Water Heater Market Size Worth USD 48.85 Billion by 2034 | CAGR: 4.7%

The water heater market size is expected to reach USD  48.85 Billion by 2034, according to a new study by Polaris Market Research. The report “Water Heater Market Size, Share, Trends, Industry Analysis Report By Capacity, By Product, By Technology, By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The water heater market is witnessing robust growth, driven by increasing residential and commercial construction, rising adoption of energy-efficient and smart water heating solutions, and supportive government initiatives promoting renewable energy integration.

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Leading players are focusing on developing technologically advanced, reliable, and sustainable water heaters that enhance energy efficiency, reduce operational costs, and meet the evolving demands of modern households and businesses globally.

Water Heater Market Report Highlights

• Based on capacity, the 30–100 liters segment dominated the market in 2024, due to its suitability for small to mid-sized households and compact commercial setups.
• In terms of product, electric water heaters held the largest share, supported by wide availability, user convenience, and compatibility with smart home systems.
• By technology, storage water heaters led the market, owing to their affordability, reliability, and ease of installation across residential and commercial spaces.
• Based on application, the residential segment dominated, driven by increasing housing development and growing consumer preference for energy-efficient home appliances.
• Asia Pacific grew steadily in 2024, fueled by rapid urbanization and rising residential and commercial construction across India, China, and Southeast Asia.
• North America accounted for a significant share, supported by rising replacement demand for outdated water heating systems across residential and commercial spaces.
• A few key global players include A.O. Smith Corporation, Ariston Holding N.V., Bajaj Electricals Limited, Bosch Thermotechnology Corp., Bradford White Corporation, FERROLI S.p.A., Haier Inc., Havells India Ltd., Lennox International Inc., Noritz America Corporation, Rheem Manufacturing Company, Rinnai America Corporation, Transform SR Brands LLC (owner of the Kenmore brand), Westinghouse Electric Corporation, and Whirlpool Corporation.

Polaris Market Research has segmented the market report on the basis of capacity, product, technology, application, and region:

By Capacity Outlook (Revenue, USD Billion, 2020–2034)

• Below 30 Liters
• 30 - 100 Liters
• 100 - 250 Liters
• 250 - 400 Liters
• Above 400 Liters

By Product Outlook (Revenue, USD Billion, 2020–2034)

• Electric
• Solar
• Gas

By Technology Outlook (Revenue, USD Billion, 2020–2034)

• Tankless
• Storage
• Hybrid

By Application Outlook (Revenue, USD Billion, 2020–2034)

• Residential
• Commercial
• Industrial

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America