USD 18.9 billion
Storage Water Heater Market Size, Share, Growth Analysis, By Capacity(<30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters), By Application(Residential, Commercial, College/University, Offices), By Energy Source(Electric, Gas), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2199 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
94
|Figures:
76
Storage Water Heater Market Insights
Global Storage Water Heater Market size was valued at USD 18.9 billion in 2022 and is poised to grow from USD 19.85 billion in 2023 to USD 29.32 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Electric
Fastest Growth
Gas
Growth Rate
5% CAGR
Global Storage Water Heater Market ($ Bn)
Country Share for North America Region (%)
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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.
Global Storage Water Heater Market By Energy Source
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Storage Water Heater Market Regional Insights
The market for storage water heaters has historically been dominated by Asia-Pacific. Numerous elements contribute to this dominance, such as the region's massive population, fast urbanization, and rising demand for residential and commercial hot water solutions. There is a great need for dependable and effective water heating systems in highly populated nations like China and India. Because of this, producers have focused on creating storage water heaters that are suited to the needs and tastes of customers in this area. More homes are choosing water heaters as a result of the expanding middle-class population and increased disposable incomes. In addition, the demand for storage water heaters has been influenced by the industrial and commercial sectors in nations like Japan and South Korea. These sectors include hotels, restaurants, and manufacturing facilities.
The Middle East and Africa is expanding significantly, despite the fact that it may not now dominate the world market for storage water heaters. The need for water heating solutions has risen as a result of factors including population expansion, urbanization, and rising living standards. Storage water heater use is expanding, particularly in areas with colder weather. As hotels and resorts need dependable hot water systems to meet visitors' demands, the growth of the hospitality and tourism sector also significantly contributes to the need for storage water heaters in Africa. To fulfill the growing demand for hot water among their tenants and clients, more apartment buildings and business organizations are also installing storage water heaters. Despite having a lesser market share than other areas, Africa is one of the continents with the quickest growth, providing chances for producers and suppliers to increase their market share in this developing industry.
Global Carbon Fibre Composites Market By Region
- Largest
- Fastest
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Storage Water Heater Market Dynamics
Drivers
Replacement Market
- As aging units are replaced with newer, more efficient devices, the replacement market is an important driver. Modern storage water heaters are often upgraded by consumers to save energy usage and running expenses.
Power Efficiency Issues
- Consumers are choosing energy-efficient storage water heaters due to rising awareness of these issues and environmental sustainability. In order to meet this demand, manufacturers are creating environmentally friendly and energy-efficient versions.
Increasing Mean Personal Income
- Consumers throughout the world are more inclined to spend money on appliances that improve their quality of life. Storage water heaters are more widely used since they are seen as necessary appliances, especially in colder areas.
Restraints
Space Restrictions
- Tankless water heaters or other small alternatives may be chosen over storage water heaters in locations where residential space is at a premium, which might restrain market expansion.
Marketplace Saturation
- The demand for storage water heaters is at capacity in several developed areas, including North America and Western Europe. As a result, growth rates are slower and manufacturers are competing harder.
High Costs of Energy
- Storage water heater operating expenses can be rather significant, especially for electric types. This may discourage budget-conscious consumers from purchasing new storage water heaters or making an upgrade.
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Storage Water Heater Market Competitive Landscape
The global storage water heater market is highly competitive due to the existence of multiple well-established manufacturers and a number of new companies vying for market share. Leading firms in this industry are always working to stay ahead of the competition via product innovation, technical breakthroughs, and strategic partnerships.
Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Bosch Thermotechnology, and Rinnai Corporation are a few of the market's top competitors. These businesses, which serve both residential and commercial clients, have a significant global presence and provide a variety of storage water heater types.
To satisfy customer needs for sustainability, new market trends include the creation of energy-efficient and environmentally friendly models. Storage water heaters that are smart and networked are also becoming more popular, enabling customers to remotely operate and monitor their equipment. The competitive landscape is changing as a result of these advances, which are also motivating producers to adjust to changing market dynamics.
Top Player’s Company Profiles
- Rheem Manufacturing Company (United States)
- A.O. Smith Corporation (United States)
- Bradford White Corporation (United States)
- Bosch Thermotechnology (Germany)
- Rinnai Corporation (Japan)
- Haier Electronics (China)
- Ariston Thermo S.p.A (Italy)
- Ferroli S.p.A (Italy)
- State Industries (United States)
- Whirlpool Corporation (United States)
- American Water Heaters (United States)
- Stiebel Eltron GmbH & Co. KG (Germany)
- Eemax, Inc. (United States)
- Noritz Corporation (Japan)
- Hubbell Incorporated (United States)
- Reliance Water Heaters (United States)
- Camco Manufacturing, Inc. (United States)
- Eccotemp Systems, LLC (United States)
- Kenmore (United States)
- Marey Heater Corporation (United States)
Recent Developments
- In January 2024, Goldmedal Electricals, a prominent player in India's Fast Moving Electrical Goods (FMEG) sector, launched the Iconiq and the Iconiq Digi Storage Water Heaters. This introduction coincided with the peak of India's winter season and marks an expansion of the company's product portfolio.
- In December 2023, Venus Home Appliances, a renowned name in the water heater industry, marked its six decades of excellence by introducing two innovative products during its anniversary celebrations. The Splash Pro Smart Instant Water Heater and the Sedra Storage Water Heater showcase the company's commitment to innovation and quality in providing efficient water heating solutions.
- In December 2023, GM Modular expanded its product offerings by launching its first storage water heater, the R1X, at the Acetech Exhibition 2023 in Delhi. This move marks a significant business pivot for the company. Priced at Rs 18,500, the R1X is now available for purchase on the GM Modular website, at GM Modular outlets, and through leading e-commerce platforms such as Amazon and Flipkart.
Storage Water Heater Key Market Trends
- Rising Use of Solar Water Heaters: Solar water heaters have been witnessing a notable surge in adoption owing to their increasing availability and rising popularity of solar energy systems.
- Carbon Footprint Reduction Initiatives: storage water heater manufacturers are focusing on improving the efficiency of their products by opting for better insulation materials and using eco-friendly materials to take advantage of the multiple carbon footprint reduction initiatives that are being launched around the world.
- E-commerce and Online Sales: The convenience of online shopping via e-commerce platforms has opened up new avenues of opportunities for storage water heater suppliers are consumers are now more willing to purchase products from online channels.
Storage Water Heater Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global storage water heater market analysis, the need for hot water in the residential and commercial sectors is rising, and this demand is being fueled by technology breakthroughs that have produced energy-efficient models as well as growing urbanization. In locations with dependable electrical infrastructure, electric storage water heaters continue to rule, but gas water heaters have promise where there is availability to natural gas.
Consumer preferences for energy-saving and environmentally friendly heating options, as well as continuous technology advancements targeted at improving product efficiency and decreasing environmental effect, all have an impact on the market's future prospects. To address changing consumer needs and remain competitive in this fast-paced business, market participants should prioritize product development, energy-saving features, and sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 18.9 billion |
| Market size value in 2031 | USD 29.32 billion |
| Growth Rate | 5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Storage Water Heater Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Storage Water Heater Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Storage Water Heater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Storage Water Heater Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Storage Water Heater Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Storage Water Heater Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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