The global storage water heater market is predicted to develop at a modest CAGR of 5.8% from 2024 to 2034. The total valuation of the global storage water heater industry is estimated to reach USD 34,917.2 million by 2034, up from USD 19,869.3 million in 2024.
Storage Water Heater Market Trends and Analysis
| Report Attribute | Details |
|---|---|
| Storage Water Heater Market Share (2024) | USD 19,869.3 million |
| Market Anticipated Forecast Value (2034) | USD 34,917.2 million |
| Market Projected Growth Rate (2024 to 2034) | 5.8% |
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As per the global water heater market analysis report of 2019, the total revenue generated by the market was nearly USD 16,378.6 million. In the following five years, the niche market of storage water heaters advanced with an average 3.8% annual growth rate.
| Attributes | Details |
|---|---|
| Storage Water Heater Market Size (2019) | USD 16,378.6 million |
| Market Value (2023) | USD 19,013.7 million |
| Market (CAGR 2019 to 2023) | 3.8% |
In the last few years, consumer choices have been significantly altered after the growing emphasis on sustainability and energy efficiency globally. Manufacturers of traditional storage water heaters have profited from this trend by creating models that use less energy or can be adapted to different energy supplies.
Prominent Factors for the Growth of the Storage Water Heater Market
Electric storage water heater manufacturers have a greater chance to include smart operation capabilities as IOT technologies have been advancing fast in recent years. So, modern consumers in cities are requesting more smart water heaters that come with remote controls, customizable schedules, and connectivity with home automation systems.
Manufacturers of business water heaters are investing more in research and development to improve the reliability and performance of their products by utilizing recent developments in the material sciences. The lifetime of standard water storage tanks with heating systems can be boosted by increased insulation, practical heating components, and corrosion-resistant materials.
Design aesthetics and the customizability of commercial water heaters, together with utility, are becoming more important for present-day consumers. So, leading market competitors are aspiring to set themselves apart from other vendors by providing a variety of styles, coatings, and customizability options.
The table below lists the countries that could provide lucrative ground for the growth and advancement of storage water heater industries during the projected years. The United States and China, already having well-established markets, are expected to advance on the back of technological developments. Meanwhile, India and Australia are emerging markets in the storage water heater domain and anticipate strengthening their industrial base to increase production capacity.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United States | 4.1% |
| Australia | 6.7% |
| China | 5.9% |
| India | 7.7% |
According to the market analysis report, the United States storage water heater market is forecast to expand at 4.1% CAGR through 2034.
Regional players are trying to gain a competitive advantage by targeting customers with higher spending capacity demanding cutting-edge home appliances and solutions. Storage water heater manufacturers in the United States can take advantage of this consumer base by emphasizing the effectiveness of quick heating technology or hybrid storage water heaters.
The demand for storage water heaters in Australia is projected to rise at a y-o-y growth rate of 6.7% through 2034.
People in Australia are starting to realize how much energy a family uses for water heating. It has slowed down conventional water heater market growth in the country, and regional players are shifting their focus to classic water storage heaters.
The production capacity of storage water heater industries in China is likely to grow at 5.9% CAGR between 2024 and 2034.
Compact home water storage units with effective heating systems are in greater demand in China due to urbanization trends, especially in highly populated cities with high-rise structures. So, Chinese manufacturers are putting much effort into improving their offerings by developing boiler storage water heaters and hot water storage tanks these days.
Over the next ten years, the sales of the storage water heater market in India are projected to evolve at a 7.7% growth rate.
Standard water heater manufacturers in India are trying to contribute to the energy conservation and affordable heating solutions movement growing in the country. Their key business strategy has come down to informing consumers about the advantages of appropriate insulation and energy-saving modes available in their storage water heater products.
Principal Consultant
Sales of storage water heaters in 100 to 150 liters capacity are estimated to contribute to nearly 30% of the total sales in 2024.
| Attributes | Details |
|---|---|
| Top Heater Capacity Segment | 100 to 150 liters |
| Market Share in 2024 | 29.9% |
Storage water heaters with 100 to 150 liters capacity can reliably supply hot water and are indispensable to city dwellers and big families in other areas. Nevertheless, demand for commercial water heater units of less capacity that are compact and fit within the space limitations of urban life is also growing at a faster rate.
As per the industry analysis, storage water heater appliances that run on electricity are estimated to hold almost two-thirds of the market share in 2024.
| Attributes | Details |
|---|---|
| Top Energy Source Segment | Electricity |
| Market Share in 2024 | 66.7% |
The electric storage water heater segment is expected to expand further in the coming days due to the convenience and reasonable price of the product. However, higher capacity and convenience of gas storage water heaters in areas without reliable electricity supply are expected to retain their desirability and market share in the future.
Like many other home appliance sectors, the competitive landscape for storage water heater products has also split into two distinct business strategies. Leading market players include features like antimicrobial materials, self-cleaning mechanisms, and water purity maintenance to position themselves as brands of safe and healthful water heating solutions. Meanwhile, emerging players are focusing more on providing reasonably priced, dependable storage water heaters that are customized to the unique requirements and budgets of regional customers.
Recent Developments in the Global Storage Water Heater Market
In October 2023, Voltas, a well-known brand in the home appliances sector and the top air conditioning manufacturer in India, announced its entry into the water heater market. The launch of Voltas Water Heaters line demonstrates the company's commitment to making products that meet changing customer expectations. This new product line comprises storage as well as instant water heaters, each with a capacity of 10 liters, 15 liters, or 25 liters to meet the requirements of the diverse Indian market.
In September 2022, Essency Company introduced a 30-year-lasting EXR water heater for its consumers in the United States. This is the first on-demand tank water heater in the world with a polymer storage tank that makes it appropriate for domestic use. Also, the multitasking capabilities, smart control features, and great energy efficiency. This ground-breaking product has boosted the demand for water heaters from the brand, solidifying the company's market position in the country.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 19,869.3 million |
| Projected Market Size (2034) | USD 34,917.2 million |
| Anticipated Growth Rate (2024 to 2034) | 5.8% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Capacity, By Energy Source, By End Use Application and By Region |
| Key Companies Profiled | 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; Ferroli S.p.A; Essency |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global storage water heater market value reached USD 19,013.7 million in 2023
The global storage water heater market is to grow at 5.8% during the forecasted years.
The storage water heater market is expected to be USD 34,917.2 million by 2034.
Havells, Hubbel, and Jaquar are a few leading players in the global market.
India is likely to witness a CAGR of 7.7% in sales of storage water heaters through 2034.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Energy Source 5.1. Electric 5.2. Gas 5.3. Solar 5.4. Others 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Tank Capacity 6.1. Up to 50L 6.2. 51L – 100L 6.3. 101L – 250L 6.4. 251L – 400L 6.5. More than 400L 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Tank Material 7.1. Copper 7.2. Stainless Steel 7.3. Thermoplastic 7.4. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User 8.1. Individual 8.2. Commercial 8.3. Industrial 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. A.O. Smith Corporation 19.2. Bosch 19.3. Electrolux 19.4. Crompton Greaves Ltd 19.5. Rinnai 19.6. Midea Group 19.7. Rehem Manufacturing Company 19.8. Eccotemp Systems 19.9. Noritz Corporation 19.10. Bradford White Corporation 20. Assumptions & Acronyms Used 21. Research Methodology
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Storage Water Heater Market
