai Corporation, Robert Bosch LLC, Westinghouse Electric Corporation, Whirlpool Corporation.
Water Heaters Market Segmentation
By Product
Electric
Solar
Gas
By Technology
Tankless
Storage Tank
Hybrid
By Application
Residential
Commercial
Industrial
By Capacity
Below 30 Liters
30 - 100 Liters
100 - 250 Liters
250 - 400 Liters
Above 400 Liters
Leading Companies
A.O. Smith
Ariston Thermo SpA
Bajaj Electricals Ltd
Bradford White Corporation
FERROLI S.p.A
Haier Inc.
Havells India Ltd
Kenmore
Lennox International Inc.
NORITZ Corporation
Rheem Manufacturing Company
Rinnai Corporation
Robert Bosch LLC
Westinghouse Electric Corporation
Whirlpool Corporation
Reasons to Buy the report
Table of Contents
161 Pages
- 1. Table of Contents
- List of Figures and Tables
- 2. Executive Summary
- 2.1 Key Highlights
- 2.1.1 Water Heaters Market Size Outlook, 2018-2024 and 2025-2032
- 2.1.2 Largest Water Heaters Market Types and Applications
- 2.1.3 Fastest Growing Segments
- 2.1.4 Potential Markets
- 2.1.5 Market Concentration
- 2.2 Market Scope and Segmentation
- 2.2.1 Market Scope- Segments
- 2.2.2 Market Scope- Countries
- 2.2.3 Macroeconomic and Demographic Outlook
- 2.2.4 Abbreviations
- 2.2.5 Units and Currency Conversions
- 3. Research Methodology
- 3.1 Primary Research Surveys
- 3.2 Secondary Data Sources
- 3.3 Data Triangulation
- 3.4 Forecast Methodology
- 3.5 Assumptions and Limitations
- 4. Introduction to Global Water Heaters Market in 2025
- 4.1 Industry Panorama
- 4.2 Leading Companies Profiled in the Study
- 4.3 Asia Pacific Markets offer Robust Market Prospects for New Entrants
- 4.4 Market Dynamics
- 4.4.1 Market Dynamics- Trends and Drivers
- 4.4.2 Market Dynamics- Opportunities and Challenges
- 4.5 Regional Analysis
- 4.6 Porter’s Five Force Analysis
- 4.6.1 Intensity of Competitive Rivalry
- 4.6.2 Threat of New Entrants
- 4.6.3 Threat of Substitutes
- 4.6.4 Bargaining Power of Buyers
- 4.6.5 Bargaining Power of Suppliers
- 4.7 Water Heaters Industry Value Chain Analysis
- 4.7.1 Stage of Value Chain
- 4.7.2 Key Activities of Companies
- 4.7.3 Companies Included in Each Stage
- 4.7.4 Key Insights
- 5. Water Heaters Market Outlook to 2032
- 5.1 Market Size Forecast by Type, 2021-2024 and 2025-2032
- 5.2 Market Size Forecast by Application, 2021-2024 and 2024-2032
- 5.3 Market Size Forecast by Geography, 2021-2024 and 2024-2032
- By Product
- Electric
- Solar
- Gas
- By Technology
- Tankless
- Storage Tank
- Hybrid
- By Application
- Residential
- Commercial
- Industrial
- By Capacity
- Below 30 Liters
- 30 - 100 Liters
- 100 - 250 Liters
- 250 - 400 Liters
- Above 400 Liters
- 6. Global Water Heaters Market Outlook across Growth Scenarios
- 6.1 Low Growth Scenario
- 6.2 Base/Reference Case
- 6.3 High Growth Scenario
- 6. North America Water Heaters Market Size Outlook
- 6.1 Key Market Statistics, 2024
- 6.2 North America Water Heaters Market Trends and Growth Opportunities
- 6.2.1 North America Water Heaters Market Outlook by Type
- 6.2.2 North America Water Heaters Market Outlook by Application
- 6.3 North America Water Heaters Market Outlook by Country
- 6.3.1 The US Water Heaters Market Outlook, 2021- 2032
- 6.3.2 Canada Water Heaters Market Outlook, 2021- 2032
- 6.3.3 Mexico Water Heaters Market Outlook, 2021- 2032
- 7. Europe Water Heaters Market Size Outlook
- 7.1 Key Market Statistics, 2024
- 7.2 Europe Water Heaters Market Trends and Growth Opportunities
- 7.2.1 Europe Water Heaters Market Outlook by Type
- 7.2.2 Europe Water Heaters Market Outlook by Application
- 7.3 Europe Water Heaters Market Outlook by Country
- 7.3.2 Germany Water Heaters Market Outlook, 2021- 2032
- 7.3.3 France Water Heaters Market Outlook, 2021- 2032
- 7.3.4 The UK Water Heaters Market Outlook, 2021- 2032
- 7.3.5 Spain Water Heaters Market Outlook, 2021- 2032
- 7.3.6 Italy Water Heaters Market Outlook, 2021- 2032
- 7.3.7 Russia Water Heaters Market Outlook, 2021- 2032
- 7.3.8 Rest of Europe Water Heaters Market Outlook, 2021- 2032
- 8. Asia Pacific Water Heaters Market Size Outlook
- 8.1 Key Market Statistics, 2024
- 8.2 Asia Pacific Water Heaters Market Trends and Growth Opportunities
- 8.2.1 Asia Pacific Water Heaters Market Outlook by Type
- 8.2.2 Asia Pacific Water Heaters Market Outlook by Application
- 8.3 Asia Pacific Water Heaters Market Outlook by Country
- 8.3.1 China Water Heaters Market Outlook, 2021- 2032
- 8.3.2 India Water Heaters Market Outlook, 2021- 2032
- 8.3.3 Japan Water Heaters Market Outlook, 2021- 2032
- 8.3.4 South Korea Water Heaters Market Outlook, 2021- 2032
- 8.3.5 Australia Water Heaters Market Outlook, 2021- 2032
- 8.3.6 South East Asia Water Heaters Market Outlook, 2021- 2032
- 8.3.7 Rest of Asia Pacific Water Heaters Market Outlook, 2021- 2032
- 9. South America Water Heaters Market Size Outlook
- 9.1 Key Market Statistics, 2024
- 9.2 South America Water Heaters Market Trends and Growth Opportunities
- 9.2.1 South America Water Heaters Market Outlook by Type
- 9.2.2 South America Water Heaters Market Outlook by Application
- 9.3 South America Water Heaters Market Outlook by Country
- 9.3.1 Brazil Water Heaters Market Outlook, 2021- 2032
- 9.3.2 Argentina Water Heaters Market Outlook, 2021- 2032
- 9.3.3 Rest of South and Central America Water Heaters Market Outlook, 2021- 2032
- 10. Middle East and Africa Water Heaters Market Size Outlook
- 10.1 Key Market Statistics, 2024
- 10.2 Middle East and Africa Water Heaters Market Trends and Growth Opportunities
- 10.2.1 Middle East and Africa Water Heaters Market Outlook by Type
- 10.2.2 Middle East and Africa Water Heaters Market Outlook by Application
- 10.3 Middle East and Africa Water Heaters Market Outlook by Country
- 10.3.1 Saudi Arabia Water Heaters Market Outlook, 2021- 2032
- 10.3.2 The UAE Water Heaters Market Outlook, 2021- 2032
- 10.3.3 Rest of Middle East Water Heaters Market Outlook, 2021- 2032
- 10.3.4 South Africa Water Heaters Market Outlook, 2021- 2032
- 10.3.5 Egypt Water Heaters Market Outlook, 2021- 2032
- 10.3.6 Rest of Africa Water Heaters Market Outlook, 2021- 2032
- 11. Company Profiles
- 11.1 Leading 10 Companies
- A.O. Smith
- Ariston Thermo SpA
- Bajaj Electricals Ltd
- Bradford White Corporation
- FERROLI S.p.A
- Haier Inc.
- Havells India Ltd
- Kenmore
- Lennox International Inc.
- NORITZ Corporation
- Rheem Manufacturing Company
- Rinnai Corporation
- Robert Bosch LLC
- Westinghouse Electric Corporation
- Whirlpool Corporation
- 11.2 Overview
- 11.3 Products and Services
- 11.4 SWOT Profile
- 12. Appendix
- 12.1 Subscription Options
- 12.2 Customization Options
- 12.3 Publisher Details
Pricing
Currency Rates
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