Asia Pacific Storage Water Heater Market Size - By Capacity (<30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), Application (Residential, Commercial {College/University, Office, Government/Military}), Energy Source (Electric, Gas) & Forecast 2024 – 2032

Asia Pacific Storage Water Heater Market Size - By Capacity (<30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), Application (Residential, Commercial {College/University, Office, Government/Military}), Energy Source (Electric, Gas) & Forecast 2024 – 2032

Asia Pacific Storage Water Heater Market Size

Asia Pacific Storage Water Heater Market size was valued at USD 6.97 billion in 2023 and is anticipated to witness 6% CAGR from 2024 to 2032. A storage water heater consists of a tank equipped with immersion heating units & controllers for temperature regulation. The systems can either be powered by gas or electricity. Easy installation, fuel flexibility, low-cost, and minimum flow rate requirements are some of the features which will complement the product demand. Global market for storage water heater is likely to hit USD 28 billion by 2030.

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Additionally, ongoing technological advancements such as smart control technology and remote-control features will boost business potential. Ongoing transition towards sustainable infrastructures, coupled with the point-of-use implementation of upgraded heating systems throughout educational institutions and other commercial infrastructures, will boost industrial potential. Additionally, a paradigm shift towards zero-emission solutions in response to the demand for low-cost hot water solutions will stimulate industry dynamics.
 

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COVID-19 Impact

The COVID- 19 pandemic had substantial impact on the industry owing to the shutdown of major component and equipment manufacturing facilities. Further, continuous supply chain disruptions affected the overall demand for storage water heaters across the region. However, the relaxation of constraints over the period along with the restart of commercial facilities will continue to drive the product deployments. Furthermore, considerable efforts towards increasing the use of smart and efficient heating units will improve the industry landscape.

Asia Pacific Storage Water Heater Market Analysis

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The 30-100 Liter capacity storage water heater market will expand at 5% CAGR through 2032, on account of increasing affordability due to advancements in technology and manufacturing processes. This will further support the households and businesses to install water heaters.  Continuous commercialization owing to economic development particularly across the emerging countries will enhance the product demand. Furthermore, the development of green buildings coupled with the roll out of smart city programs will support establish a favorable business outlook.

Growing disposable incomes along with the increasing population and shift in the consumer preference toward more efficient and comfortable water heating solutions on account of improvement in the living standards will sway the demand for <30 liter heaters. Additionally, reduced costs & flexibility will foster the deployment of these units across commercial establishments.

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The residential storage water heater segment accounted for over USD 4.2 billion in 2022. Product availability across a variety of capacity ranges, affordable pricing, and flexible installation will encourage product adoption in residential areas. Furthermore, the enhanced demand for hot water in bathrooms and kitchens coupled with advancements in green building standards will drive the business scenario. Remote monitoring, leak detection, an improved user interface & voice command activation will boost the growth of storage water heater market.

Increasing deployment across the commercial facilities coupled with growing requirement to comply with the energy efficiency guidelines and ongoing construction mandates & codes will support the refurbishment activities, thereby driving the business growth. Ongoing construction of new colleges and office buildings throughout the cities will further boost the product demand. Increasing investments in R&D to facilitate innovation and integrate new technologies including advanced communication systems will propel the industry outlook.

Electric storage water heater market will cross USD 6.2 billion by 2032. Rapid development of current grid networks combined with an increase in the number of points of connection will encourage the use of electric storage water heaters. Reduced standby losses, availability in numerous capacities, and ease of installation will further contribute to the industry's growth. Growing investments by major companies for innovations leading to improved efficiency and energy savings would drive the product adoption.

Clean combustion along with reduced carbon emissions will propel the industry statistics for gas water heater market. Moreover, the ability to handle large volumes in line with high heating output will stimulate the deployment of gas water heaters across commercial applications. The natural gas storage water heater market will grow owing to low operation cost and mass flow capabilities. Furthermore, providing consumers the ability to control & regulate the temperature and gas ignition coupled with low operational cost will boost the business outlook.

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Japan storage water heater market held nearly 12% of revenue share in 2022. Growing requirement for energy-efficient water heater systems to support the ongoing construction boom will stimulate the product adoption across Asia Pacific water heater market. Increasing investments on account of vast untapped potential coupled with growing consumer awareness of energy-efficient technologies will complement the industry outlook. Ongoing construction of new colleges & universities along with commercial buildings will stimulate the product demand.

Moreover, shifting inclination of customers toward comfort & luxury along with improving living standards will sway the market statistics. Utilization of gas and tankless heating systems supports to negate the carbon & GHG emissions, contributing to both water and energy conservation. The development of compact designs & easy installation will further complement the business outlook.

Asia Pacific Storage Water Heater Market Share

Eminent players operating across the APAC storage water heater market are focusing on strategic partnerships along with mergers & acquisitions to increase their competitive edge over the others. Major manufacturers operating across the industry include

• Havells India Ltd.
• Ariston Holding N.V.
• STIEBEL ELTRON GmbH & Co. KG
• A.O. Smith
• Bosch Thermotechnology
• Haier Inc.
• Bradford White Corporation
• Racold
• JOVEN Electric Co. Sdn
• State Industries
• Viessmann
• Thermann

Asia Pacific Storage Water Heater Industry News

• In December 2022, Havells India Ltd. introduced Otto and Orizzonte, its new range of storage water heaters in India. Both the water heaters are elegant, technologically advanced and have safety measures. Otto comes in 10, 15 & 25 liters and Orizzonte comes in 15 & 25 liters.
   
• In January 2022, Viessmann launched state-of-the-art heaters and water purifiers in Singapore. The company will offer its products including VITOWELL electric instant and storage water heaters, which have dual-safety thermostat to prevent overheating along with its VITOPURE series of water purifiers.

Asia Pacific 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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Market, By Capacity

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

Market, By Application

• Residential 
• Commercial
• College/University
• Office
• Government/Military

Market, By Energy Source

• Electric
• Gas

The above information has been provided for the following countries

• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • New Zealand
  • Philippines