Storage Water Heater Market Analysis | 2022-2028

Market Insights

The Global Storage Water Heater Market was estimated to grow from USD 18.2 billion in 2021 to USD 24.4 billion by 2028 at a CAGR of over 4.22% during the forecast period of 2022-2028.

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What is storage water heater?

A storage water heater is a type of domestic water heating appliance that uses a hot water storage tank to maximise water heating capacity and provide instantaneous hot water delivery.

Key Players

The following are some of the key players in the global market:

• A.O. Smith
• Ariston Thermo S.p.A
• Groupe Atlantic
• Havells India Limited
• Hubbell, Inc.
• Jaquar Group
• Nihon Itomic Co., Ltd.
• Saudi Ceramics
• Vaillant Group
• Viessmann Group

Market Drivers

The global storage water heater market is driven by the following factors:

• With the increasing demand for hot water across building infrastructures, continuous technological advancements such as remote monitoring, voice control, and Wi-Fi connectivity are expected to boost the market growth during 2022-28. 
• In addition, strict government regulations and norms to reduce carbon emissions, paired with the development of strategies and plans to ensure energy efficiency, is likely to accelerate the market expansion of storage water heaters.
• Furthermore, rising demand for eco-friendly and energy-efficient heating systems, as well as rapid urbanization and building infrastructure expansion, will drive the market revenue.
• Favorable government initiatives to promote the use of energy-efficient heating systems, in line with the growing demand for advanced and sustainable solutions, are expected to bolster product adoption even further.

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Segment Analysis

Capacity Trends

The global market is bifurcated into <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >450 liters.

<30 liter- capacity water heaters are estimated to hold significant share of the market during 2022-28. Rising population, combined with a shift in consumer preference for efficient and comfortable water heating solutions as living standards improve, is likely to drive the demand for <30-liter capacity heaters.

• Furthermore, growing job opportunities and rising disposable income have facilitated the adoption of these units in residential applications. Additionally, the flexibility and lower costs will encourage the deployment of these units throughout commercial establishments.
• Continuous commercialization as a result of rising economic development, particularly in developing countries, will bolster the demand for 30 - 100 liter capacity units.
• Furthermore, the development of green buildings, as well as the implementation of smart city programmes, has created a favourable business environment. Multiple control options, as well as simple installation, will encourage product adoption even further.

Energy Source Trends

The global market is segmented as electric and gas.

The electric energy source type is estimated to lead the global market during 2022-28. The rapid expansion of existing grid networks, coupled with an increase in the number of points of connection, is expected to encourage the use of electric storage water heaters.

• Reduced standby losses, availability in multiple capacities, and ease of installation will drive the industry growth.
• Furthermore, the availability of electric storage water heaters in various sizes, along with a simple user interface and lower costs, will accelerate the product deployment.

Application Trends

The market is segmented as residential and commercial.

Residential application is estimated to hold the major share of the global market during 2022-28. Product availability in a variety of capacity ranges, competitive pricing, and flexible installation will encourage product adoption in residential establishments.

• Furthermore, the growing demand for hot water in bathrooms and kitchens, as well as changes in green building norms, are expected to drive the market demand.
• The ability of remote monitoring, improved user interface, leak detection, and voice command activation is likely to boost the installation of storage water heaters even further.

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Regional Analysis

Europe is estimated to be the dominant region in the market during the forecast period. The growth of the region's market is as a result of ongoing commercialization and increasing infrastructure investments. Furthermore, the implementation of regulatory policies to reduce the presence of low efficiency and environmentally polluting appliances, as well as the development of strict government codes and standards on the efficiency levels of electrical products, will enhance the market landscape in the coming years.

In 2018, North America dominate the global storage water heater market. Due to rising demand for energy-efficient water heaters in countries such as the USA and Canada, the North American market is expected to grow at a moderate pace during the forecast period.

• Due to the rapid development and increasing demand for water heating systems in China, India, Japan and other Southeast Asian countries, the Asia-Pacific market is expected to grow strongly during the forecast period. This will increase the demand for water storage heaters in the Asia-Pacific market.

• Traditional systems of water heating are more and more being replaced in underdeveloped countries around the world.

For example, A. Johnson & Sons is a manufacturing company. O. Smith, Bosch Thermotechnik GmbH, Siemens and Hubbell Electric Heater Company focus on research and development to improve storage heating technology.

Segmentation:

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

By Capacity Type

• <30 Liters
• 30-100 Liters
• 100-250 Liters
• 250-400 Liters
• >400 Liters

By Energy Source Type

• Electric
• Gas

By Application Type

• Residential
• Commercial
  • Type Analysis: College/University, Offices, Government/Military, and Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s market realities and future market possibilities for the forecast period of 2022 to 2027.

The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way and the structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com