Heater Market - Forecasts from 2023 to 2028

The global heater market was valued at US$53.954 billion in 2021..

The global heater market is expected to experience significant growth during the forecasted period. Heaters are essential appliances that serve multiple purposes by generating warmth through the heating of water or the surrounding air. Beyond their primary function of space heating, heaters find applicability in various domains such as cooking, water heating, and industrial processes. Heaters have become indispensable in the modern world due to their versatility and ability to cater to different needs. The growing utilization of heaters in cooking is driving the global heater market growth.

The growing application in cooking will boost the market growth.

High safety, scalability, and energy efficiency are a few benefits of the electromagnetic heating technique known as induction heating, which has long been used in cooking. The heater technology is used in various appliances such as electric stoves, microwaves, and induction cooktops. The new product launches are expected to boost the global heater market growth. In October 2022, LG unveiled a new line of microwaves with a charcoal lighting function in India. In January 2023, GE Appliances Introduced a New Line-Up of Induction Cooktops Full of Connected Brand-Across Capabilities with 14 new induction cooktops from Monogram, CAFÉ, and GE Profile, which are helping simplify cooking. Such new product launches of kitchen cooking appliances are expected to boost the global heater market growth during the forecasted period.

The rising application in industrial processes will boost market growth.

Process heaters are being used in manufacturing industries to increase productivity in various processes, including drying, evaporation, melting, curing, heat treating, and distillation, among others. The growing demand for the heating process will increase due to increasing industrial investment, which is expected to boost the global heater market growth. In April 2023, according to the U.S. Census Bureau, the total industrial manufacturing investment increased from $91,664 million in February 2022 to $140,667 million in February 2023, showing a huge increase rate of 53.5%. This rising application in the industrial sector with increasing investment is expected to boost the global heater market growth during the forecasted period.

During the forecast period, the Asia-Pacific region will see a boost in market growth.

The Asia Pacific region is anticipated to dominate the global heater industry due to increased urbanization, the rapid requirement for heating technologies, new product launches, and growing heater manufacturing capacity, which will boost the heater market growth. For instance, the operation of a water heater manufacturing facility in India was launched in January 2023 by Hindware Home Innovation, India, and its joint venture partner, Group Atlantic, France. This Indo-French joint venture aimed to increase its footprint throughout the nation by producing 600,000 heating and water heater units. In December 2022, Havells introduced the Otto and Orizzonte storage water heater lines in India. The Otto model is offered in three different sizes: 10 liters, 15 liters, and 25 liters, while the Orizzonte model is offered in two sizes: 15 liters and 25 liters. This increasing establishment of heater manufacturing facilities and new product launches will boost the global heater market growth during the forecasted period.

Market Developments:

• In September 2022, Midea launched its newest line of energy-efficient water heaters. The beautiful VD Series, which features a brand-new practical and small square-shaped design, blends in well with the decor in a room already in use and complements it.
• In January 2022, Borosil introduced the nation's first room heater, Volcano. It is an oil-filled radiator (OFR) space heater with cutting-edge safety features and a distinctive S-shaped fin design.

Market Segmentation

By Type

• Electric Heater
• Natural Gas Heater
• Radiant Heater
• Others

By Application

• Cooking
• Water Heating
• Space Heating
• Industrial Processes

By End-User

• Residential
• Industrial/Commercial

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others