Storage Water Heater Market Size - By Energy Source (Electric, Gas), By Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), By Capacity & Forecast, 2024 – 2032

Storage Water Heater Market Size - By Energy Source (Electric, Gas), By Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), By Capacity & Forecast, 2024 – 2032

Storage Water Heater Market Size

Storage Water Heater Market was valued at USD 19.11 billion in 2023 and is projected to register at a 5.8% CAGR between 2024 and 2032. Driven by the increasing economic development and the adoption of zero-emission heating systems. Robust investments by respective government organizations and private institutions pertaining to the development of large manufacturing facilities will positively enhance the product penetration.

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Ongoing government initiatives for the adoption of energy-efficient water heating appliances coupled with rising carbon emission concerns will accelerate industry growth. For instance, in China according to Minimum Energy Performance Standards (MEPS, labels are mandatory for all water heaters, which have MEPS. All water heaters are divided into different grades of energy efficiency. Therefore, manufacturers in line with the stringent government guidelines have aligned their focus toward the development of energy-efficient products will fuel the industry growth.

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COVID- 19 Impact

The COVID- 19 outbreak had a significant impact on overall industry growth owing to shutdown of several manufacturing and industrial facilities, including delays in several infrastructure development projects. However, government relaxations on mandated lockdowns followed by the restoration of industries and operations will boost the product demand in the HVAC industry. Additionally, expansion of infrastructure structure along with growing construction activities across the residential and commercial organizations will continue to drive the business scenario.

Storage Water Heater Market Trends

Growing emphasis on energy-efficient storage water heaters along with ability to significantly reduce energy consumption and operating costs will complement the industry landscape. Manufacturers adding smart and connected features that allow users to monitor and control their heating equipment remotely through smartphone apps will sway the industry trends. In addition, upsurge in the adoption of these units across airports, malls, and shopping centers will positively influence the product penetration.

Storage Water Heater Market Analysis

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Based on capacity, the <30 liters storage water heater will surpass USD 3.2 billion by 2032. Key features comprising of greater control over energy usage, remote diagnostics, and leak detection will enhance the overall user experience. Moreover, environmental consciousness along with increasing use of renewable energy sources will reduce the reliance on conventional energy sources.

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Based on energy source, the electric segment is anticipated to witness 5.5% CAGR between 2023 and 2032, owing to innovation of energy-efficient and cost-effective units in line with requirement for large capacity water heaters to ensure an uninterrupted supply of hot water. Low standby losses, desired temperature, and cost effectiveness are some features which will augment the business trends. Moreover, ongoing innovation providing consumers with a wider range of choices and prices will further proliferate product penetration.

The commercial storage water heater market revenue to cross USD 11.5 billion by 2032. These systems are engineered to deliver large volumes of hot water to multiple points of use, making them ideal for environments where substantial and continuous supply of hot water is essential. Availability of the units in various ranges coupled with precise temperature control mechanisms complying with required safety and comfort standards will sway the business dynamics. Thereby, integration of these systems with green technologies promoting sustainability will boost the industry statistics.

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Asia Pacific storage water heater market will exhibit a growth rate of 5.5% during 2023 to 2032. Features including advance water treatment solutions, including anti-scale technology and corrosion prevention to enhance reliability and longevity, will complement the business potential across the region. Stringent safety and compliance regulations along with strong emphasis on energy efficiency will promote the product development. Additionally, rapid urbanization, increasing population, and rising living standards along with accessibility of diverse range of energy sources will boost the market growth.

Storage Water Heater Market Share

Eminent players operating in the Storage water heater industry are

• Havells India Ltd.
• Hubbell Heaters
• Saudi Ceramics Company
• Linuo Ritter International Co., Ltd.
• Jaquar India
• Viessmann
• Vaillant
• Nihon Itomic Co., Ltd.
• Atlantic
• A.O. Smith
• Ariston Holding N.V.
• Bosch Thermotechnology Ltd.
• Bradford White Corporation, USA
• Haier Inc.
• Rheem Manufacturing Company
• Whirlpool Corporation
• Rinnai America Corporation
• State Industries
• Ferroli S.p.A
• Essency

Storage Water Heater Industry News

• In December 2022, Havells India Ltd. introduced Otto and Orizzonte, its new range of storage water heaters in India. Otto comes in 10, 15 & 25 liters with an exclusive circular design, LED light indicators, and a temperature adjustment knob for modified heating. Orizzonte comes in 15 & 25 liters with an AC type space-saving model, energy saving mode, digital temperature display, wireless remote controller, feather touch control panel, and timer mode to set the heating duration. The introduction of the new products strengthened the company’s portfolio and market presence.
   
• In September 2022, Essency launched EXR water heater in the U.S which can lasts for 30 years. This world’s first on-demand tank water heater suitable for residential purposes, has multi-tasking abilities, modern technology, polymer storage tank, and high energy efficiency. This innovative introduction accelerated the demand for water heaters in U.S., thereby complementing the business scenario and strengthening company’s position in the market.

This storage water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments

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By Capacity

• <30 liters
• 30-100 liters
• 100-250 liters
• 250-400 liters
• >400 liters

By Energy Source

• Electric
  • <30 liters
  • 30-100 liters
  • 100-250 liters
  • 250-400 liters
  • >400 liters
• Gas
  • <30 liters
  • 30-100 liters
  • 100-250 liters
  • 250-400 liters
  • >400 liters

By Application

• Residential
• Commercial
  • College/University
  • Offices
  • Government/Military
  • Others

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Austria
  • Spain
  • Netherlands
  • Denmark
  • Finland
  • Sweden
  • Norway
• Eurasia
  • Russia
  • Belarus
  • Armenia
  • Kazakhstan
  • Kyrgyzstan
• CIS
  • Azerbaijan
  • Moldova
  • Tajikistan
  • Turkmenistan
  • Uzbekistan
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • New Zealand
  • Philippines
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Turkey
  • South Africa
  • Nigeria
  • Algeria
  • Egypt
  • Iraq
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Mexico