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What Are the Key Growth Indicators and Market Expansion Estimates for the Washing Machines Market Through 2029?
The water heaters market size has grown strongly in recent years. It will grow from $63.14 billion in 2024 to $67.29 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rise in disposable income, high investments, adaption of the internet of things (IoT) and new product launches along with advanced features.

The water heaters market size is expected to see strong growth in the next few years. It will grow to $90.22 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increased internet penetration, a rise in merger and acquisition activity and growing demand for instant heating units. Major trends in the forecast period include offering smart water heaters to protect the energy and increase the efficiency of the water heater, focus on bringing more advancements in hybrid water heaters or systems, to meet the rising demand and to increase their revenue, companies should consider helping in the development of technologies for improving performance, to switch the power load on the grid, by detecting the temperature, invest in the introduction of energy efficient technologies in water heaters to reduce the overall consumption of energy during the water treatment heating process, consider government associations to maintain their renewable energy and for decarbonization purposes and players in the market should consider appealing to technology investments and associations to develop the market presence.

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What Are the Essential Drivers Propelling the Water Heaters Market Forward?
Rapid Urbanization is expected to contribute to the growth of the water heaters market in the forecast period. For instance, in January 2024, according to the Independent Commission for Aid Impact (ICAI), a UK-based information and services platform, by 2050, over two-thirds (approximately 67%) of the global population is projected to live in urban areas. Additionally, in April 2023, according to data published by the World Bank, a US-based international financial institution that provides loans and grants to the governments of low- and middle-income countries, 56% of the world’s population or 4.4 billion inhabitants lived in urban areas in 2023, and this number is expected to more than double its current size by 2050. The growth in the urban population coupled with the rise in disposable incomes and affordability among residents of cities will drive the demand for water heaters market. Therefore, rapid urbanization is driving the water heaters market.

What Are the Primary Market Segments in the Water Heaters Market?
The water heaters market covered in this report is segmented –

1) By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters
2) By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels
3) By End User: Residential, Commercial, Industrial

Subsegments:
1) By Solar Heaters: Active Solar Water Heating Systems, Passive Solar Water Heating Systems, Solar Pool Heaters
2) By Electric Heaters: Tank Electric Water Heaters, Tankless Electric Water Heaters, Heat Pump Water Heaters
3) By Gas And Propane Heaters: Tank Gas Water Heaters, Tankless Gas Water Heaters, Condensing Gas Water Heaters
4) By Geothermal Heaters: Ground Source Heat Pumps, Water Source Heat Pumps, Direct Exchange Systems


Which Major Trends Are Expected to Define the Water Heaters Market Through 2029?
Water heater manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. Energy efficient appliances are designed to utilize minimum energy to complete the required task. Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, an energy star certified water heater saves $3500 over its lifetime.

Who Are the Top Performers and Innovators in the Water Heaters Market?
Major companies operating in the water heaters market include A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, Bajaj Electricals Ltd, Crompton Greaves Consumer Electricals Ltd., Havells India Ltd., Taian Haoli Solar Energy Technology Co., Ltd., AquaWorld Group Co., Ltd., Changzhou XNE Technology Co., Ltd., Guangdong PHNIX Eco-Energy Solution Ltd., Siemens AG, Stiebel Eltron International GmbH, Telford Copper & Stainless Cylinders, Hamworthy Heating, Sun Ray, PBS Power Equipment, s.r.o., Enerstena Group, Petrojet Trade s.r.o., Druzstevni zavody Drazice company, Noritz Corporation, General Electric (GE), ATMOR, Kyungdong Navien Co.,Ltd., Viesmann Group, Whirlpool Corporation, Alfa Laval, Carrier Corporation, Apen Group, State Industries, American Water Heaters, EcoSmart US, Goodman, ABRAVA- DASOL, Aquecedor Solar Transsen Ltda., Br Solar, IEM – Intercambio Eletro Mecanico Ltda., Dana Water Heaters and Coolers Factory LLC, Al Khatib Electrical Water Heater Factory, Pure Blue International LLC, Solar Ray, Genersys South Africa, GoSolar CC, ITS Solar, Kwikot (Pty) Ltd.

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Which Regions Are Expected to Record the Strongest CAGR in the Washing Machines Market?
Asia-Pacific was the largest region in the water heaters market in 2024. Western Europe was the second-largest region in the global water heaters market share. The regions covered in the water heaters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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