Storage Water Heater Market size exceeded USD 18 billion in 2021 and is projected to grow at a CAGR of over 4% between 2022 and 2030. Continuous technological advancements including remote monitoring, voice control, and Wi-Fi connectivity in line with the increasing demand for hot water across building infrastructures will augment the market growth.
Strict government regulations & norms to reduce carbon emissions combined with the development of strategies & plans to ensure energy efficiency will accelerate the storage water heater market expansion. In addition, the rising demand for eco-friendly and energy-efficient heating systems along with rapid urbanization and expansion of building infrastructure will propel the market revenue. Favorable government initiatives for the adoption of energy-efficient heating systems in line with the increasing demand for advanced and sustainable solutions will further boost product adoption.
|Market Size in 2021:||18.1 Billion (USD)|
|Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.6%|
|2030 Value Projection:||28.1 Billion (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||1,000|
|Tables, Charts & Figures:||2,601|
|Segments covered:||Capacity, Application, Energy Source|
|Pitfalls & Challenges:|
The COVID- 19 outbreak had a considerable impact on the overall industry growth on account of the shutdown of various manufacturing & industrial facilities along with delays in several infrastructural development projects. However, government relaxations on imposed lockdowns, followed by the resumption of industries and operations have augmented the market growth. Moreover, storage water heater systems will experience a surge in demand owing to the expansion of infrastructural buildings and rising construction activities across residential & commercial establishments.
Growing demand for wide-range capacity heating systems in line with rapid urbanization & industrialization
The rising population along with shifting consumer inclination toward the adoption of efficient and comfortable water heating solutions owing to improvements in living standards will sway the demand for < 30-liter capacity heaters. Moreover, increasing job opportunities in combination with growing disposable income have facilitated the adoption of these units across residential applications. Furthermore, flexibility and reduced costs will foster the deployment of these units across commercial establishments.
Onoing commercialization owing to increasing economic development, primarily across developing nations, will fuel the demand for 30 – 100 liters capacity units. Additionally, the development of green buildings along with the introduction of smart city programs has instituted a favorable business scenario. Multiple control options along with easy installations will further encourage product deployment.
Rising awareness of reduced billings and low-power consumption will stimulate the product deployment across residential establishments
The residential storage water heater market revenue is anticipated to reach USD 19 billion by 2030. Availability in multiple capacity ranges, competitive pricing, and flexible installation will stimulate product deployment across residential establishments. In addition, the growing need for hot water in bathrooms and kitchens along with developments in green building norms will drive the market demand. The ability of remote monitoring, improved user interface, leak detection, and voice command activation will further surge the installation of storage water heaters.
Significant investments in product development coupled with rising construction activities
The rapid expansion of existing grid networks coupled with the increasing point of connections will augment the adoption of electric storage water heaters. Lower standby losses, availability in multiple capacities, and easy installation will propel the industry growth. In addition, its availability in different sizes in line with a simple user interface and reduced costs will boost product deployment.
Moreover, rising investments by eminent players toward innovations for enhanced efficiency and energy savings will fuel product adoption. For instance, in January 2022, Nihon Itomic announced that it will release its new electric instant water heater, the EIWX series in April 2022. The product will feature an instant boiling mechanism along with being safe, environmental-friendly, highly energy-saving, and reduced installation space.
Technological upgrades in combination with product differentiation will drive the Europe market expansion
The Europe storage water heater market size was over USD 3 billion in 2021, owing to ongoing commercialization along with increasing infrastructural investments. In addition, the introduction of regulatory policies to minimize the existence of low efficiency & environment polluting appliances coupled with the development of strict government codes & standards on the efficiency levels of electrical products will complement the market landscape. For instance, the European Eco-design Directive 2009/125/EC formulates mandatory ecological requirements for energy-related products sold in all 28 EU member states. At present, this directive covers over 40 products and aims at reducing energy use, thereby limiting the environmental impact of appliances under its scope.
Strategic implications including product innovations, mergers, and acquisitions will foster the industry spectrum
Prominent market players include 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, and Ferroli among others.
Inorganic growth ventures along with agreements, collaborations, contracts, and business expansion by various eminent players will strengthen their market presence. For instance, in January 2022, Viessmann expanded its footprint in Singapore by offering state-of-the-art heaters and water purifiers. The company will be providing its products including VITOWELL electric instant & storage water heaters, which are equipped with a dual-safety therm stat to prevent overheating along with its VITOPURE series of water purifiers. This will enable the company to enhance its market presence across Singapore.
The storage water heater market research report includes in-depth coverage of the industry with estimates & forecasts in terms of Units and USD from 2018 to 2030 for the following segments:
Market, By Capacity
- <30 Liters
- 30 – 100 Liters
- 100 – 250 Liters
- 250 – 400 Liters
- >400 Liters
Market, By Application
Market, By Energy Source
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- New Zealand
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America