The global residential water heater market size was worth around USD 2,325 million in 2022 and is predicted to grow to around USD 3,621 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2023 and 2030.
Modern homes depend heavily on residential water heaters to produce hot water consistently for a range of household tasks. These necessary gadgets improve people’ comfort and convenience by heating water for cooking, cleaning, bathing, and other daily uses.
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🔰 Overview of the Residential Water Heater Market
Residential water heaters are typically divided into groups according to their capacity; these groups can range from smaller models under 30 gallons to larger models with tanks holding 30 to 50 gallons or more. They are usually distributed through a number of channels, such as supermarkets and hypermarkets, specialized shops, and internet retail platforms. In response to consumer demand for eco-friendly and energy-efficient solutions, the water heating sector is always coming up with new technologies that improve efficiency and leave fewer environmental footprints. A fundamental component of contemporary life, residential water heaters provide the warmth required for daily activities while adapting to meet changing energy and environmental regulations.
🔰 Crucial Findings
• Our research analyst’s analysis indicates that during the forecast period (2023–2030), the worldwide residential water heaters industry is expected to develop at a compound annual growth rate (CAGR) of about 4.5%.
• The size of the worldwide residential water heater market, measured in terms of revenue, was estimated to be around USD 2,325 million in 2022 and is expected to grow to USD 3,621 million by 2030.
• Because of the increase in residential building, the global market for water heaters for homes is expected to grow at a high rate.
➤ Increasing residential building will propel market expansion over the projected timeframe.
By 2050, it is predicted that there will be 9.7 billion people on the planet, increasing the need for new housing. More people are living in cities as the world gets more urbanized. The need for housing increases as population growth and urbanization continue. New apartment buildings, housing complexes, and residential buildings were built as a result. Water heating solutions are necessary for each of these buildings in order to supply hot water for different household uses. Modern facilities are a common goal of new construction projects in an effort to draw in prospective tenants and homeowners. Water heaters are a crucial component of these facilities, adding to the living area’s general convenience and comfort. Existing buildings frequently receive retrofits or renovations in addition to new construction in order to upgrade infrastructure and increase energy efficiency. This offers a chance to swap out old water heating systems for newer, more energy-efficient units.
➤ Upkeep and repairs could impede the growth of the market
One major factor impeding growth and demand in the residential water heater market is the need for maintenance and repairs. This is brought on by the regular maintenance requirements, exorbitant prices, and short lifespans of conventional water heater devices. Every one to three years, the majority of home water heaters require some kind of preventive maintenance or repair to ensure maximum longevity and performance. Regularly advised maintenance measures for water heaters include replacing sacrificial anode rods and draining and flushing the tank to remove mineral buildup. Mineral scale and rust can shorten an appliance’s lifespan and performance if they are not cleaned on a regular basis. When employing a plumber, the labor costs for even simple maintenance tasks might easily exceed $200 USD.
➤ Strategic integration of technology can yield multiple prospects for growth
Features like scheduling, remote control, and smartphone app monitoring are available with smart water heaters. Modern consumers who want more control over their appliances and home systems may find this convenience appealing. Temperature adjustments and remote monitoring are possible with Wi-Fi-enabled control via a smartphone app. Brands offering Wi-Fi-capable water heater lines include Bradford White, AO Smith, and Rheem. Likewise, voice activation makes it possible to use voice assistants like Alexa to operate the water heater. Amazon and AO Smith have teamed up to create voice-activated devices. In a crowded market, manufacturers can set themselves apart by providing smart water heaters. Innovative technology integration can draw in tech-savvy customers and establish firms as progressive. Manufacturers and service providers can remotely diagnose and troubleshoot problems thanks to smart technologies. This may result in quicker resolutions, saving customers’ downtime and annoyance. Owners of smart water heaters also benefit from annual energy bill savings of USD 115 on average thanks to remote adjustments.
➤ Inability to question market capitalization growth
Although water heaters that are both technologically and energy-efficient have many advantages, one major obstacle is that consumers are often unaware of these benefits. It is possible that many people are not completely aware of the financial advantages, environmental benefits, and energy savings that come with utilizing energy-efficient water heaters. This ignorance may cause prospective purchasers to place a higher priority on upfront expenses than on long-term savings, which would hinder the adoption of more cost-effective solutions. Additionally, customers might not be familiar with the different kinds of water heaters that are out there, which would cause them to remain with conventional models without considering the advantages of more recent technology. To tackle this issue, manufacturers, trade organisations, and governmental bodies must work together to carry out extensive awareness-raising activities. It is essential to educate people about the benefits of energy-efficient water heaters through marketing campaigns, consumer manuals, and internet resources.
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The Global Residential Water Heater Market is segmented based on product, application and region
Global Residential Water Heater Market: Product Segment Analysis
● Storage Water Heaters
● Tankless (On-Demand) Water Heaters
● Heat Pump Water Heaters
● Solar Water Heaters
Global Residential Water Heater Market: Application Segment Analysis
● Industrial
● Residental
● Other
🔰 The Residential Water Heater Industry: Current Trends
The Haier firm GE Appliances constructed a new water heater manufacturing facility in Camden, South Carolina, in 2022, with an investment of USD 70 million. Because the facility is vertically integrated, it uses robotic material handling and processing, enameling systems, and equipment for metal fabrication and welding to create water heaters out of coils of steel.
The Voltex AL (anti-leak) hybrid electric heat pump water heater was added to A. O. Smith’s residential product line in 2022. A. O. Smith is a pioneer in the water heating and water treatment sectors. The most efficient water heater available is the Voltex AL model, which has a 66-gallon unit with the highest overall Uniform Energy Factor (UEF) of 4.02 and a 50-gallon unit with the highest UEF of 3.8. An 80-gallon version is also offered.
The global residential water heater market is dominated by players like:
● Rheem Manufacturing Company
● AO Smith Corporation
● Bradford White Corporation
● Noritz America Corporation
● Rinnai Corporation
● State Industries, Inc.
● Navien Inc.
● Whirlpool Corporation
● Bosch Thermotechnology
● Eemax Inc
➤ Asia Pacific will dominate the market over the projected timeframe
In 2022, Asia Pacific accounted for a large portion of the worldwide residential water heater market in terms of revenue. The Asia Pacific region’s demand for water heaters is being driven by a number of factors, including the expansion of the building industry in South and South East Asian economies, the increasing availability of gas and electricity in rural regions, and rising infrastructure expenditure.
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Furthermore, it is projected that the emphasis on energy-efficiency regulations and carbon neutrality would quicken market expansion. The main factors driving China’s demand for water heaters are, and will continue to be, the expansion of investment and innovation in the building sector, ongoing research and development, and the implementation of mandatory CO2 emission reduction measures.
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