Storage Water Heater Market Size - By Application (Residential, Commercial [College/University, Offices, Government/Military]), By Capacity (<30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), By Energy Source (Electric, Gas), & Forecast, 2024 – 2032

Storage Water Heater Market Size

Storage Water Heater Market 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.
 

Technological innovations, such as better insulation materials, smart controls, and improved heat exchanger designs, are making large storage water heaters more efficient and user-friendly, contributing to their growing adoption. 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

Storage water heaters is expanding in emerging economies due to urbanization, increasing commercial construction, and rising energy demand. Ongoing integration of water heaters with renewable energy sources such as solar thermal systems and geothermal heat pumps. will help businesses further reduce their energy costs and reliance on fossil fuels. Increasingly stringent energy efficiency standards and regulations will continue to drive the adoption of more efficient water heater systems.  Moreover, high-efficiency models, including those with condensing technology and heat pump integration, are increasingly popular to reduce energy consumption and lower utility bills, contributing to the business scenario.
 

Storage Water Heater Market Analysis

Based on application, the commercial segment is set to cross more than USD 11 billion by 2032. Increasingly stringent energy efficiency standards and regulations are driving the adoption of more efficient storage water heaters. Reduced energy consumption leads to lower utility bills, making high-efficiency models more attractive despite their higher upfront costs. Further, innovations in water heater technology, including improved insulation, and smart controls, are enhancing the performance and appeal of water heaters, augmenting the industry landscape. 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 > 400 liters is poised to observe about 7% CAGR through 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 predicted to hit USD 6 billion by 2032. Many European countries have aging building stocks, leading to a significant market for retrofitting and upgrading existing water heating systems. Businesses and homeowners are replacing old, inefficient water heaters with modern, energy-efficient models. Various European countries offer incentives, subsidies, and rebates for the installation of energy efficient water heating systems, thereby encouraging the product adoption. In addition, modern urban infrastructure projects often include advanced water heating solutions that are energy-efficient and integrated with smart city technologies, contributing to the business scenario.
 

Storage Water Heater Market Share

The competitive landscape in the storage water heater industry is characterized by several key players, technological advancements, and market dynamics. the storage water heater industry is highly competitive, driven by technological advancements, regulatory compliance, and changing consumer preferences. Major players are focusing on innovation, energy efficiency, and expanding their market presence to stay competitive. Further, expansion of distribution networks to enhance market reach and Competitive pricing strategies to capture market share, especially in emerging markets will drive the business landscape.
 

Storage Water Heater Market Companies

Major key players operating in the storage water heater industry are:

• A.O. Smith
• Ariston Holding N.V.
• Bosch Thermotechnology Ltd.
• Bradford White Corporation, USA
• Essency
• Ferroli S.p.A
• Groupe Atlantic
• Havells India Ltd.
• Hubbell Heaters
• Haier Inc.
• Jaquar India
• Linuo Ritter International Co., Ltd.
• Nihon Itomic Co., Ltd.
• Rheem Manufacturing Company
• Rinnai America Corporation
• State Industries.
• Saudi Ceramics Company
• Viessmann
• Vaillant
• Whirlpool Corporation
   

Storage Water Heater Industry News

• In December 2022, Havells India Ltd. introduced Otto and Orizzonte, its new range of storage water heaters in India. Otto comes in 10, 15 & 25 liters with an exclusive circular design, LED light indicators, and a temperature adjustment knob formodified heating. Orizzonte comes in 15 & 25 liters with an AC type space-saving model, energy saving mode, digital temperature display, wireless remote controller, feather touch control panel, and timer mode to set the heating duration. The introduction of the new products strengthened the company’s portfolio and market presence.
   
• In September 2022, Essency launched EXR water heater in the U.S which can lasts for 30 years. This world’s first on-demand tank water heater suitable for residential purposes, has multi-tasking abilities, modern technology, polymer storage tank, and high energy efficiency. This innovative introduction accelerated the demand for water heaters in U.S., thereby complementing the business scenario and strengthening company’s position in the market.
   

This 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

• < 30 liters
• 30 – 100 liters
• 100 – 250 liters
• 250 – 400 liters
• >400 liters

Market, By Application

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

Market, By Energy Source

• Electric
• Gas

The above information has been provided for the following countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Austria
  • Spain
  • Netherlands
  • Denmark
  • Finland
  • Sweden
  • Norway
• Eurasia
  • Russia
  • Belarus
  • Kazakhstan
  • Kyrgyzstan
  • Armenia
• CIS
  • Azerbaijan
  • Moldova
  • Tajikistan
  • Turkmenistan
  • Uzbekistan
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • New Zealand
  • Philippines
  • Vietnam
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Turkey
  • South Africa
  • Nigeria
  • Egypt
  • Israel
  • Iraq
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Mexico