Global Residential Water Heaters Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Residential Water Heaters Market Analysis

COVID - 19 had a slightly negative impact on the Global Residential Water Heaters Market. The supply chain was disrupted due to the imposition of lockdown by majority of the regions across the globe. Also the production rate has slowed down in the years 2020 and 2021. Although, the hygiene factors are expected to push the market in the coming years.

The rise of the real estate and a subsequent demand for modern amenities which include Water Heating is one of the factor influencing the growth of the Residential Water Heaters Market. The nuances and product enhancements will also have a profound effect on the overall market. In addition to this, the increase in the urban regions across the globe and a need for better facilities in the urban houses will also fuel the growth rate. Enhanced adoption of the instant heating units owing to low power consumption coupled with simple and compact designs is set to boost the Residential Water Heaters Market. Introduction of smart innovative models, that have high energy efficiency and cost effeciency will possibly strengthen the overall demand of the Water Heaters. 

Availability of multiple capacity ranges which can be used for a wide variety of applications along with constant supply of pressurized water will complement the storage-based Residential Water Heaters Market. The adoption to the Water Heaters is encouraged by factors such as low deployment costs, easy maintenance and aesthetically sound as well as simple designs. The trend of Gas-based Residential Water Heaters will sustain on account of numerous factors including development of the gas pipeline network, ability to provide hot water for longer duration along with its usability in wide applications. Growing investments toward the manufacturing, development, and design of smart heating equipment, increasing demand for space heating along with growing installation of central heating systems will strengthen the market share.

Residential Water Heaters Market Trends

This section covers the major market trends shaping the Residential Water Heaters Market according to our research experts:

Growing Preference for Gas and Electric Water Heaters

Residential Water Heaters Industry Segmentation

Hot water heaters are appliances used to heat water and to keep it at a more or less constant elevated temperature. A complete background analysis of the Global Residential Water Heaters Market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report. Global Residential Water Heaters Market is segmented By Product Type(Storage Water Heaters, Non-Storage Water Heaters and Hybrid Water Heaters), By Energy Source Type(Electric, Gas, Solar and Others), By Capacity(Small Water Heater, Medium Water Heater and Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Online Stores and Other Distribution Channels) and By Geography (North America, Asia-Pacific, Europe, South America, Middle-East and Africa)