The global water heater market is anticipated to grow at a CAGR of around 5.7% during the forecast period. The market is mainly driven due to surging the adoption of a diversified array of water heaters in the commercial, residential as well as industrial sectors. Key manufacturers engage in launching new products and technologies that offer enhanced customer experience and reduce operating cost. The introduction of products with features such as corrosion resistance, water filtration, remote control, and monitoring are likely to boost the market growth. For instance, in August 2020, A.O Smith, manufacturer of water heaters had announced the launch of MiniBot, a 3-litre instant water heater with a unique design and cutting-edge technology.
Moreover, in February 2019, Rinnai America Corp., a North American manufacturer of tankless gas water heaters had launched I-Series Boiler for the residential sector. The technology also includes an innovative bypass servo valve, which enables precise control of the hot-water temperature. The boiler is available in both combi and heat-only models coupled with multizone heating controls. Furthermore, in March 2018, Rheem Manufacturing Company, Inc. introduced a commercial gas water heater, Triton. The expansion in the product range enables the company to earn more revenue and to expand the products of the company. The product consists of smart monitoring technology which is designed to prevent leakage. These product launches by market players drive the growth of the water heater market.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Energy Source
- By Mode of Water Supply
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- A.O. Smith Corp., Ariston Thermo S.P.A., Bradford White Corp., General Electric Co., Bajaj Electricals Ltd., Noritz Corp., Haier Group, Havells India Ltd, Rheem Manufacturing Co., Vaillant Group, and Whirlpool Corp., Venus Home Appliances (P) Ltd. among others
Water Heater Market Report Segment
By Energy Source
- Gas
- Electricity
- Hybrid
- Solar
By Fiber Type
- On-Demand or Tank-Less Water Heater
- Storage or Tank Water Heater
- By End-User
- Residential
- Commercial
- Industrial
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Water Heater Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- O. Smith Corp.
- Ariston Thermo SpA
- ATC Electrical and Mechanical, Ltd .
- Bajaj Electricals Ltd.
- Bradford White Corp.
- Ferroli Ltd.
- General Electric Co.
- Haier Group
- Himin Solar Co., Ltd
- Hot Water Products Inc.
- Jinyi Solar Ltd.
- KANCH (HANGZHOU) WATER HEATER CO., LTD.
- NORITZ Corp.
- Rheem Manufacturing Company, Inc .
- Rinnai America Corp.
- Robert Bosch GmbH
- Siemens AG
- Stiebel Eltron, Inc.
- Venus Home Appliances (P) Ltd.
- Vaillant Group
- Whirlpool Corp.
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