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Asia Pacific Storage Water Heater Market Trends

Report ID: GMI5772
Published Date: Nov 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The Asia Pacific market for storage water heater was reached USD 6.5 billion in 2024 and is estimated to grow at a 6.5% CAGR from 2025 to 2034, driven by rising demand for energy-efficient water heaters.

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The residential segment is anticipated to witness a CAGR of over 5% through 2034, led by diverse capacity offerings and competitive pricing.

The China storage water heater market is likely to exceed USD 5.5 billion by 2034, shaped by rapid urbanization and rising disposable incomes.

Key players in the market include A.O. Smith, Ariston Holding N.V., Bradford White Corporation, Bosch Thermotechnology, Haier Inc., Havells India Ltd., JOVEN Electric Co. Sdn, Racold, State Industries, STIEBEL ELTRON GmbH & Co. KG, Thermann, and Viessmann.