Asia Pacific Storage Water Heater Market Size – By Application (Residential, Commercial), By Capacity (Below 30 Liter, 30 – 100 Liter, 100 – 250 Liter, 250 – 400 Liter, Above 400 Liter), By Energy Source (Electric, Gas), 2025 – 2034

Asia Pacific Storage Water Heater Market Size

Asia Pacific Storage Water Heater Market was valued at USD 6.5 billion in 2024 and is estimated to grow at a CAGR of 6.5% from 2025 to 2034. A storage water heater, also known as a tank water heater or tank-type water heater, is a type of water heating system that stores a large volume of water in a well-insulated tank and heats it to the desired temperature. This water is kept in the tank and is ready for use whenever needed.
 

Increasing prioritization of comfort and luxury along with rising living standards will influence the market statistics. Adopting gas and tankless heating systems reduces carbon and greenhouse gas emissions, aiding in water and energy conservation, driving the business scenario. Moreover, innovations in compact designs and easy installations will enhance the industry outlook.
 

Clean combustion and reduced carbon emissions are set to drive the gas water heater market. The capacity to manage large volumes while delivering high heating output will enhance the product penetration. Increasing deployment across the commercial facilities coupled with growing requirement to comply with the energy efficiency guidelines and ongoing construction mandates & codes will support the refurbishment activities, thereby driving the business growth. Ongoing construction of new colleges and office buildings throughout the cities will further boost the product demand.
 

Asia Pacific Storage Water Heater Market Trends

Ongoing enhancement of grid networks, coupled with a rising number of connection points, is set to boost the product adoption. Factors such as diminished standby losses, a variety of available capacities, and straightforward installation processes will further fuel the industry expansion. Additionally, heightened investments from leading corporations in innovations aimed at boosting efficiency and energy conservation are poised to propel product adoption. Increasing investments in R&D to facilitate innovation and integrate new technologies including advanced communication systems will propel the industry outlook.
 

Asia Pacific Storage Water Heater Market Analysis

Based on capacity, the 30 – 100 liter segment is set to cross more than USD 4.4 billion by 2034, owing to advancements in technology and manufacturing processes along with growing disposable incomes, increasing population and shift in the consumer preference toward more efficient and comfortable water heating solutions. Reduced costs & flexibility will foster the deployment of these units across commercial establishments. Economic development, especially in emerging countries, is driving the commercialization of water heaters, boosting their demand. Additionally, the rise of green buildings and the implementation of smart city programs are creating a positive business environment for the market growth.
 

Based on application, the residential segment is anticipated to witness more than 5% CAGR through 2034, on account of product availability in various capacities, competitive pricing, and adaptable installation options. Rising hot water demands in bathrooms and kitchens, alongside strides in green building standards, will shape the market landscape. Key features like remote monitoring, leak detection, an intuitive user interface, and voice command activation are poised to propel the market growth.
 

China storage water heater market is likely to exceed over USD 5.5 billion by 2034, shaped by rapid urbanization, rising disposable incomes, and increasing shift toward energy-efficient models due to government incentives. Increasing investments driven by vast untapped potential along with growing consumer awareness of energy efficient technologies, will boost the market growth. The Chinese government has been actively promoting energy-saving products, driving the market for eco-friendly solutions. Additionally, the construction of new colleges, universities, and commercial buildings is set to increase the product demand.
 

Asia Pacific Storage Water Heater Market Share

The competitive landscape in the storage water heater industry across the Asia Pacific region is shaped by a combination of local and global players, technological advancements, and evolving consumer preferences. The market is diverse, influenced by economic development, energy consumption patterns, environmental concerns, and government policies promoting energy efficiency. Further, companies that focus on innovation, energy efficiency, and sustainability will likely maintain a competitive edge.
 

Asia Pacific Storage Water Heater Market Companies

Eminent players operating in the Asia Pacific storage water heater industry are:

• A.O. Smith
• Ariston Holding N.V.
• Bradford White Corporation
• Bosch Thermotechnology
• Haier Inc.
• Havells India Ltd.
• JOVEN Elctric Co. Sdn
• Racold
• State Industries
• STIEBEL ELTRON GmbH & Co. KG
• Thermann
• Viessmann
   

Asia Pacific Storage Water Heater Industry News:

• In December 2022, Havells India Ltd. introduced Otto and Orizzonte, its new range of storage water heaters in India. Both the water heaters are elegant, technologically advanced and have safety measures. Otto comes in 10, 15 & 25 liters and Orizzonte comes in 15 & 25 liters.
   
• In December 2022, Stiebel Eltron made a strategic move by expanding its operations into Vietnam. The company introduced six of its flagship product ranges including storage water heaters to the Vietnamese market. The company, by championing a vision of elevating the quality of life in every home, not only promoted its core values but also solidified its presence in one of the world's key markets.
   

This Asia Pacific storage water heater market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Million and ‘000 Units)” from 2021 to 2034, for the following segments:

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Market, By Application

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

Market, By Energy Source

• Electric
• Gas

Market, By Capacity

• Below 30 Liter
• 30 – 100 Liter
• 100 – 250 Liter
• 250 – 400 Liter
• Above 400 Liter

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia
• Indonesia
• Malaysia
• Singapore
• Thailand
• New Zealand
• Philippines