Global Storage Water Heater Market Projected To Expand At Nearly 5.8% CAGR Throughout The Forecast Period

Zion Market Research has published a new report titled “Global Storage Water Heater Market –By Energy Source (Electric and Gas), By Capacity (>400 Liters, 250-400 Liters, 100-250 Liters, 30-100 Liters, and <30 Liters), By Application (Commercial and Residential), And By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032.” global Storage Water Heater Market, estimating its value at USD 19.27 Billion in 2023, with projections indicating that it will reach USD 33.83 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.8% over the forecast period 2024-2032

Browse the full “Global Storage Water Heater Market – By Energy Source (Electric and Gas), By Capacity (>400 Liters, 250-400 Liters, 100-250 Liters, 30-100 Liters, and <30 Liters), By Application (Commercial and Residential), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2024-2032.” Report at https://www.zionmarketresearch.com/report/storage-water-heater-market

A storage water heater is an isolated system comprising of heating elements, temperature-regulating sensors, and a giant water tank unit. The storage tank has a thick PUF (polyurethane foam) insulation coating that preserves the hot water stored in the heater.

Some of the key upgradations in storage water heaters that help boosting the global market are optimum regulation of water pressure, huge storage capacity, and several usage points. Moreover, the reasonable market value of such consumer goods along with the ease in installing and operating storage water heaters also surges the global market growth. Various giant business landscapes, such as restaurants, malls, and hotels, are planning to replace their pre-installed conventional heating units with advanced energy-efficient units, thereby flourishing the global water heater market. Stringent norms imposed by different governing bodies to combat the rising CO2 emission are also driving the demand for the latest storage water heaters.

Demand for the storage water heater is bolstering particularly in the commercial sector

The commercial segment is indicating superior demand for storage water heater market during the forecast period owing to the rapid infrastructure development worldwide. An increase in the number of smart city projects coupled with the development of electrical appliances, such as low power consumption and enhanced efficiency will drive the global storage water heater market. Various industrial players are investing their significant revenue share on research & development operations to upgrade products by integrating advanced technologies, which is likely to escalate the global storage water heater market.

In 2019, France led the European storage water heater market by holding more than 20% revenue share of the regional market. The key drivers escalating the regional market are expanding infrastructural development and rising commercialization.

Some of the key players driving the global storage water heater market are Saudi Ceramics, Viessmann Group, A.O. Smith, General Electric Appliances, Whirlpool Corporation, Havells India Limited, State Water Heaters, Nihon Itomic, Bosch Thermotechnology, Racold, Jaquar Group, Rheem Manufacturing Company, Ariston thermo, Linuo Ritter International, Ferroli, Groupe Atlantic, Rinnai Corporation, Hubbell Inc., Bradford White Corporation, Vaillant Group, and Haier Group Corporation.

The global storage water heater market is segmented as:

Global Storage Water Heater Market: Energy Source Segmentation Analysis

• Electric
• Gas
  • LPG
  • Natural Gas

Global Storage Water Heater Market: Capacity Segmentation Analysis

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

Global Storage Water Heater Market: Application Segmentation Analysis

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

Global Storage Water Heater Market: Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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