Global Water Heater Market is anticipated to grow during 2023-2032 owing to the mounting demand for energy-efficient heating products for minimizing energy consumption and energy bills across residential and commercial establishments. Besides, increasing consumer interest in adopting appliances equipped with advanced monitoring features, including Wi-Fi connectivity, will augment the product demand.


Overall, the global water heater industry is segmented in terms of product, capacity, fuel, application, and region.


Based on the product, the storage segment was valued at over USD 17 billion in 2022. Some of the key features, such as minimized cost, easy installation, high-energy savings, quick & simple maintenance, and water storage for a longer duration, are anticipated to positively influence the demand for storage water heaters. Besides, constant replacement of existing systems with modern heating appliances will further accelerate the business dynamics.


By capacity, the < 30 litres segment will depict over 5% CAGR through 2032. Enhanced suitability in commercial establishments, minimized installation and maintenance costs, coupled with the wide availability of various models suitable for varied applications, will spur the demand for < 30-litre heaters. Besides, strict building codes & standards imposed by the government and an increasing number of smart city projects will boost product adoption in the coming years.


Considering the fuel, electric water heaters are anticipated to gain strong traction during the estimated timeframe. The expansion of grid infrastructure coupled with the availability of continuous electricity supply will complement the industry landscape. In addition, key benefits such as limited maintenance, easy installation, and low standby loss will favor the global water heater industry trends.


In terms of application, the residential segment will showcase a positive trajectory during the next decade. Increasing urban migration coupled with budding cognizance of adopting efficient heating appliances will fuel the business outlook. Moreover, the increasing demand for hot water, especially for domestic uses, including bathing, cooking, and personal hygiene, will also bolster the industry scenario.


Regionally, the Europe global water heater industry will exhibit more than 5% CAGR through 2032. Constant R&D projects for developing advanced units, along with the development of favorable building codes, will propel industry growth across the region. The paradigm shift towards adopting safe and efficient heating systems in residential and commercial structures will increase market demand during the estimated timeframe.