The global market for the water heater is projected to have a CAGR of around 5.7% during the forecast period. Factors augmenting the water heater market is increasing the disposable income of the people along with improving the standard of living in emerging economies. Along with that government subsidiaries regarding the energy-efficient water heater for the domestic and industrial purpose is also propelling the market. The growing application of water heater in commercial sectors such as hotels, hospitals, Spa has a significant application of water heater. The rising adoption of solar water heater is further projected to create ample opportunity for to solar heater market in the near future. However, the solar water heater has a comparatively high installation cost and requires more space for installing the solar panels. Less penetration in developing and under-developed economies is also one of the major factors restraining the market.
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Geographically, the global water heater market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, ASEAN and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is expected to have considerable growth due to significant usage in the commercial, domestic and industrial sector. The US dominated the market in term of revenue. The dominance of the region is mainly attributed to the rising demand for the replacement of conventional water heaters with advanced systems. Moreover, the presence of major market players and high expenditure by them to advance technology also drives the market growth.
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- Market Coverage
- Market number available for – 2024-2030
- Base year- 2023
- Forecast period- 2024-2030
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
lobal Water Heater Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global water heater market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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