<img src="https://ml.globenewswire.com/Resource/Download/908fb457-7f8e-4a08-9081-5565e3dfb3d7?size=2" nborder="0" align="left" hspace="5" vspace="5" title="22157.jpg" alt="Company Logo"/>Demand for efficient, smart, tankless, solar and heat-pump water heaters is rising amid urbanization, construction, system replacements, and hospitality and healthcare expansion.Dublin, Sept. 17, 2026 <a href="https://www.globenewswire.com" target="_blank">(GLOBE NEWSWIRE)</a> -- <a href="https://www.researchandmarkets.com/reports/6050938/global-water-heater-market-report-product?utm_source=GNE&amp;utm_medium=PressRelease&amp;utm_code=cvtbkh&amp;utm_campaign=2350078+-+Global+Water+Heater+Market+2026-2034%3a+Energy-Efficient%2c+Smart+Technologies+and+Expanding+Residential+and+Commercial+Demand+Drive+Growth+Opportunities&amp;utm_exec=clshmsai" rel="nofollow" target="_blank" title="Global Water Heater Market Report by Product, Technology, Application, Capacity, Countries and Company Analysis 2026-2034">"Global Water Heater Market Report by Product, Technology, Application, Capacity, Countries and Company Analysis 2026-2034"</a> has been added to ResearchAndMarkets.com's offering. Global Water Heater Market Projected to Reach US$46.8 Billion by 2034 The global water heater market is expected to expand from an estimated US$30.72 billion in 2025 to US$46.8 billion by 2034, representing a projected compound annual growth rate of 5.23% from 2026 to 2034. Market growth is being supported by rising demand for energy-efficient water heating systems, continued residential and commercial construction, urbanization, and higher standards of living. Water heaters remain essential across homes, hotels, hospitals, offices, retail facilities, and industrial operations. Demand is particularly strong in regions with colder seasonal temperatures, while adoption in warmer markets continues to increase as consumers prioritize comfort, convenience, and reliable access to hot water. Technological innovation is reshaping the global water heater market. Manufacturers are introducing high-efficiency electric water heaters, tankless systems, solar water heaters, heat pump models, and connected products featuring digital temperature controls and smartphone integration. Improved insulation, advanced safety systems, compact designs, and automated energy management are also helping consumers reduce operating costs. Government energy-efficiency standards, decarbonization initiatives, and incentives for renewable technologies are accelerating the replacement of conventional equipment. Heat pump and hybrid water heaters are gaining particular attention because they consume less electricity than traditional resistance-based systems. Tankless water heaters are also expanding their market presence by providing hot water on demand and reducing standby energy losses. In August 2025, Rheem Manufacturing Company announced a new range of hybrid water heaters incorporating advanced heat pump technology. In May 2025, Lennox and Ariston Group formed a North American residential water heater joint venture, with products scheduled for launch in 2026 through Lennox's established distribution network. These developments highlight growing competition in sustainable water heating solutions. Residential and Commercial Construction Supports Demand Urban development and modern housing construction are major water heater market growth drivers. Rising disposable income, expanding middle-class populations, and improved access to electricity are increasing appliance adoption in developing economies. Builders and property developers are also including water heaters as standard features in apartments, new homes, and connected residential developments. The hospitality, healthcare, and commercial sectors represent additional sources of demand. Hotels, resorts, hospitals, offices, and shopping centers require dependable hot water systems capable of supporting continuous or high-volume use. Tourism development and healthcare infrastructure investment are therefore strengthening demand for commercial water heaters and larger-capacity storage systems. Industry consolidation is also influencing the competitive landscape. In June 2025, LG Electronics acquired Norway-based OSO Group, a manufacturer of stainless steel water heaters. The acquisition is expected to strengthen LG's heating, ventilation, and air-conditioning portfolio in Europe while supporting the development of integrated heat pump and water heating technologies. Key Water Heater Market Segments Electric water heaters hold a prominent market position due to their accessibility, straightforward installation, and suitability for residential buildings and smaller commercial properties. Continued household electrification, improved temperature controls, and stronger safety performance are expected to support this segment. Storage tank water heaters remain widely adopted across residential, hospitality, healthcare, and commercial applications. Their reliability, competitive purchase price, and ability to provide consistent hot water make them suitable for high-volume requirements. Newer products offer improved insulation and energy-saving components that help limit heat loss. Hybrid and heat pump water heaters are forecast to gain market share as governments, businesses, and households seek lower-emission alternatives. Although these products generally involve higher initial costs, their long-term energy savings and reduced environmental impact support broader adoption. The 30-100-liter capacity segment is especially important for small and medium-sized households, apartments, independent homes, and light commercial applications. Products in this category balance available capacity with compact installation, faster heating, enhanced safety, and efficient space utilization. Market Challenges High equipment and installation costs remain significant barriers, particularly for solar, smart, and heat pump water heaters in price-sensitive markets. Installation may require electrical upgrades, rooftop access, specialized plumbing, or additional space, increasing the total cost of ownership. Energy consumption and environmental regulation also present challenges for manufacturers. Conventional electric and fossil-fuel water heaters can contribute to higher utility costs and greenhouse gas emissions. Companies must continue investing in product development to satisfy stricter efficiency requirements and meet consumer expectations for sustainable household appliances. Regional Water Heater Market Outlook The United States remains one of the world's largest water heater markets, supported by replacement demand, established residential infrastructure, and growing adoption of tankless and high-efficiency systems. In July 2025, A. O. Smith Corporation launched a digital platform designed to improve customer interactions and strengthen the ownership experience. In the United Kingdom, government decarbonization policies and building renovations are encouraging a gradual transition from traditional gas-powered systems toward efficient electric and heat pump water heaters. Bradford White Water Heaters expanded its commercial portfolio in January 2026 with the launch of the high-efficiency eF Series Turbo gas water heater. India is experiencing rapid market growth due to urbanization, higher disposable income, new apartment construction, and increased awareness of efficient appliances. Electric storage systems remain popular, while solar water heaters are benefiting from renewable-energy initiatives. In July 2025, Crompton Greaves Consumer Electricals introduced the RapidJet TDS 2000 instant water heater for hard-water conditions. Saudi Arabia is also recording steady demand as residential development, tourism investment, and hospitality construction expand. Electric systems dominate because of their availability and installation flexibility, while national sustainability programs are encouraging greater use of energy-efficient models. Market Segmentation <ul><li>By product: Electric, solar, and gas water heaters</li><li>By technology: Tankless, storage tank, and hybrid systems</li><li>By application: Residential, commercial, and industrial</li><li>By capacity: Below 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and above 400 liters</li><li>By region: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa</li></ul> Competitive Landscape The global water heater market remains competitive, with manufacturers prioritizing energy efficiency, connected technology, product durability, distribution expansion, and strategic partnerships. Prominent companies include A. O. Smith, Rinnai Corporation, Whirlpool Corporation, Bajaj Electricals, Haier, Havells India, Lennox International, Kenmore, and Thermex Corporation. As energy policies tighten and customers place greater value on efficient, intelligent, and environmentally responsible appliances, the global water heater market is positioned for sustained expansion through 2034. Product innovation, infrastructure investment, replacement demand, and growth in residential and commercial construction will remain central to the market's long-term outlook. Key Attributes: <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Report Attribute</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">Details</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">No. of Pages</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">200</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Forecast Period</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">2025 - 2034</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Estimated Market Value (USD) in 2025</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">$30.72 Billion</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Forecasted Market Value (USD) by 2034</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">$48.6 Billion</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; ">Compound Annual Growth Rate</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; ">5.2%</td></tr><tr><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; ">Regions Covered</td><td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; ">Global</td></tr></table> Key Topics Covered: 1. Introduction 2. Research &amp; Methodology 2.1 Data Source 2.1.1 Primary Sources 2.1.2 Secondary Sources 2.2 Research Approach 2.2.1 Top-Down Approach 2.2.2 Bottom-Up Approach 2.3 Forecast Projection Methodology 3. Executive Summary 4. Market Dynamics 4.1 Growth Drivers 4.2 Challenges 5. Global Water Heater Market 5.1 Historical Market 5.2 Market Forecast 6. Market Share Analysis 6.1 By Product 6.2 By Technology 6.3 By Application 6.4 By Capacity 6.5 By Countries 7. Product 7.1 Electric 7.1.1 Historical Market 7.1.2 Market Forecast 7.2 Solar 7.2.1 Historical Market 7.2.2 Market Forecast 7.3 Gas 7.3.1 Historical Market 7.3.2 Market Forecast 8. Technology 8.1 Tankless 8.1.1 Historical Market 8.1.2 Market Forecast 8.2 Storage Tank 8.2.1 Historical Market 8.2.2 Market Forecast 8.3 Hybrid 8.3.1 Historical Market 8.3.2 Market Forecast 9. Application 9.1 Commercial 9.1.1 Historical Market 9.1.2 Market Forecast 9.2 Residential 9.2.1 Historical Market 9.2.2 Market Forecast 9.3 Industrial 9.3.1 Historical Market 9.3.2 Market Forecast 10. Capacity 10.1 Below 30 Liters 10.1.1 Historical Market 10.1.2 Market Forecast 10.2 30 - 100 Liters 10.2.1 Historical Market 10.2.2 Market Forecast 10.3 100 - 250 Liters 10.3.1 Historical Market 10.3.2 Market Forecast 10.4 250 - 400 Liters 10.4.1 Historical Market 10.4.2 Market Forecast 10.5 Above 400 Liters 10.5.1 Historical Market 10.5.2 Market Forecast 11. Countries 11.1 North America 11.1.1 United States 11.1.1.1 Historical Market 11.1.1.2 Market Forecast 11.1.2 Canada 11.1.2.1 Historical Market 11.1.2.2 Market Forecast 11.2 Europe 11.2.1 France 11.2.1.1 Historical Market 11.2.1.2 Market Forecast 11.2.2 Germany 11.2.2.1 Historical Market 11.2.2.2 Market Forecast 11.2.3 Italy 11.2.3.1 Historical Market 11.2.3.2 Market Forecast 11.2.4 Spain 11.2.4.1 Historical Market 11.2.4.2 Market Forecast 11.2.5 United Kingdom 11.2.5.1 Historical Market 11.2.5.2 Market Forecast 11.2.6 Belgium 11.2.6.1 Historical Market 11.2.6.2 Market Forecast 11.2.7 Netherlands 11.2.7.1 Historical Market 11.2.7.2 Market Forecast 11.2.8 Turkey 11.2.8.1 Historical Market 11.2.8.2 Market Forecast 11.3 Asia Pacific 11.3.1 China 11.3.1.1 Historical Market 11.3.1.2 Market Forecast 11.3.2 Japan 11.3.2.1 Historical Market 11.3.2.2 Market Forecast 11.3.3 India 11.3.3.1 Historical Market 11.3.3.2 Market Forecast 11.3.4 Australia 11.3.4.1 Historical Market 11.3.4.2 Market Forecast 11.3.5 South Korea 11.3.5.1 Historical Market 11.3.5.2 Market Forecast 11.3.6 Thailand 11.3.6.1 Historical Market 11.3.6.2 Market Forecast 11.3.7 Malaysia 11.3.7.1 Historical Market 11.3.7.2 Market Forecast 11.3.8 Indonesia 11.3.8.1 Historical Market 11.3.8.2 Market Forecast 11.3.9 New Zealand 11.3.9.1 Historical Market 11.3.9.2 Market Forecast 11.4 Latin America 11.4.1 Brazil 11.4.1.1 Historical Market 11.4.1.2 Market Forecast 11.4.2 Mexico 11.4.2.1 Historical Market 11.4.2.2 Market Forecast 11.4.3 Argentina 11.4.3.1 Historical Market 11.4.3.2 Market Forecast 11.5 Middle East &amp; Africa 11.5.1 South Africa 11.5.1.1 Historical Market 11.5.1.2 Market Forecast 11.5.2 Saudi Arabia 11.5.2.1 Historical Market 11.5.2.2 Market Forecast 11.5.3 UAE 11.5.3.1 Historical Market 11.5.3.2 Market Forecast 12. Porter's Five Forces Analysis 12.1 Bargaining Power of Buyers 12.2 Bargaining Power of Suppliers 12.3 Degree of Competition 12.4 Threat of New Entrants 12.5 Threat of Substitutes 13. SWOT Analysis 13.1 Strength 13.2 Weakness 13.3 Opportunity 13.4 Threats 14. Key Players Analysis 14.1 A.O. Smith 14.1.1 Overviews 14.1.2 Key Person 14.1.3 Recent Developments 14.1.4 SWOT Analysis 14.1.5 Revenue Analysis 14.2 Rinnai Corporation 14.2.1 Overviews 14.2.2 Key Person 14.2.3 Recent Developments 14.2.4 SWOT Analysis 14.2.5 Revenue Analysis 14.3 Whirlpool Corporation 14.3.1 Overviews 14.3.2 Key Person 14.3.3 Recent Developments 14.3.4 SWOT Analysis 14.3.5 Revenue Analysis 14.4 Bajaj Electricals Ltd 14.4.1 Overviews 14.4.2 Key Person 14.4.3 Recent Developments 14.4.4 SWOT Analysis 14.4.5 Revenue Analysis 14.5 Haier Inc. 14.5.1 Overviews 14.5.2 Key Person 14.5.3 Recent Developments 14.5.4 SWOT Analysis 14.5.5 Revenue Analysis 14.6 Havells India Ltd 14.6.1 Overviews 14.6.2 Key Person 14.6.3 Recent Developments 14.6.4 SWOT Analysis 14.6.5 Revenue Analysis 14.7 Lennox International Inc. 14.7.1 Overviews 14.7.2 Key Person 14.7.3 Recent Developments 14.7.4 SWOT Analysis 14.7.5 Revenue Analysis 14.8 Kenmore 14.8.1 Overviews 14.8.2 Key Person 14.8.3 Recent Developments 14.8.4 SWOT Analysis 14.8.5 Revenue Analysis 14.9 Thermex Corporation 14.9.1 Overviews 14.9.2 Key Person 14.9.3 Recent Developments 14.9.4 SWOT Analysis 14.9.5 Revenue Analysis Companies Featured <ul><li>A.O. Smith</li><li>Rinnai Corporation</li><li>Whirlpool Corporation</li><li>Bajaj Electricals Ltd</li><li>Haier Inc.</li><li>Havells India Ltd</li><li>Lennox International Inc.</li><li>Kenmore</li><li>Thermex Corporation</li></ul> For more information about this report visit <a href="https://www.researchandmarkets.com/reports/6050938/global-water-heater-market-report-product?utm_source=GNE&amp;utm_medium=PressRelease&amp;utm_code=cvtbkh&amp;utm_campaign=2350078+-+Global+Water+Heater+Market+2026-2034%3a+Energy-Efficient%2c+Smart+Technologies+and+Expanding+Residential+and+Commercial+Demand+Drive+Growth+Opportunities&amp;utm_exec=clshmsai" rel="nofollow" target="_blank" title="">https://www.researchandmarkets.com/r/vntl9f</a> About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. 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Global Water Heater Market 2026-2034: Energy-Efficient, Smart Technologies and Expanding Residential and Commercial Demand Drive Growth Opportunities

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