Summary

Report Scope
A water heater is a device that heats water for domestic and commercial uses. It operates by converting energy from a source such as electricity, gas or solar power into thermal energy, which heats the water. This heated water is then stored in a tank or heated on demand in instant heaters and made available for use. Water heaters find extensive applications in both residential and commercial settings. In homes, they provide hot water for bathing, cleaning dishes, laundry and other household chores. Additionally, they are essential for cooking, especially in areas where gas stoves are not prevalent. Commercial applications such as hospitals, hotels, restaurants and laundries rely on water heaters for various processes, including cleaning equipment, sterilizing tools, and heating materials.
This report gives an overview of the global market for water heaters and examines market trends. It includes 2023 as the base year and forecast data from 2024 to the end of 2029. The report analyzes the global market revenue ($ million) in terms of segments (product type, storage capacity, energy source and applications) and regions (North America, Europe, Asia-Pacific and the Rest of the World).
The report also examines key trends and challenges affecting the market and the companies operating within it. It analyzes environmental, social and corporate governance (ESG) developments, patents and emerging technologies in the water heater market. It also surveys the competition among major players and provides profiles of the market’s leading companies.
Report Includes
- 49 data tables and 44 additional tables
- Analyses of global market trends, with market revenue data from 2023, estimates for 2024, forecasts for 2025, and projected CAGRs through 2029
- Estimates of the current market size and revenue prospects, along with a market share analysis by product type, storage capacity, energy type, application and region
- Discussion of the market dynamics, technological advances, regulations, and the macroeconomic factors influencing the industry
- A Porter’s Five Forces model, and global supply chain and PESTLE analyses
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, ESG score analysis, and the ESG practices of leading companies
- A review of recent patents
- Analysis of the industry structure, including company market shares, strategic alliances, M&A activity and a venture funding outlook
- Company profiles of major players within the industry, including A.O. Smith, Rheem Manufacturing Co., and Rinnai Corp.

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Table of Contents

Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of Report
Market Summary
Technological Advances and Applications
Market Dynamics and Growth Factors
Future Trends and Developments
Segmental Analysis
Regional Insights and Emerging Markets
Conclusion
Chapter 2 Market Overview
Technology Overview
Current and Future Market Overview
Macroeconomic Factors
Economic Growth and Housing Market Impact on the Water Heater Industry
Impact on the Water Heater Industry of Government Regulations and Policies
Value Chain Analysis
Research & Development
Raw Material Suppliers
Manufacturers
Distributors
End Users
Regulatory Landscape
Porter's Five Forces Analysis
Bargaining Power of Buyers (Consumers)
Bargaining Power of Suppliers (Vendors)
Potential of New Entrants
Threat from Substitutes
Competition the Industry
Chapter 3 Market Dynamics
Overview
Market Drivers
Growing Demand for Energy-Efficient Water Heaters
Rapid Urbanization and Migration of People Towards Cities
Market Restraints
Geographic Limitations for the Water Heater Market
High Upfront Costs on Energy-efficient Water Heaters
Market Opportunities
Government Mandates Pertaining to Energy Efficiency
Increasing Demand for Smart Water Heaters
Chapter 4 Emerging Technologies and Developments
Emerging Technologies
Tankless Water Heaters
Smart Water Heaters
Heat Pump Water Heaters
Hybrid Water Heaters
High-Efficiency Condensing Water Heaters
Patent Analysis
Regional Patterns
Key Findings
Chapter 5 Market Segmentation Analysis
Segmentation Breakdown
Water Heaters Market by Product Type
Instant Water Heaters
Storage Water Heaters
Water Heaters Market by Storage Capacity
< 30 Liters
30-100 Liters
100-250 Liters
250-400 Liters
> 400 Liters
Water Heaters Market by Energy Source
Electric Water Heaters
Solar Water Heaters
Gas Water Heaters
Water Heaters Market by Applications
Residential Water Heaters
Commercial Water Heaters
Geographic Breakdown
Water Heaters Market by Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East
Africa
Chapter 6 Competitive Intelligence
Market Share Analysis
SWOT Analysis of Key Players
Chapter 7 Sustainability in the Water Heaters Industry: An ESG Perspective
Overview
Key ESG Issues in the Water Heater Industry
ESG Performance Analysis
Current Status of ESG in the Global Market
ESG Practices in the Water Heaters Market
ESG-Related Risks in Water Heater Industry
ESG-Related Opportunities in the Water Heater Industry
Concluding Remarks from BCC Research
Chapter 8 Appendix
Methodology
References
Abbreviations
Company Profiles
A.O. SMITH
ARISTON HOLDING N.V.
BRADFORD WHITE Corp.
FERROLI S.P.A
GUANGDONG MACRO GAS CO. LTD.
HAIER.COM
HAVELLS INDIA LTD.
KYUNGDONG NAVIEN
NORITZ CORP.
RHEEM MANUFACTURING CO.
RINNAI CORP.
ROBERT BOSCH GMBH
STATE INDUSTRIES
VAILLANT GROUP