Storage Water Heater Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Storage Water Heater Market was worth USD 19.1 billion in 2023 and will grow at a CAGR of 5.8% from 2024 to 2032. Innovations in heating technology and the rising demand for hot water are expected to significantly drive the growth of the market. Advances in heating efficiency, such as improved insulation and smart controls, enhance performance and reduce energy consumption, making modern storage water heaters more appealing. In addition, the increasing need for hot water in residential, commercial, and industrial settings fuels market expansion. As consumers seek more efficient and reliable water heating solutions, these technological innovations and growing demand will bolster the market's size and development.

The storage water heater industry is divided based on application, capacity, energy source, and region.

The commercial segment will exceed USD 11 billion by 2032. Stricter energy efficiency standards and regulations are driving the rapid adoption of more efficient storage water heater models. These standards encourage the shift towards units that consume less energy, resulting in lower utility bills, which makes high-efficiency models increasingly appealing despite their higher upfront costs. Technological advancements, including improved insulation and smart controls, are enhancing the performance and attractiveness of these heaters. Furthermore, as commercial buildings undergo renovations or replace aging units, they are increasingly opting for newer, more efficient water heater systems, further boosting market growth.

The storage water heaters with capacities exceeding 400 liters will achieve 7% CAGR through 2032 due to their suitability for high-demand applications in commercial and large residential settings. These units are ideal for facilities requiring substantial hot water supply, such as hotels, hospitals, and large office buildings. Their ability to deliver consistent, high volumes of hot water makes them highly desirable. As industrial and commercial sectors continue to expand, the demand for high-capacity storage water heaters is anticipated to grow, solidifying this segment's market dominance.

Europe storage water heater market will experience USD 6 billion by 2032, fueled by its advanced infrastructure, stringent energy efficiency regulations, and high standards for residential and commercial heating systems. The region's focus on sustainability and reducing energy consumption drives the adoption of modern, high-efficiency storage water heaters. Additionally, ongoing renovations and construction projects across Europe further boost demand for these systems. Europe's commitment to technological advancements and environmental standards makes it a vital contributor to the storage water heater industry.

Product Code: 2941

Chapter 1 Methodology and Scope

1.1 Research Design
1.2 Base estimates and calculations
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.5 Price trend analysis
3.6 Porter's analysis
- 3.6.1 Bargaining power of suppliers
- 3.6.2 Bargaining power of buyers
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
3.7 PESTEL analysis

Chapter 4 Competitive landscape, 2023

4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation and technology landscape

Chapter 5 Market Size and Forecast, By Capacity, 2021 - 2032 (USD Million and '000 Units)

5.1 Key trends
5.2 < 30 liters
5.3 30 -100 liters
5.4 100 - 250 liters
5.5 250 - 400 liters
5.6 > 400 liters

Chapter 6 Market Size and Forecast, By Energy Source, 2021 - 2032 (USD Million and '000 Units)

6.1 Key trends
6.2 Electric
6.3 Gas

Chapter 7 Market Size and Forecast, By Application, 2021 - 2032 (USD Million and '000 Units)

7.1 Key trends
7.2 Residential
7.3 Commercial
- 7.3.1 College/university
- 7.3.2 Offices
- 7.3.3 Government/military
- 7.3.4 Others

Chapter 8 Market Size and Forecast, By Region, 2021 - 2032 (USD Million and '000 Units)

8.1 Key trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 France
- 8.3.3 Germany
- 8.3.4 Italy
- 8.3.5 Austria
- 8.3.6 Spain
- 8.3.7 Netherland
- 8.3.8 Denmark
- 8.3.9 Finland
- 8.3.10 Sweden
- 8.3.11 Norway
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 Japan
- 8.4.3 South Korea
- 8.4.4 India
- 8.4.5 Australia
- 8.4.6 Indonesia
- 8.4.7 Malaysia
- 8.4.8 Singapore
- 8.4.9 Thailand
- 8.4.10 New Zealand
- 8.4.11 Philippines
- 8.4.12 Vietnam
8.5 Eurasia
- 8.5.1 Russia
- 8.5.2 Belarus
- 8.5.3 Kazakhstan
- 8.5.4 Kyrgyzstan
- 8.5.5 Armenia
8.6 CIS
- 8.6.1 Azerbaijan
- 8.6.2 Moldova
- 8.6.3 Tajikistan
- 8.6.4 Turkmenistan
- 8.6.5 Uzbekistan
8.7 Middle East and Africa
- 8.7.1 Saudi Arabia
- 8.7.2 UAE
- 8.7.3 Qatar
- 8.7.4 Kuwait
- 8.7.5 Oman
- 8.7.6 Turkey
- 8.7.7 South Africa
- 8.7.8 Nigeria
- 8.7.9 Egypt
- 8.7.10 Israel
- 8.7.11 Iraq
8.8 Latin America
- 8.8.1 Brazil
- 8.8.2 Argentina
- 8.8.3 Chile
- 8.8.4 Mexico

Chapter 9 Company Profiles

9.1 A.O. Smith
9.2 Ariston Holding N.V.
9.3 Bosch Thermotechnology Ltd.
9.4 Bradford White Corporation, USA
9.5 Essency
9.6 Ferroli S.p.A
9.7 Groupe Atlantic
9.8 Havells India Ltd.
9.9 Hubbell Heaters
9.10 Haier Inc.
9.11 Jaquar India
9.12 Linuo Ritter International Co., Ltd.
9.13 Nihon Itomic Co., Ltd.
9.14 Rheem Manufacturing Company
9.15 Rinnai America Corporation
9.16 State Industries.
9.17 Saudi Ceramics Company
9.18 Viessmann
9.19 Vaillant
9.20 Whirlpool Corporation