All Reports
3Q 2023

Sustainable and Advanced Water Heating Market

Global Water Heating Market Analysis and Forecast: 2023-2032

Depending on the region, country, energy source, and building segment, supplying hot water to a building can account for 10% to 20% of its total energy consumption. For instance, according to the Federation of European Heating, Ventilation, and Air Conditioning Associations,  in Finland, domestic hot water consumes more than 11% of a building’s electricity.

Thus, enhancing the efficiency and eco-friendliness of hot water technology is a primary factor in global decarbonization efforts. Seizing emerging business opportunities and participating in them to improve water heater sustainability closely relates to company growth in related industries. Guidehouse Insights expects global water heater equipment revenue to grow from $27.6 billion in 2023 to $39.6 billion in 2032, at a compound annual growth rate of 4.1%.

This Guidehouse Insights report analyzes the global market in six water heater equipment types: gas storage, electric storage, gas tankless, electric tankless, heat pump, and solar. It examines key technology trends, the industry value chain, and estimates the water heater equipment market for residential and commercial segments between 2023 and 2032 and segments the forecasts by five global regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Pages 39
Tables | Charts | Figures 48
  • What are the primary sustainable water heater trends, globally and regionally?
  • What are the major sustainable water heater technologies?
  • What are the pros and cons of the emerging technologies for water heaters?
  • What are the main regulations and policies for the water heater market?
  • Which companies are pushing this market forward—and why?
  • Government officials and policymakers
  • Engineering companies
  • DER platform providers
  • Nonprofit organizations focused on sustainability
  • HVAC companies
  • Water heater equipment providers
  • Investor community

1. Executive Summary

1.1      Introduction

1.2      Market Forecast

2. Market Issues

2.1      Introduction

2.2      Drivers

2.2.1     Policy: Regulations, Incentives, and Other Supports

2.2.1.1   Policy Revisions Planned in 2023 or for 2024-2025

2.2.2     Consumers Who Prefer High Efficiency Water Heaters

2.2.3     Technology Advances

2.3      Barriers

2.3.1     High Initial Cost for Efficient Systems and Energy Price Drops

2.3.2     Installers Who Lack Expertise and May Be Uncooperative

2.3.3     Customer Preference for Specific Water Heaters and Lack of Awareness of High‑Efficiency Water Heaters

3. Industry Value Chain

3.1      Sustainable Water Heating

3.2      Competitive Landscape

3.2.1     Merger and Acquisition Activities

3.2.2     Investment

3.2.3     Business Model Evolution

4. Market Forecasts

4.1      Forecast Methodology

4.2      Forecast Scope

4.3      Market Overview

4.4      Regional Forecasts

4.4.1     North America

4.4.2     Europe

4.4.3     Asia Pacific

4.4.4     Latin America

4.4.5     Middle East & Africa

4.5      Forecasts by Building Type

4.5.1     Residential

4.5.2     Commercial

4.6      Forecasts by Deployment Type

4.6.1     Residential

4.6.2     Commercial

5. Conclusions and Recommendations

5.1      Three Main Takeaways

5.2      Recommendations

5.2.1     Policymakers

5.2.2     Utilities

5.2.3     Engineering Companies

5.2.4     Manufactures

6. Building Types

6.1      Office

6.2      Retail

6.3      Education

6.4      Healthcare

6.5      Hotels and Restaurants

6.6      Institutional/Assembly

6.7      Warehouse

6.8      Transport

7. Acronym and Abbreviation List

8. Table of Contents

9. Table of Charts and Figures

10. Scope of Study, Sources and Methodology, Notes

  • Water Heating Equipment Revenue by End Customer, World Markets: 2023-2032
  • Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, North America: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Europe: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Asia Pacific: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Latin America: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Middle East & Africa: 2023-2032
  • Residential Water Heating Equipment Revenue by Residential Building Type, World Markets: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, World Markets: 2023-2032
  • Residential Water Heating Equipment Revenue by Deployment Type, World Markets: 2023-2032
  • Commercial Water Heating Equipment Revenue by Deployment Type, World Markets: 2023-2032
  • Harvest Thermal’s Heat Pump Water Heater Control Approach
  • Shifted Energy Software Balancing the Grid Power
  • High Level Overview of Water Heater Industry Value Chain
  • Water Heating Equipment Revenue by End Customer, World Markets: 2023-2032
  • Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, North America: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Europe: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Asia Pacific: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Latin America: 2023-2032
  • Water Heating Equipment Revenue by Equipment Type, Middle East & Africa: 2023-2032
  • Residential Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Residential Water Heating Equipment Revenue by Equipment Type, North America: 2023-2032
  • Residential Water Heating Equipment Revenue by Equipment Type, Europe: 2023-2032
  • Residential Water Heating Equipment Revenue by Equipment Type, Asia Pacific: 2023-2032
  • Residential Water Heating Equipment Revenue by Equipment Type, Latin America: 2023-2032
  • Residential Water Heating Equipment Revenue by Equipment Type, Middle East & Africa: 2023-2032
  • Commercial Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Commercial Water Heating Equipment Revenue by Equipment Type, North America: 2023-2032
  • Commercial Water Heating Equipment Revenue by Equipment Type, Europe: 2023-2032
  • Commercial Water Heating Equipment Revenue by Equipment Type, Asia Pacific: 2023-2032
  • Commercial Water Heating Equipment Revenue by Equipment Type, Latin America: 2023-2032
  • Commercial Water Heating Equipment Revenue by Equipment Type, Middle East & Africa: 2023-2032
  • Residential Water Heating Equipment Revenue by Residential Building Type, World Markets: 2023-2032
  • Single Family Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Multi Family Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, World Markets: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, North America: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, Europe: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, Asia Pacific: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, Latin America: 2023-2032
  • Commercial Water Heating Equipment Revenue by Commercial Building Type, Middle East & Africa: 2023-2032
  • Residential Water Heating Equipment Revenue by Deployment Type, World Markets: 2023-2032
  • New Residential Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Retrofit Residential Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Commercial Water Heating Equipment Revenue by Deployment Type, World Markets: 2023-2032
  • New Commercial Water Heating Equipment Revenue by Region, World Markets: 2023-2032
  • Retrofit Commercial Water Heating Equipment Revenue by Region, World Markets: 2023-2032
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