NEW YORK, United States, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Residential Water Heater Market By Type (Storage Water Heaters, Tankless (On-Demand) Water Heaters, Heat Pump Water Heaters, And Solar Water Heaters), By Energy Source (Electric, And Gas (Natural Gas, Propane)), By Capacity (Below 30 Gallons, 30-50 Gallons, And Above 50 Gallons), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global residential water heater market size & share was valued at about USD 2325 million in 2022. The market is expected to grow at a CAGR of 24.5% and is anticipated to reach USD 3621 million by 2030.”
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Residential Water Heater Market Overview:
Residential water heaters play a crucial role in modern households, as they provide a constant supply of hot water for a variety of domestic tasks. These essential appliances are designed to heat water for bathing, cooking, washing, and other daily uses, contributing to the convenience and comfort of residents. These systems can operate on a variety of energy sources, including electricity and gas (such as natural gas or propane), allowing homeowners to choose options based on their energy preferences and regional availability.
Commonly, residential water heaters are categorized according to their capacity, with options ranging from smaller sizes of less than 30 gallons to larger containers of 30–50 gallons or more. Typical distribution channels include online retail platforms, specialty stores, and hypermarkets & supermarkets. As homeowners pursue energy-efficient and eco-friendly solutions, the industry continues to develop new technologies to improve water heating efficiency and reduce ecological footprints. Residential water heaters are a pillar of contemporary living, providing the necessary warming for daily activities while adapting to meet evolving energy and environmental standards.
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historic and Forecast Growth, Porter's 5 Forces Analysis
- Zion Market Research Methodology
|Report Attribute||Report Details|
|Market Size in 2022||USD 2325 Million|
|Market Forecast in 2030||USD 3621 Million|
|Growth Rate||CAGR of 24.5%|
|Forecast Years||2023- 2030|
|Key Companies Covered||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., and others.|
|Segments Covered||By Type, By Energy Source, By Capacity, and By Region|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
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Key Insights from Primary Research
- The global residential water heater market is projected to grow at a significant rate due to the rising residential construction.
- Based on type segmentation, tankless (on-demand) water heaters was predicted to hold maximum market share in the year 2022.
- Based on energy source segmentation, gas (natural gas, propane) was the leading revenue generator in 2022.
- Based on capacity segmentation, above 50 gallons was predicted to hold maximum market share in the year 2022.
- On the basis of region, Asia Pacific was the leading revenue generator in 2022.
Residential Water Heater Market: Growth Drivers
- Rising residential construction to drive market growth during the forecast period
The global population is expected to grow to 9.7 billion by 2050, which will create demand for new housing. The world is becoming increasingly urbanized, with more people living in cities. As urbanization continues and populations grow, the demand for housing rises. This led to the construction of new residential buildings, apartments, and housing complexes. Each of these structures requires water heating solutions to provide hot water for various domestic purposes. New construction projects often aim to provide modern amenities to attract potential homeowners and renters. Water heaters are an essential part of these amenities, contributing to the overall comfort and convenience of the living space.
Residential Water Heater Market: Restraints
- Maintenance and repairs may hamper the market expansion
Maintenance and repair requirements are a significant restraining factor affecting growth and demand in the residential water heater market. This is due to the frequent servicing needs, high costs, and declining lifespans of traditional water heater units. Most residential water heaters need some type of preventative maintenance or servicing every 1 to 3 years to support optimal performance and longevity. Tasks like draining and flushing the tank to clear mineral buildup and replacing sacrificial anode rods are commonly recommended maintenance procedures for water heaters. If not performed regularly, mineral scale and corrosion can reduce the efficiency and lifespan of the appliance. The labor costs of even basic maintenance procedures often run USD 200 or more when hiring a plumber.
Browse the full “Residential Water Heater Market By Type (Storage Water Heaters, Tankless (On-Demand) Water Heaters, Heat Pump Water Heaters, And Solar Water Heaters), By Energy Source (Electric, And Gas (Natural Gas, Propane)), By Capacity (Below 30 Gallons, 30-50 Gallons, And Above 50 Gallons), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/residential-water-heater-market
Residential Water Heater Market: Segmentation
The global residential water heater market is segmented based on type, energy source, capacity, and region.
Based on type, the global market segments are storage water heaters, tankless (on-demand) water heaters, heat pump water heaters, and solar water heaters. Within the type segment of the residential water heater market, the tankless (on-demand) water heater subcategory is projected to experience the highest growth rate.
Based on energy source, the global residential water heater industry is categorized into electric and gas (natural gas and propane). Out of these, gas (natural gas and propane) was the largest shareholding segment in the global market.
Based on capacity, the residential water heater industry segments are below 30 gallons, 30–50 gallons, and above 50 gallons. In the residential water heater market's capacity segment, the category with the potential to exhibit the highest growth rate is the "above 50 gallons" segment.
- Asia Pacific to lead the market during the forecast period
Asia Pacific dominated the global residential water heaters market in terms of revenue in 2022. Increasing availability of electricity and gas in rural areas, escalating infrastructure investment, and expanding construction sectors in South Asian and South East Asian economies are all factors propelling water heater demand in the Asia Pacific region. In addition, it is anticipated that the emphasis on carbon neutrality and energy efficiency standards will accelerate market expansion.
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The report contains qualitative and quantitative research on the global Residential Water Heater market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Residential Water Heater market include;
- 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.
Recent Industry Developments:
- In 2022, GE Appliances, a Haier company, has opened a new USD 70 million water heater manufacturing plant in Camden, South Carolina. The plant is vertically integrated, meaning that it produces water heaters from coils of steel using metal fabrication and welding equipment, robotic material handling and processing, and enameling systems.
- In 2022, A. O. Smith, a pioneer in the water heating and water treatment industries, introduced the Voltex AL (anti-leak) hybrid electric heat pump water heater to its home product range. The Voltex AL model with its 66-gallon unit has the greatest overall Uniform Energy Factor (UEF) of 4.02 and the 50-gallon unit has the highest UEF of 3.8, making it the most efficient water heater on the market. There is also an 80-gallon variant available.
The global Residential Water Heater market is segmented as follows:
- Storage Water Heaters
- Tankless (On-Demand) Water Heaters
- Heat Pump Water Heaters
- Solar Water Heaters
By Energy Source
- Gas (Natural Gas, Propane)
- Below 30 Gallons
- 30-50 Gallons
- Above 50 Gallons
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Residential Water Heater industry?
- What are the main driving factors propelling the Residential Water Heater Market forward?
- What are the leading companies in the Residential Water Heater Industry?
- What segments does the Residential Water Heater Market cover?
- How can I receive a free copy of the Residential Water Heater Market sample report and company profiles?
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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