Storage Water Heater Market Size, Share, Demand & Trends Analysis Report by 2032

Storage Water Heater Market Insights

Zion Market Research has published a report on the 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.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Storage Water Heater industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Evolving consumer preferences and rising focus on sustainability are projected to be key factors that are estimated to influence storage water heater market growth over the coming years. Increasing energy costs around the world are pushing consumers to opt for energy-efficient products such as storage water heaters that could reduce the energy consumption required for water heating. Implementation of stringent carbon footprint reduction mandates and growing awareness regarding global warming are also predicted to directly favor storage water heater sales going forward. Growing availability of novel storage water heaters with enhanced insulation and remote control is also favoring market growth around the world. Integration of advanced technologies such as IoT to improve the operational efficiency of storage water heaters and automatically adapt to weather change and other real-time data is also slated to be a key opportunity that market players should keep an eye out for in the future.

Increasing costs of raw materials required to manufacture storage water heaters is projected to be a key challenge that market players will have to face over the coming years. Furthermore, design and technical issues associated with new storage water heaters are also predicted to limit the profitability of storage water heater companies to a certain extent across the forecast period. The ongoing trend of renewable energy adoption is also slated to have a great impact on the storage water heater market growth in the future. storage water heater suppliers will need to overcome these issues and take advantage of the key market trends to stand out in the global competitive landscape across the forecast period. Demand for storage water heaters that are capable of fitting in small living scenarios is projected to create a plethora of new opportunities for storage water heater suppliers in the long run.

This report analyzes and estimates the storage water heater market at global, regional, and country level. The research study provides historic data from 2015 to 2023 along with the forecast from 2020 to 2030 based on revenue (USD Billion). The report offers detailed insights of the storage water heater market drivers and restraints along with their impact analysis at a global level from 2024-2032.

The report covers an in-depth analysis of the strategies adopted by major competitors in the global storage water heater market. To understand the competitive landscape in the storage water heater market, an analysis of Porter’s Five Forces model is also included. The research study comprises of market attractiveness analysis, wherein all the segments are benchmarked on the basis of their market size and growth rate.

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The research study provides a decisive view on the global storage water heater market based on energy source, capacity, application, and region. All the segments of the market have been analyzed based on the past, present, and future trends. The market is estimated from 2024 to 2032.

The global storage water heater market is driven due to some key upgradations in the products such as huge water storage capacity, an optimum regulation of water pressure, and multi-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.

The report comprehensively segments the global storage water heater market based on energy source, capacity, application, and region. By energy source, the global industry is segmented into electric and gas. Based on capacity, the global market is bifurcated into >400 liters, 250-400 liters, 100-250 liters, 30-100 liters, and <30 liters. Application-wise, the sector is classified into commercial and residential.

Storage Water Heater Market: Report Scope

Storage Water Heater Market Segmental Analysis

The global storage water heater market is segmented on the basis of capacity, application, Energy Source, Region. By capacity, the market is segmented into <30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, >400 Liters. By application, the market is segmented into residential, commercial, college/university, offices, government/military, others. By energy source, the market is segmented into electric, gas. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.

Analysis By Application

Typically, the residential sector dominates the market for storage water heaters globally. Residential buyers account for a sizable percentage of the market because storage water heaters are widely utilized in homes across the world. The need for storage water heaters in residential settings is driven by the requirement for hot water in daily activities including bathing, cleaning, and cooking. In line with the trend toward eco-friendly and space-saving solutions, homeowners are becoming more and more interested in energy-efficient and compact versions.

While the residential sector has a significant market share, the commercial sector frequently has the quickest growth. Hotels, eateries, hospitals, schools, and other commercial establishments are examples of commercial uses. Storage water heaters are employed in these situations to supply hot water for sizable populations or for certain business procedures. As companies want to save operating costs and achieve sustainability objectives, they are increasingly implementing energy-efficient and large-capacity commercial storage water heaters. In addition, the rise of the healthcare and hospitality sectors has been a key factor in the market's expansion for commercial storage water heaters.

Analysis By Energy Source

Historically, this market has been dominated by the electric segment. Because of its simplicity and adaptability, electric storage water heaters are used for a variety of household and commercial applications. They are thought to be safe to use, need little maintenance, and are quite simple to install. Electric storage water heaters are popular due to their ease as well as the general accessibility of energy in many areas.

However, while having a lesser market share, the gas sector has demonstrated development potential. In regions with access to natural gas infrastructure, this is especially obvious. Gas storage water heaters are a popular option in circumstances when there is a significant demand for hot water because of their reputation for quick heating. Additionally, consumers that value energy efficiency and want to save long-term running expenses frequently choose gas heaters.

The regional segmentation comprises the past, present, and estimated demand for the Middle East & Africa, North America, Asia Pacific, Latin America, and Europe. The regional segment is further split into the U.S., Canada, Mexico, UK, France, Germany, China, Japan, India, South Korea, Brazil, and Argentina among others.

Some of the leading players in the global market include

• 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
• Haier Group Corporation.

The global storage water heater market is segmented as:

By Energy Source Segmentation Analysis

• Electric
• Gas
  • LPG
  • Natural Gas

By Capacity Segmentation Analysis

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

By Application Segmentation Analysis

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

By 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