Global water heater market is projected to have a CAGR of around 5.7% during the forecast period (2024-2031). The market growth is driven by the increasing disposable income, improving the standard of living especially in emerging economies. Additionally, the increasing government support in the form of subsidies for the development of energy-efficient water heaters for domestic and industrial purposes is also propelling the market. Furthermore, the growing application of water heaters in commercial sectors such as hotels, hospitals, and spas is bolstering the market growth.  The rising adoption of solar water heaters is creating ample opportunity for the market. However, the solar water heater has a comparatively high installation cost and requires more space for installing solar panels, which is hindering the adoption of solar water heaters. Additionally, the lower penetration of water heaters in developing and under-developed economies is anticipated to present a considerable challenge to the market growth, during the forecast period.

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The global water heater market is segmented by energy source (gas, electricity, hybrid, and solar), by mode of water supply (on-demand or tank-less, and storage or tank water heater), by end-user (residential, commercial, and industrial), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).

The major players in the global tube packaging market include 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. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.

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Recent Developments

• In September 2024, Racold launched two water heaters, namely, the Omnis Slim Electric Storage Water Heater and the Aures Pro 13 kW Tankless Water Heater. The Omnis Slim series features a sleek profile with advanced comfort features, Titanium Plus Technology, and ensures up to 25% faster water heating. The Aures Pro 13 kW Tankless Water Heater offers instant hot water without the need for a storage tank. It features a compact design for modern homes.
• In July 2024, Electrolux Group signed an agreement to divest its water heater business in South Africa under the Kwikot brand for an enterprise value of ZAR 2.4bn (approx. SEK 1.4bn) to Haier Smart Home. The divestment includes the Kwikot brand and the production facilities for water heaters (geysers) located in Johannesburg.
• In January 2024, Havells India Ltd. introduced the first Made in India Heat Pump Water heater. The water heater is meant for residential applications and offers up to 75% energy savings. The heater features access to hot water at temperatures of up to 75℃ and can give a water yield of upto 129 L/H. It allows to set the temperature up to 55° C in eco-mode. It has a feroglas-coated container designed for hard water areas and offers a capacity to handle high working pressures (0.8 MPa). It also comes with a multi-function safety valve to prevent pressure build-up and a heavy-duty magnesium anode rod with a steel core for rust and corrosion protection. The Made in India range comes in 300 liters, with a 7-year warranty on the compressor, a 5-year warranty on the inner container, and along with a 2-year comprehensive warranty. The containers have high-density PUF insulation to minimize heat loss and enhance energy conservation.

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