In 2023, the global storage water heater market generated nearly USD 19,013.7 million in revenue. Over the next decade, the market is expected to grow at a compound annual growth rate (CAGR) of 5.8%, reaching an estimated valuation of USD 34,917.2 million by 2034. The market is projected to be valued at USD 19,869.3 million in 2024.
Storage water heaters have gained significant popularity in recent years due to their ability to provide convenient hot water for homes, workplaces, and public buildings. Additionally, rising incomes in developing economies have increased the demand for secondary household appliances, including electric storage water heaters.
Key Takeaways from the Global Storage Water Heater Market Study Report
- The use of storage water heaters is greater in the United States, and during the projected years, the sales are predicted to rise at 4.1% CAGR.
- China follows the United States in production and sales of storage water heaters, and it is expected to witness 5.9% during the projected years.
- The market in Australia is expected to follow a lucrative growth rate of 6.7% between 2024 and 2034.
- The demand for storage water heaters in India is at its peak, and it is expected to grow further by 7.7% through 2034.
Competitive Landscape
Similar to other home appliance industries, the competitive landscape for storage water heaters has evolved into two distinct business strategies. Established market leaders are differentiating themselves by incorporating features such as antimicrobial materials, self-cleaning mechanisms, and water purity maintenance, positioning their products as safe and health-conscious water heating solutions. In contrast, emerging players are concentrating on offering affordable, reliable storage water heaters tailored to meet the specific needs and budgets of regional consumers.
Recent Developments in the Global Storage Water Heater Market
- In October 2023, Voltas, a well-known brand in the home appliances sector and the top air conditioning manufacturer in India, announced its entry into the water heater market. The launch of Voltas Water Heaters line demonstrates the company’s commitment to making products that meet changing customer expectations. This new product line comprises storage as well as instant water heaters, each with a capacity of 10 liters, 15 liters, or 25 liters to meet the requirements of the diverse Indian market.
- In September 2022, Essency Company introduced a 30-year-lasting EXR water heater for its consumers in the United States. This is the first on-demand tank water heater in the world with a polymer storage tank that makes it appropriate for domestic use. Also, the multitasking capabilities, smart control features, and great energy efficiency. This ground-breaking product has boosted the demand for water heaters from the brand, solidifying the company’s market position in the country.
Key Players Profiled in the Storage Water Heater Market Report
- Havells India Ltd.
- Hubbell Heaters
- Saudi Ceramics Company
- Linuo Ritter International Co., Ltd.
- Jaquar India
- Viessmann
- Vaillant
- Nihon Itomic Co., Ltd.
- Atlantic
- A.O. Smith
- Ariston Holding N.V.
- Bosch Thermotechnology Ltd.
- Bradford White Corporation, USA
- Haier Inc.
- Rheem Manufacturing Company
- Whirlpool Corporation
- Rinnai America Corporation
- State Industries
- Ferroli S.p.A
- Essency
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Key Segments Covered by Storage Water Heater Industry Survey Report
By Capacity:
- Less than 30 liters
- 30 liters to 100 liters
- 100 liters to 250 liters
- 250 liters to 400 liters
- More than 400 liters
By Energy Source:
- Electric
- Gas
By End Use Application:
- Residential
- Commercial
- College or University
- Offices
- Government or Military
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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