- Water heaters, essential for providing hot water in residential, commercial, and industrial settings, are witnessing growing demand due to their enhanced energy efficiency, smart technology integration, and compact designs catering to modern infrastructure needs
- The surge in demand is fueled by rapid urbanization, increasing disposable incomes, and a growing preference for tankless and hybrid heaters that offer on-demand heating and space-saving benefits
- North America dominated the water heater market with the largest revenue share of 38.5% in 2024, driven by high adoption of advanced water heating technologies, strong infrastructure development, and the presence of key industry players. The U.S. leads in the region, with significant demand for energy-efficient electric and gas heaters in residential and commercial applications
- Asia-Pacific is expected to be the fastest-growing region during the forecast period, propelled by rapid urbanization, rising disposable incomes, and increasing construction activities in countries such as China, India, and Japan
- The storage segment dominated the largest market revenue share of 60% in 2024, driven by its high energy conversion potential, low maintenance requirements, and widespread use in residential and commercial applications
