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Forecasts indicate that the storage water heater market will expand from its 2023 valuation of $18.22B at a CAGR of 7.6% from 2024 to 2031. Motivated by the growing popularity of emission-free heating systems and the improvement in economic conditions. The product penetration will be positively affected by the robust investments made by private institutions and government organizations in the establishment of large manufacturing facilities.
The market is expected to experience rapid expansion due to increased concerns about carbon emissions and ongoing government programs promoting the use of water heating units with lower energy consumption. As an example, all water heaters in China are required to display labels that state that they meet the Minimum Energy Performance Standards (MEPS). There are varying degrees of energy efficiency for water heaters. So, to meet the strict regulatory standards, manufacturers have shifted their focus to creating energy-efficient products, which will drive the expansion of the business.
The cylindrical tank of a storage water heater maintains the water's temperature so that it is always hot and ready to use. Gas, electricity, sunlight, and oil are just some of the energy sources that can power it. Storage water heaters that run on gas are the most common in the Western Hemisphere. Because solar energy is the most cost-effective option, storage water heaters powered by solar panels are likely to gain in popularity soon. Commercial, residential, and industrial settings all make use of storage water heaters.
An anticipated key driver for the storage water heater market during the projected timeline is the predicted growth in the trend of using storage water heaters powered by solar energy in different parts of the world. There is a widespread belief that solar-powered storage water heaters are cutting-edge, inexpensive, and extremely energy-efficient. Manufacturers and distributors of storage water heaters should anticipate lucrative opportunities in this space over the anticipated time frame. Federal governments in several countries (mostly in Europe) have imposed strict regulations and criteria related to the energy efficiency of electrical appliances, which is likely to increase the demand for storage water heaters throughout the predicted period. Manufacturers and sellers of storage water heaters can anticipate a bright economic future due to the stringent regulations and requirements that will soon be in place for the building of heating systems in commercial and industrial environments.
The widespread closure of factories and other industrial facilities as well as the postponement or cancellation of numerous infrastructure development projects caused by the COVID-19 pandemic severely hampered the expansion of the sector as a whole. The demand for HVAC products, however, will rise once the government lifts restrictions on mandatory lockdowns and businesses and operations are back up and running. The development of new infrastructure and the increase in building projects undertaken by both private and public sector entities will also keep the economy moving forward.
The industry will be complemented by the increasing focus on energy-efficient storage water heaters, which can greatly decrease energy consumption and running costs. The heating equipment sector is going to be influenced by manufacturers who incorporate smart and connected technologies. These features will enable consumers to remotely monitor and manage their equipment through smartphone apps. Product penetration will also be positively affected by the growth in the use of these units in airports, malls, and shopping centers.
To help identify promising investment opportunities, this report analyzes the storage water heater market and provides a picture of its present state as well as projections for its future growth. In addition to analyzing the storage water heater market share in depth, the study covers important drivers, constraints, and opportunities in the industry. To shed light on the potential for growth in the storage water heater industry, a quantitative analysis of the present market is conducted. Porter's five forces study shows how powerful buyers and sellers are in a market. Based on the current state of the business and projections for the future, this research examines the storage water heater industry in great detail.
Report Coverage
Global Storage Water Heater research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Storage Water Heater report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Storage Water Heater competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Storage Water Heater market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Storage Water Heater market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Storage Water Heater market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Electrolux, A.O. Smith Corporation, Heat Transfer Products Inc, Bradford White Corporation,, Crompton Greaves Ltd., Eccotemp Systems, Reliance Water Heater Company, Rinnai, Bosch, Rinnai, Midea Group, Rehem Manufacturing Company, Noritz Corporation
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Storage Water Heater market based on the below-mentioned segments:
Global Storage Water Heater Market, By Tank Capacity
Up to 50L
51L – 100L
101L – 250L
251L – 400L
More than 400L
Global Storage Water Heater market, By Tank Material
Copper
Stainless Steel
Thermoplastic
Others (Carbon Steel and Metal Alloys)
Global Storage Water Heater Market, By End User
Individual
Commercial
Industrial
Global Storage Water Heater market, Regional Analysis
The market is expected to experience rapid expansion due to increased concerns about carbon emissions and ongoing government programs promoting the use of water heating units with lower energy consumption. As an example, all water heaters in China are required to display labels that state that they meet the Minimum Energy Performance Standards (MEPS). There are varying degrees of energy efficiency for water heaters. So, to meet the strict regulatory standards, manufacturers have shifted their focus to creating energy-efficient products, which will drive the expansion of the business.
The cylindrical tank of a storage water heater maintains the water's temperature so that it is always hot and ready to use. Gas, electricity, sunlight, and oil are just some of the energy sources that can power it. Storage water heaters that run on gas are the most common in the Western Hemisphere. Because solar energy is the most cost-effective option, storage water heaters powered by solar panels are likely to gain in popularity soon. Commercial, residential, and industrial settings all make use of storage water heaters.
An anticipated key driver for the storage water heater market during the projected timeline is the predicted growth in the trend of using storage water heaters powered by solar energy in different parts of the world. There is a widespread belief that solar-powered storage water heaters are cutting-edge, inexpensive, and extremely energy-efficient. Manufacturers and distributors of storage water heaters should anticipate lucrative opportunities in this space over the anticipated time frame. Federal governments in several countries (mostly in Europe) have imposed strict regulations and criteria related to the energy efficiency of electrical appliances, which is likely to increase the demand for storage water heaters throughout the predicted period. Manufacturers and sellers of storage water heaters can anticipate a bright economic future due to the stringent regulations and requirements that will soon be in place for the building of heating systems in commercial and industrial environments.
The widespread closure of factories and other industrial facilities as well as the postponement or cancellation of numerous infrastructure development projects caused by the COVID-19 pandemic severely hampered the expansion of the sector as a whole. The demand for HVAC products, however, will rise once the government lifts restrictions on mandatory lockdowns and businesses and operations are back up and running. The development of new infrastructure and the increase in building projects undertaken by both private and public sector entities will also keep the economy moving forward.
The industry will be complemented by the increasing focus on energy-efficient storage water heaters, which can greatly decrease energy consumption and running costs. The heating equipment sector is going to be influenced by manufacturers who incorporate smart and connected technologies. These features will enable consumers to remotely monitor and manage their equipment through smartphone apps. Product penetration will also be positively affected by the growth in the use of these units in airports, malls, and shopping centers.
To help identify promising investment opportunities, this report analyzes the storage water heater market and provides a picture of its present state as well as projections for its future growth. In addition to analyzing the storage water heater market share in depth, the study covers important drivers, constraints, and opportunities in the industry. To shed light on the potential for growth in the storage water heater industry, a quantitative analysis of the present market is conducted. Porter's five forces study shows how powerful buyers and sellers are in a market. Based on the current state of the business and projections for the future, this research examines the storage water heater industry in great detail.
Report Coverage
Global Storage Water Heater research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Storage Water Heater report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Storage Water Heater competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Storage Water Heater market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Electrolux, A.O. Smith Corporation, Heat Transfer Products Inc, Bradford White Corporation,, Crompton Greaves Ltd., Eccotemp Systems, Reliance Water Heater Company, Rinnai, Bosch, Rinnai, Midea Group, Rehem Manufacturing Company, Noritz Corporation |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Storage Water Heater Market from 2021 to 2031.
- Market Forecast for Storage Water Heater Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Storage Water Heater competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Storage Water Heater
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Storage Water Heater market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Storage Water Heater market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Electrolux, A.O. Smith Corporation, Heat Transfer Products Inc, Bradford White Corporation,, Crompton Greaves Ltd., Eccotemp Systems, Reliance Water Heater Company, Rinnai, Bosch, Rinnai, Midea Group, Rehem Manufacturing Company, Noritz Corporation
Primary Target Market
- Market Players of Storage Water Heater
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Storage Water Heater market based on the below-mentioned segments:
Global Storage Water Heater Market, By Tank Capacity
Up to 50L
51L – 100L
101L – 250L
251L – 400L
More than 400L
Global Storage Water Heater market, By Tank Material
Copper
Stainless Steel
Thermoplastic
Others (Carbon Steel and Metal Alloys)
Global Storage Water Heater Market, By End User
Individual
Commercial
Industrial
Global Storage Water Heater market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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