The net revenue generated by the global storage water heater market in 2023 was nearly US$ 19,013.7 million. Over the next ten years, the storage water heater industry is expected to surge at 5.8% CAGR, concluding at a valuation of US$ 34,917.2 million by 2034.
Storage water heaters have gained a lot of traction in recent years because of their capacity to offer hot water conveniently in homes, workplaces, and public buildings. Moreover, rising affluence in developing economies has surged the demand for secondary household appliances, including electric storage water heaters.
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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 for Storage Water Heater Market Players
The industrial landscape for storage water heaters is highly competitive, with many global as well as regional manufacturers operating at different levels of the overall market. The market dynamics are going to be influenced significantly in the coming days owing to emerging technological advancements to provide safe and efficient storage water heating systems.
Recent Developments by the Storage Water Heater Manufacturers
In December 2022, Havells India Ltd. premiered a new line of ‘unconventionally beautiful’ storage water heaters, Otto and Orizzonte, in India. Otto has a unique circular shape, LED light indicators, and a temperature-adjusting control for adapted heating. The two models are expected to enhance Havell’s portfolio with an AC-type space-saving design, energy-saving settings, and timer mode to regulate the heating duration. Moreover, the integration of digital thermometer display, wireless remote controller, and feather touch control panel are anticipated to popularize the brand in the retail market.
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In April 2023, LG Electronics USA released the highly anticipated LG Inverter Heat Pump Water Heater to assist homeowners in minimizing energy consumption expenses and carbon emissions. With a remarkable Uniform Energy Factor of 3.75 UEF, this ENERGY STAR-certified inverter heat pump water heater is intended for environmentally conscious customers. This new energy-efficient storage water heater solution combines its heat pump technology with sophisticated smart control systems from LG. The UEF rating is higher than typical gas and electric resistance water heaters and saves up to 70 % compared to conventional storage water heaters.
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