The global water heater market size, valued at USD 32.56 billion in 2024, is projected to experience steady growth at a CAGR of 4% during the forecast period of 2025-2034. This growth trajectory is driven by rising demand for energy-efficient water heating solutions, increasing urbanization, and advancements in technology. By 2034, the market is expected to reach a valuation of USD 46.3 billion, reflecting expanding residential and commercial applications globally.
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