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Base Year: 2023
Companies covered: 20
Tables & Figures: 20
Countries covered: 50
Pages: 150
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Storage Water Heater Market
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Storage Water Heater Market Size
The storage water heater market size was valued USD 19.1 billion in 2023 and is anticipated to grow at a CAGR of 5.8% from 2024 to 2032. A water heater is an electric appliance usually powered by gas, sunlight or electricity to heat water. The heated water is typically used for activities such as bathing, cooking, cleaning, and space heating.
The increased use of storage water heaters is due to innovations in the insulation mediums, highly intelligent controls, and thoughtful engineering of the heat exchangers, as these improvements are augmenting their efficiency and making them more user-friendly. Compliance with local and international energy efficiency standards coupled with investments in large-capacity, high-efficiency water heaters will stimulate the business dynamics. Additionally, government and utility company incentives, rebates, and tax credits for installing energy-efficient water heating systems are influencing the adoption of large-capacity storage water heaters.
Growing emphasis on sustainability and reducing carbon footprints in commercial settings. Businesses are increasingly opting for energy-efficient and environmentally friendly water heating solutions to align with their sustainability goals, which will complement the industry landscape. Government and utility company incentives, rebates, and tax credits for installing energy-efficient water heaters are motivating commercial entities to upgrade their systems, which will complement the product demand. Additionally, water heaters integrated with smart grids to optimize energy usage and reduced costs will boost the industry statistics.
Storage Water Heater Market Trends
Urbanization, expansion in construction in the commercial sector and an escalating demand for energy resources has caused a surge in the usage of storage water heaters within the underserved regions. Integration of solar thermal systems and geothermal heat pumps will help businesses further improve their energy costs and reduce their dependency on fossil fuels.
Adoption of water heater systems which are more energy efficient will be driven by the stringent regulations and standards with respect to energy efficiency. Additionally, high-efficiency models, including those with condensing technology and heat pump integration, contribute towards improving the business scenario by reducing energy consumption and lowering utilities costs.
Storage Water Heater Market Analysis
Based on application, the Water Heater market is segmented into residential and commercial. Commercial is set to grow more than USD 11 billion by 2032. Increasingly stringent energy efficiency standards and regulations are driving the adoption of more efficient storage water heaters. High-efficiency models are hence more appealing, even with their higher initial cost.
This increased appeal is due to their lower energy consumption, which reduces utility costs, and with the help of innovations such as smart control improvements, the insulation of the appliances is being maximized. This is also improving the general aesthetic of water heaters. Additionally, many commercial buildings are replacing older, less efficient water heaters with newer models as part of renovation projects or as older units reach the end of their service life.
Based on capacity, the storage water heater market is segmented into 30 liters, 30-100 liters, 100 – 250 liters, 250-400 liters and >400 liters. > 400 Liters is set to grow more than 7% by 2032. Sectors such as hospitality, healthcare, and education have a high demand for large volumes of hot water. These industries are leading adopters of large-capacity storage water heaters owing to their need to supply hot water consistently.
Furthermore, continuous introduction of smart & modern products delivering minimized dry firing, smart control, corrosion resistance, and efficient energy use will enhance the adoption of electric water heaters. Additionally, ongoing introduction of energy efficient devices delivering convenient solutions across end users will benefit the industry scenario.
Europe storage water heater market is set to grow more than USD 6 billion by 2032. The majority of European nations possess old construction stocks which establishes a healthy market for retrofitting as well as the modernization of existing water heating systems. In both commercial and residential areas, old, poor-quality water heaters are increasingly being replaced with new, energy-efficient models.
Various European counties provide incentives, subsidies and rebates on installation of energy efficient water heating systems which increases product adoption. Furthermore, the latest development in urban infrastructure tends to focus on the incorporation of energy-efficient water heaters interconnected with smart city technologies which improves the business scenario.
Storage Water Heater Market Share
The industry of storage water heaters is very competitive, which is evidenced by several important participants, technological shifts, and market movements which define the marketplace competition all over the globe. Energy advancement, emerging consumer patterns, and legal obligations have resulted in an aggressive environment in the market for storage water heaters. In addition, development of distribution channels to increase market access and competitive pricing policies aimed at seizing business opportunities in developing countries will contribute to the market development.
Storage Water Heater Market Companies
Key industry players operating in the storage water heater industry are:
Storage Water Heater Industry News
The 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 & ‘000 Units” from 2021 to 2032, for the following segments:
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Market, By Capacity
Market, By Application
Market, By Energy Source
The above information has been provided for the following countries: