Water Heater Market growth driven by rising construction activities
The water heater market is driven by rising construction activities and growing population. Water heaters are integral appliances used across residential, commercial and industrial sectors to provide warm water for purposes like bathing, cleaning, cooking etc. There are various types of water heaters available in the market including solar water heaters which use solar thermal collectors to harness sunlight and store it in the form of heat, gas water heaters which use gas as the primary source of energy, electric water heaters which convert electricity to heat, heat pump water heaters which use a heat pump system to transfer heat from one place to another and lastly tankless or instant water heaters which heat water as it flows through rather than heating it continuously and storing it.
water heater market is estimated to account for US$ 33.94 Billion in terms of value in 2023 and is expected to grow at a CAGR of 12.4% during the forecast period from 2023-2030.
Key Takeaways
Key players operating in the water heater market are A. O. Smith Corporation, Rheem Manufacturing Company, Ariston Thermo Group, Bosch Thermotechnology, General Electric Appliances, and State Water Heaters.
Growing population and rapid urbanization have increased electricity consumption which has boosted the sales of electric water heaters globally. Water Heater Market Growth are also gaining popularity due to rising environmental concerns and need for energy efficiency.
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