Residential Water Heater Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type (Electric, Gas, Solar and Others), By Distribution Channel (Offline and Online), By Region & Competition, 2019-2029F

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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 2.3 Billion

CAGR (2024-2029)

6.8%

Fastest Growing Segment

Online

Largest Market

Asia Pacific

Market Size (2029)

USD 3.4 Billion

Market Overview

Global Residential Water Heater Market was valued at USD 2.3 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.8% through 2029. The Global Residential Water Heater Market constitutes an essential segment within the broader consumer appliances industry, catering to the fundamental need for hot water in households worldwide. This market revolves around the production, distribution, and sale of water heating appliances designed specifically for residential use. The market encompasses a variety of water heater types, including tank less or on-demand heaters, storage tank heaters, heat pump systems, and solar-powered heaters, each offering unique advantages and catering to diverse consumer preferences and geographical requirements. The U.S. Department of Energy (DOE) has officially established energy-efficiency standards for a range of residential water heaters, as mandated by Congress. These standards are projected to save American households an estimated USD7.6 billion annually on their energy and water bills, while simultaneously reducing energy wastage and harmful carbon emissions. The finalized standards for residential water heaters reflect input from various stakeholders, including efficiency and environmental advocates, the Consumer Federation of America, and a prominent U.S. water heater manufacturer. Under these standards, the most commonly used electric water heaters are required to achieve efficiency improvements through the integration of heat pump technology. This initiative aims to expedite the adoption of cost-effective, environmentally friendly energy solutions, while also alleviating pressure on the electric grid.

Key Market Drivers

Energy Efficiency

Technological advancements play a pivotal role in the residential water heater market, especially concerning energy efficiency and sustainability. Manufacturers continually innovate to develop water heaters that consume less energy while delivering optimal performance. Advanced technologies such as heat pump water heaters, condensing systems, and smart controls have revolutionized this sector by enhancing energy efficiency and reducing operating costs for consumers. Energy-efficient models not only reduce utility bills but also align with global initiatives for environmental sustainability, driving their adoption worldwide. For instance, enhanced standards finalized by the Department of Energy (DOE) in 2024 will greatly boost the efficiency of one of the largest energy consumers in many households: water heaters. According to the DOE, these new standards for water heaters will trim approximately USD170 off the utility bills of numerous households annually and prevent the emission of 332 million metric tons of carbon dioxide over three decades of sales. Steven Nadel, the Executive Director of the American Council for an Energy-Efficient Economy, emphasized the significance of these standards, stating, Water heating represents a substantial portion of energy consumption in most homes, and these standards will markedly reduce that demand. Achieving such significant energy savings will not only lower household expenses but also contribute to mitigating climate change. Furthermore, this will alleviate pressure on the electric grid for years to come.

Rising Demand for Instantaneous and On-Demand Hot Water

The increasing demand for instantaneous or on-demand hot water solutions is a significant driver shaping the residential water heater market. Consumers prefer systems that offer immediate hot water without the need for storage, leading to the popularity of tank less or instant water heaters. These systems heat water as needed, eliminating standby heat loss common in traditional storage tanks. The convenience, space-saving designs, and energy efficiency of tankless water heaters make them a favored choice among consumers seeking efficient and convenient hot water solutions for their homes.

Urbanization and Housing Development

Urbanization and the expansion of housing projects worldwide significantly impact the residential water heater market. The growing urban population and rising construction activities, particularly in developing economies, contribute to increased demand for residential water heaters. The need for modern and efficient water heating solutions in newly constructed buildings, apartments, and residential complexes drives market growth. As urban areas expand and new housing units are built, the demand for reliable, space-saving, and technologically advanced water heaters continues to surge.

Market Trends and Consumer Preferences

Beyond these drivers, market trends and consumer preferences also influence the growth trajectory of residential water heaters. The integration of smart technologies allowing remote control and monitoring of water heaters, the demand for hybrid systems combining renewable energy sources, and the focus on eco-friendly and sustainable products shape market dynamics. Additionally, the impact of government regulations and incentives promoting energy-efficient appliances further propels the adoption of innovative water heater systems, guiding the market's direction globally.


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Key Market Challenges

Energy Efficiency and Environmental Concerns

Energy efficiency is a critical challenge in the residential water heater market. The demand for more energy-efficient water heaters continues to rise due to heightened environmental awareness and stringent regulations aimed at reducing carbon emissions. Older models of water heaters often lack energy efficiency, resulting in higher utility costs and increased environmental impact. Manufacturers are under pressure to innovate and develop eco-friendly, energy-efficient models that meet consumer demands while adhering to evolving environmental standards. However, the cost of developing and implementing these technologies, along with the challenge of educating consumers about the long-term benefits, presents a hurdle for widespread adoption.

Transition to Renewable Energy Sources

As the world shifts towards renewable energy sources, the integration of these sources into residential water heating poses a significant challenge. While solar-powered water heaters exist, their adoption remains relatively low due to high upfront costs, complex installations, and regional variations in sunlight availability. The challenge lies in making these renewable energy systems more affordable, user-friendly, and adaptable to different geographical locations. Additionally, the need for infrastructure development and compatibility with existing water heating systems poses logistical challenges in transitioning to renewable energy sources for residential water heating.

Technological Advancements and Affordability

Rapid technological advancements in water heater technology introduce newer, more efficient models into the market. However, the cost of these advanced systems often poses affordability challenges for many consumers, especially in emerging economies. High-tech features, smart controls, and improved materials increase the initial purchase cost, making them less accessible to a significant portion of the population. Balancing technological innovation with affordability remains a persistent challenge for manufacturers. Additionally, ensuring compatibility and retrofitting options for existing homes, which might not support the latest technology, adds complexity to this challenge.

Key Market Trends

Technological Advancements

Technological innovations continue to revolutionize residential water heaters, emphasizing energy efficiency and smart functionalities. Manufacturers are integrating advanced features such as heat pump technology, condensing systems, and hybrid models to enhance efficiency and reduce energy consumption. These innovations aim to meet stringent energy standards, cut utility costs for homeowners, and minimize environmental impact. Smart water heaters equipped with Wi-Fi connectivity, mobile apps for remote control, and predictive maintenance capabilities are gaining traction. These advancements allow users to optimize energy usage, monitor performance, and receive alerts for maintenance, aligning with the growing demand for sustainable and intelligent home appliances.

Shift Towards Sustainable and Eco-Friendly Solutions

The market is witnessing a notable shift toward eco-friendly water heating solutions. Consumers increasingly prioritize environmentally sustainable options, driving demand for solar-powered heaters, heat pump systems, and hybrid models that utilize renewable energy sources. Solar water heaters harness solar energy to heat water, significantly reducing dependence on conventional energy sources. Similarly, heat pump systems extract heat from the air or ground, offering efficient and eco-friendly heating solutions. Manufacturers are focusing on developing products with minimal greenhouse gas emissions, utilizing recyclable materials, and promoting water conservation features to meet eco-conscious consumer demands.

Integration of Smart and Connected Features

The integration of smart technology and connectivity features is reshaping the residential water heater landscape. Smart water heaters offer enhanced control and convenience to users, allowing them to adjust temperature settings, schedule heating cycles, and monitor energy consumption remotely through mobile apps or voice-controlled assistants. These connected devices enable proactive maintenance alerts, optimizing performance and potentially reducing repair costs. Manufacturers are increasingly incorporating artificial intelligence (AI) and machine learning algorithms into water heaters to analyze usage patterns, adapt settings based on user behavior, and further enhance energy efficiency and user experience.

These trends collectively drive the evolution of the Global Residential Water Heater Market, emphasizing energy efficiency, sustainability, and smart functionalities to meet the growing demand for advanced, eco-friendly, and connected home appliances. As environmental concerns intensify and technological innovations continue to advance, these trends are expected to further shape the market's landscape in the coming years.

Segmental Insights

Type Insights

Storage water heaters indeed hold a considerable share within the Global Residential Water Heater Market, playing a pivotal role in meeting hot water needs for households worldwide. Several key factors contribute to the dominance of storage water heaters in this market segment:

Reliable and Established Technology: Storage water heaters are among the oldest and most traditional types of water heating systems. They have proven their reliability over decades, gaining trust among consumers for their consistent performance in delivering hot water on demand.

Accessibility and Affordability: Storage water heaters are widely accessible and relatively affordable compared to other types of water heaters, making them a popular choice for residential use, especially in regions where cost-effective solutions are sought after.

Versatility and Size Variants: These water heaters come in various sizes, catering to diverse household needs. From smaller capacities suitable for apartments or single households to larger capacities catering to larger families, storage water heaters offer versatility and adaptability to different living situations.

Ease of Installation and Maintenance: The straightforward installation process and relatively simpler maintenance requirements contribute to the popularity of storage water heaters. They are often favored for their ease of use and minimal upkeep needs, making them convenient for homeowners.

Availability of Energy-Efficient Models: Manufacturers have been introducing more energy-efficient models of storage water heaters, addressing concerns about energy consumption and operational costs. Innovations such as improved insulation, better heating elements, and smart technology integration have increased the efficiency of these heaters, appealing to environmentally conscious consumers.

Consumer Preference and Trust: Despite the emergence of tankless and hybrid water heaters, storage water heaters remain a preferred choice for many consumers due to their familiarity, long-standing reliability, and established reputation.

In summary, storage water heaters' significant share in the Global Residential Water Heater Market is attributed to their reliability, affordability, versatility in size, ease of installation, evolving energy-efficient models, and enduring trust among consumers. These factors collectively contribute to the enduring dominance of storage water heaters as a popular choice for meeting residential hot water needs across the globe.

Distribution Channel Insights

The online segment has emerged as a significant player in the Global Residential Water Heater Market, transforming the way consumers explore, purchase, and install water heating systems. Several key factors contribute to the online sector's considerable share in this market:

Convenience and Accessibility: Online platforms offer unparalleled convenience, allowing consumers to browse, compare, and purchase residential water heaters from the comfort of their homes. The accessibility of a wide array of products, coupled with detailed product information and customer reviews, empowers buyers to make informed decisions.

Diverse Product Range: Online retailers provide a vast selection of residential water heaters, ranging from traditional tank-based systems to tankless, heat pump, solar-powered, and smart-enabled units. This variety caters to diverse consumer preferences, efficiency needs, and installation requirements.

Competitive Pricing and Offers: The online marketplace fosters competition among vendors, leading to competitive pricing, discounts, and promotional offers. This attracts consumers seeking cost-effective and value-driven solutions for their residential water heating needs.

Technical Assistance and Installation Services: Many online platforms offer technical guidance, product comparison tools, and even installation services through partnerships with local professionals. This comprehensive support assists consumers in selecting the right water heater based on their household requirements and facilitates hassle-free installations.

Technological Advancements and Smart Connectivity: The online segment showcases technologically advanced water heaters equipped with smart features, Wi-Fi connectivity, and energy-saving capabilities. These innovative products appeal to tech-savvy consumers looking for efficiency, convenience, and remote control options.

COVID-19 Impact and Shift to E-commerce: The COVID-19 pandemic accelerated the shift towards online shopping for home appliances, including residential water heaters. Restrictions and safety concerns prompted consumers to explore online options for essential household items, contributing to the surge in online purchases within this market.

Global Reach and Market Expansion: Online platforms facilitate global access to residential water heaters, allowing manufacturers and retailers to expand their market reach beyond local boundaries. This accessibility benefits both consumers, who gain access to a broader range of products, and suppliers, who can tap into new markets.

In summary, the online segment's significant share in the Global Residential Water Heater Market is driven by convenience, diverse product offerings, competitive pricing, technological advancements, pandemic-induced shifts towards e-commerce, and the ability to reach a global customer base. As digital platforms continue to evolve, their impact on reshaping consumer behavior within this market segment is expected to persist and expand further.


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Regional Insights

Asia Pacific plays a pivotal role in shaping the Global Residential Water Heater Market, boasting a substantial share in this essential industry. Several key factors contribute to Asia Pacific's prominence and influence in this market segment:

Technological Advancements: The region witnesses continuous innovation in residential water heating systems. North American manufacturers invest in research and development, leading to the creation of energy-efficient and technologically advanced water heaters. These systems incorporate smart technologies, improved insulation, and energy-saving features, catering to consumer demands for efficiency and sustainability.

Consumer Demand and Market Size: North America's robust residential sector drives a significant demand for water heaters. The region's diverse climate, varying from extreme cold to warmer temperatures, fuels the need for reliable and efficient hot water solutions. Additionally, residential construction, renovation activities, and increasing housing projects contribute to the expanding market size.

Energy Efficiency and Regulations: North America emphasizes energy efficiency in residential appliances. Stringent regulations and energy efficiency standards push manufacturers to develop eco-friendly and energy-saving water heaters. Initiatives promoting the use of Energy Star-rated products further drive the adoption of efficient water heating systems across households.

Variety of Heating Technologies: The region offers a diverse range of water heating technologies to cater to different consumer preferences and needs. From traditional tank-based heaters to tankless, heat pump, and solar-powered systems, consumers have a variety of options, encouraging market growth and innovation.

Renewal and Replacement Market: The residential water heater market in North America benefits from a sizable renewal and replacement market segment. As older systems become outdated or inefficient, consumers opt to upgrade to more energy-efficient models, driving market growth.

Market Competitiveness and Brand Presence: North America hosts numerous well-established and innovative water heater manufacturers, fostering a competitive landscape. Brands in the region focus on quality, durability, after-sales service, and technological advancements to maintain market share and consumer loyalty.

Recent Developments

  • In 2023, Voltas, a home appliances company ventured into the Water Heater sector with the launch of new Voltas Water Heaters. This product line, accessible nationwide since October 2023, is also conveniently available online. The product lineup features both Instant and Storage water heaters, offering a range of capacities including 10, 15, and 25 litres to cater to the diverse needs of the Indian market.
  • In 2024, GE Appliances introduced the innovative GeoSpring Smart Hybrid Heat Pump Water Heater. With water heating constituting approximately 18% of a home's energy consumption and ranking as one of the highest energy expenditures, this product aims to mitigate these costs. Utilizing heat pump technology, the GeoSpring offers efficiency rates up to 3 to 4 times higher than conventional electric models.

Key Market Players

  • Rheem Manufacturing Company
  • A.O. Smith Corporation
  • Bradford White Corporation
  • Noritz Corporation
  • Rinnai Corporation
  • Ariston Holding N.V.
  • Navien Inc.
  • Whirlpool Corporation
  • Robert Bosch GmbH
  • Spire Inc.

By Type

By Energy Source Type

By Distribution Channel

By Region
  • Storage Water Heaters
  • Non-Storage Water Heaters
  • Hybrid Water Heaters
  • Electric
  • Gas
  • Solar
  • Others
  • Online
  • Offline
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the global residential water heater market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Residential Water Heater Market, By Type:

o   Storage Water Heaters

o   Non-Storage Water Heaters

o   Hybrid Water Heaters           

  • Residential Water Heater Market, By Energy Source Type:

o   Electric

o   Gas

o   Solar

o   Others                  

  • Residential Water Heater Market, By Distribution Channel:

o   Online

o   Offline          

  • Residential Water Heater Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global residential water heater market.

Available Customizations:

Global Residential Water Heater Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
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Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer

4.1.  Factors Influencing Purchase Decision

4.2.  Challenges Faced Post Purchase

4.3.  Brand Awareness

5.    Global Residential Water Heater Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast 

5.2.1.    By Type Market Share Analysis (Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters)

5.2.2.    By Energy Source Type Market Share Analysis (Electric, Gas, Solar and Others)

5.2.3.    By Distribution Channel Market Share Analysis (Online and Offline)

5.2.4.    By Regional Market Share Analysis

5.2.4.1.        North America Market Share Analysis

5.2.4.2.        South America Market Share Analysis

5.2.4.3.        Middle East & Africa Market Share Analysis

5.2.4.4.        Europe Market Share Analysis

5.2.4.5.        Asia-Pacific Market Share Analysis

5.2.5.    By Top 5 Companies Market Share Analysis, Others (2023)

5.3.  Global Residential Water Heater Market Mapping & Opportunity Assessment

5.3.1.    By Type Market Mapping & Opportunity Assessment

5.3.2.    By Energy Source Type Market Mapping & Opportunity Assessment

5.3.3.    By Distribution Channel Market Mapping & Opportunity Assessment

5.3.4.    By Region Market Mapping & Opportunity Assessment

6.    North America Residential Water Heater Market Outlook

6.1.  Market Size & Forecast      

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type Market Share Analysis

6.2.2.    By Energy Source Type Market Share Analysis

6.2.3.    By Distribution Channel Market Share Analysis

6.2.4.    By Country Market Share Analysis

6.3.  North America: Country Analysis

6.3.1.    United States Residential Water Heater Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Type Market Share Analysis

6.3.1.2.2.           By Energy Source Type Market Share Analysis

6.3.1.2.3.           By Distribution Channel Market Share Analysis

6.3.2.    Canada Residential Water Heater Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Type Market Share Analysis

6.3.2.2.2.           By Energy Source Type Market Share Analysis

6.3.2.2.3.           By Distribution Channel Market Share Analysis

6.3.3.    Mexico Residential Water Heater Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Type Market Share Analysis

6.3.3.2.2.           By Energy Source Type Market Share Analysis

6.3.3.2.3.           By Distribution Channel Market Share Analysis

7.    Europe Residential Water Heater Market Outlook

7.1.  Market Size & Forecast      

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type Market Share Analysis

7.2.2.    By Energy Source Type Market Share Analysis

7.2.3.    By Distribution Channel Market Share Analysis

7.2.4.    By Country Market Share Analysis

7.3.  Europe: Country Analysis

7.3.1.    Germany Residential Water Heater Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type Market Share Analysis

7.3.1.2.2.           By Energy Source Type Market Share Analysis

7.3.1.2.3.           By Distribution Channel Market Share Analysis

7.3.2.    United Kingdom Residential Water Heater Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type Market Share Analysis

7.3.2.2.2.           By Energy Source Type Market Share Analysis

7.3.2.2.3.           By Distribution Channel Market Share Analysis

7.3.3.    Italy Residential Water Heater Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type Market Share Analysis

7.3.3.2.2.           By Energy Source Type Market Share Analysis

7.3.3.2.3.           By Distribution Channel Market Share Analysis

7.3.4.    France Residential Water Heater Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Type Market Share Analysis

7.3.4.2.2.           By Energy Source Type Market Share Analysis

7.3.4.2.3.           By Distribution Channel Market Share Analysis

7.3.5.    Spain Residential Water Heater Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Type Market Share Analysis

7.3.5.2.2.           By Energy Source Type Market Share Analysis

7.3.5.2.3.           By Distribution Channel Market Share Analysis

8.    Asia-Pacific Residential Water Heater Market Outlook

8.1.  Market Size & Forecast      

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type Market Share Analysis

8.2.2.    By Energy Source Type Market Share Analysis

8.2.3.    By Distribution Channel Market Share Analysis

8.2.4.    By Country Market Share Analysis

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Residential Water Heater Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type Market Share Analysis

8.3.1.2.2.           By Energy Source Type Market Share Analysis

8.3.1.2.3.           By Distribution Channel Market Share Analysis

8.3.2.    India Residential Water Heater Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type Market Share Analysis

8.3.2.2.2.           By Energy Source Type Market Share Analysis

8.3.2.2.3.           By Distribution Channel Market Share Analysis

8.3.3.    Japan Residential Water Heater Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type Market Share Analysis

8.3.3.2.2.           By Energy Source Type Market Share Analysis

8.3.3.2.3.           By Distribution Channel Market Share Analysis

8.3.4.    South Korea Residential Water Heater Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type Market Share Analysis

8.3.4.2.2.           By Energy Source Type Market Share Analysis

8.3.4.2.3.           By Distribution Channel Market Share Analysis

8.3.5.    Australia Residential Water Heater Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type Market Share Analysis

8.3.5.2.2.           By Energy Source Type Market Share Analysis

8.3.5.2.3.           By Distribution Channel Market Share Analysis

9.    South America Residential Water Heater Market Outlook

9.1.  Market Size & Forecast      

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type Market Share Analysis

9.2.2.    By Energy Source Type Market Share Analysis

9.2.3.    By Distribution Channel Market Share Analysis

9.2.4.    By Country Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.    Brazil Residential Water Heater Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type Market Share Analysis

9.3.1.2.2.           By Energy Source Type Market Share Analysis

9.3.1.2.3.           By Distribution Channel Market Share Analysis

9.3.2.    Argentina Residential Water Heater Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type Market Share Analysis

9.3.2.2.2.           By Energy Source Type Market Share Analysis

9.3.2.2.3.           By Distribution Channel Market Share Analysis

9.3.3.    Colombia Residential Water Heater Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type Market Share Analysis

9.3.3.2.2.           By Energy Source Type Market Share Analysis

9.3.3.2.3.           By Distribution Channel Market Share Analysis

10. Middle East and Africa Residential Water Heater Market Outlook

10.1.            Market Size & Forecast        

10.1.1. By Value

10.2.            Market Share & Forecast

10.2.1. By Type Market Share Analysis

10.2.2. By Energy Source Type Market Share Analysis

10.2.3. By Distribution Channel Market Share Analysis

10.2.4.  By Country Market Share Analysis

10.3.            MEA: Country Analysis

10.3.1. South Africa Residential Water Heater Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type Market Share Analysis

10.3.1.2.2.         By Energy Source Type Market Share Analysis

10.3.1.2.3.         By Distribution Channel Market Share Analysis

10.3.2. Saudi Arabia Residential Water Heater Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type Market Share Analysis

10.3.2.2.2.         By Energy Source Type Market Share Analysis

10.3.2.2.3.         By Distribution Channel Market Share Analysis

10.3.3. UAE Residential Water Heater Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type Market Share Analysis

10.3.3.2.2.         By Energy Source Type Market Share Analysis

10.3.3.2.3.         By Distribution Channel Market Share Analysis

10.3.4. Turkey Residential Water Heater Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Type Market Share Analysis

10.3.4.2.2.         By Energy Source Type Market Share Analysis

10.3.4.2.3.         By Distribution Channel Market Share Analysis

10.3.5. Egypt Residential Water Heater Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Type Market Share Analysis

10.3.5.2.2.         By Energy Source Type Market Share Analysis

10.3.5.2.3.         By Distribution Channel Market Share Analysis

11. Market Dynamics

11.1.            Drivers

11.2.            Challenges

12. Market Trends & Developments

13. SWOT Analysis

13.1.            Strength

13.2.            Weakness

13.3.            Opportunity

13.4.            Threat

14. Competitive Landscape

14.1.            Company Profiles

14.1.1. Rheem Manufacturing Company

14.1.1.1.     Company Details

14.1.1.2.     Products & Services

14.1.1.3.     Financials (As Per Availability)

14.1.1.4.     Key Market Focus & Geographical Presence

14.1.1.5.     Recent Developments

14.1.1.6.     Key Management Personnel

14.1.2. A.O. Smith Corporation

14.1.2.1.     Company Details

14.1.2.2.     Products & Services

14.1.2.3.     Financials (As Per Availability)

14.1.2.4.     Key Market Focus & Geographical Presence

14.1.2.5.     Recent Developments

14.1.2.6.     Key Management Personnel

14.1.3. Bradford White Corporation

14.1.3.1.     Company Details

14.1.3.2.     Products & Services

14.1.3.3.     Financials (As Per Availability)

14.1.3.4.     Key Market Focus & Geographical Presence

14.1.3.5.     Recent Developments

14.1.3.6.     Key Management Personnel

14.1.4. Noritz Corporation

14.1.4.1.     Company Details

14.1.4.2.     Products & Services

14.1.4.3.     Financials (As Per Availability)

14.1.4.4.     Key Market Focus & Geographical Presence

14.1.4.5.     Recent Developments

14.1.4.6.     Key Management Personnel

14.1.5. Rinnai Corporation

14.1.5.1.     Company Details

14.1.5.2.     Products & Services

14.1.5.3.     Financials (As Per Availability)

14.1.5.4.     Key Market Focus & Geographical Presence

14.1.5.5.     Recent Developments

14.1.5.6.     Key Management Personnel

14.1.6. Ariston Holding N.V.

14.1.6.1.     Company Details

14.1.6.2.     Products & Services

14.1.6.3.     Financials (As Per Availability)

14.1.6.4.     Key Market Focus & Geographical Presence

14.1.6.5.     Recent Developments

14.1.6.6.     Key Management Personnel

14.1.7. Navien Inc.

14.1.7.1.     Company Details

14.1.7.2.     Products & Services

14.1.7.3.     Financials (As Per Availability)

14.1.7.4.     Key Market Focus & Geographical Presence

14.1.7.5.     Recent Developments

14.1.7.6.     Key Management Personnel

14.1.8. Whirlpool Corporation

14.1.8.1.     Company Details

14.1.8.2.     Products & Services

14.1.8.3.     Financials (As Per Availability)

14.1.8.4.     Key Market Focus & Geographical Presence

14.1.8.5.     Recent Developments

14.1.8.6.     Key Management Personnel

14.1.9. Robert Bosch GmbH

14.1.9.1.     Company Details

14.1.9.2.     Products & Services

14.1.9.3.     Financials (As Per Availability)

14.1.9.4.     Key Market Focus & Geographical Presence

14.1.9.5.     Recent Developments

14.1.9.6.     Key Management Personnel

14.1.10.              Spire Inc.

14.1.10.1.  Company Details

14.1.10.2.  Products & Services

14.1.10.3.  Financials (As Per Availability)

14.1.10.4.  Key Market Focus & Geographical Presence

14.1.10.5.  Recent Developments

14.1.10.6.  Key Management Personnel

15. Strategic Recommendations

15.1.            Key Focus Areas

15.2.            Target Type

15.3.            Target Distribution Channel

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the global residential water heater market was estimated to be USD 2.3 billion in 2023.

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The global residential water heater market is witnessing a growing shift towards energy-efficient and eco-friendly solutions, prompting increased adoption of tankless and heat pump systems. Additionally, the integration of smart technologies, such as IoT-enabled controls and remote monitoring, is becoming a prevalent trend, offering convenience and energy savings to consumers.

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One of the challenges in the global residential water heater market is the continual need to balance technological innovation with cost-effectiveness, as consumers seek more efficient yet affordable solutions.

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The key drivers for the global residential water heater market include a growing emphasis on energy-efficient solutions, technological advancements in heating systems, and the increasing demand for instant and continuous hot water supply, particularly in regions with diverse climate needs.

Related Reports

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Parvati Sharma

Account Manager BD
Press Release

Residential Water Heater Market to Grow with a CAGR of 6.8% through 2029

Oct, 2024

Global Residential Water Heater Market continues to thrive due to factors such as technological advancements for energy efficiency, the preference for instantaneous hot water solutions, urbanization,

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