"BCC Research Study Forecasts 5.2% CAGR from 2024 to 2029, Driven by Growing Demand for Energy-Efficient and Sustainable Water Heating Solutions. The Analysis Covers Product Types, Storage Capacities, Energy Sources, Applications, and Regional Forecasts in the Global Market."
BOSTON, Oct. 24, 2024 /PRNewswire/ -- "According to the latest BCC Research study on "Water Heater: Global Markets" is estimated to reach $32.1 billion by 2029, at a compound annual growth rate (CAGR) of 5.2% from 2024 through 2029."
The global water heater market is driven by the growing demand for hot water in residential and commercial settings, including homes, hospitals, hotels, restaurants, and laundries. Water heaters, which convert energy from sources like electricity, gas, or solar power into thermal energy, are used for bathing, cleaning, laundry, and cooking. This report provides a comprehensive analysis of the water heater market, using 2023 as the base year and offering projections through 2029. It covers market revenue in terms of product type, storage capacity, energy source, and applications, along with regional analysis across North America, Europe, Asia-Pacific, and the Rest of the World. Key market trends, challenges, ESG developments, patents, emerging technologies, and competitive dynamics are examined, with profiles of leading companies in the industry.
This report is highly relevant to industry stakeholders today due to the rapidly evolving water heater sector, driven by increasing demand for energy-efficient solutions and growing urbanization worldwide. With governments implementing stricter regulations on energy consumption and emissions, the market is experiencing a significant shift towards more sustainable and innovative technologies. Understanding these trends is crucial for businesses to stay competitive and compliant, making this report an essential resource for navigating current challenges and opportunities in the global water heater market.
The following factors drive the global market for water heaters:
Growing Demand for Energy-Efficient Water Heaters: As sustainability and energy costs gain attention, both consumers and businesses are shifting towards energy-efficient water heaters. These systems reduce electricity or gas usage, lowering utility costs and environmental impact. Technologies like heat pumps and solar water heaters are particularly popular for their significant energy savings. Government incentives and regulations further boost the adoption of these appliances.
Rapid Urbanization and Migration of People Towards Cities: Urbanization is accelerating worldwide, with more people moving to cities for better opportunities. This trend drives the construction of new residential and commercial spaces, increasing demand for water heating solutions. Urban areas, with modern infrastructure, are well-equipped to adopt efficient water heating systems, fueling market growth.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast Period considered | 2024-2029 |
Base year market size | $23.7 billion |
Market size forecast | $32.1 billion |
Growth rate | CAGR of 5.2% for the forecast period of 2024-2029 |
Segment Covered | Product Type, Storage Capacity, Energy Source, Applications |
Regions covered | North America, Europe, Asia-Pacific, Rest of the World |
Countries covered | U.S., Canada, Mexico, U.K., Germany, France, Rest of Europe (Spain, Italy, Russia, and other countries), China, Japan, India, South Korea, Rest of Asia-Pacific (Australia, Indonesia, and other countries), South America, Middle East, Africa |
Key Market Drivers | • Growing Demand for Energy-Efficient Water Heaters • Rapid Urbanization and Migration of People Towards Cities |
Key Interesting Facts about the global market for water heaters:
- Government Mandates Opportunity: Energy efficiency regulations present significant growth potential for the water heater market, despite high upfront costs and low awareness restraining growth.
- China's Market Share: China dominates the Asia-Pacific water heater market, accounting for over 46.1%, with the region projected to grow at a 7.8% CAGR from 2024 to 2029.
- Instant Water Heater Demand: Growing single-family housing in the U.S., China, and India drives demand for instant water heaters, which can save up to 25% more energy than conventional models.
The global market for water heaters includes in-depth data and analysis addressing the following important queries:
1.What is the projected market size and growth rate of the global water heaters market?
•The global market for water heaters was valued at $23.7 billion in 2023 and will reach $32.1 billion by 2029, growing at a CAGR of 5.2% from 2024 to 2029.
2.What are the key factors driving the growth of the global water heaters market?
•The key factors driving the global water heater market growth include growing demand for energy-efficient water heaters, rapid urbanization, and rigorous government mandates.
3.By application, which segment will dominate the market by the end of 2029?
•By the end of 2029, the residential application segment will continue to dominate the global water heaters market.
4.Which region has the highest market share in the global water heaters market?
•The North American region has the highest global water heaters market share.
Some of the Key Market Players Are:
- 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
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