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Asia Pacific Storage Water Heater Market Analysis

  • Report ID: GMI5772
  • Published Date: May 2023
  • Report Format: PDF

Asia Pacific Storage Water Heater Market Analysis

The 30-100 Liter capacity storage water heater market will expand at 5% CAGR through 2032, on account of increasing affordability due to advancements in technology and manufacturing processes. This will further support the households and businesses to install water heaters.  Continuous commercialization owing to economic development particularly across the emerging countries will enhance the product demand. Furthermore, the development of green buildings coupled with the roll out of smart city programs will support establish a favorable business outlook.

Growing disposable incomes along with the increasing population and shift in the consumer preference toward more efficient and comfortable water heating solutions on account of improvement in the living standards will sway the demand for <30 liter heaters. Additionally, reduced costs & flexibility will foster the deployment of these units across commercial establishments.

Asia Pacific Storage Water Heater Market Share, By Application, 2022

The residential storage water heater segment accounted for over USD 4.2 billion in 2022. Product availability across a variety of capacity ranges, affordable pricing, and flexible installation will encourage product adoption in residential areas. Furthermore, the enhanced demand for hot water in bathrooms and kitchens coupled with advancements in green building standards will drive the business scenario. Remote monitoring, leak detection, an improved user interface & voice command activation will boost the growth of storage water heater market.

Increasing deployment across the commercial facilities coupled with growing requirement to comply with the energy efficiency guidelines and ongoing construction mandates & codes will support the refurbishment activities, thereby driving the business growth. Ongoing construction of new colleges and office buildings throughout the cities will further boost the product demand. Increasing investments in R&D to facilitate innovation and integrate new technologies including advanced communication systems will propel the industry outlook.

Electric storage water heater market will cross USD 6.2 billion by 2032. Rapid development of current grid networks combined with an increase in the number of points of connection will encourage the use of electric storage water heaters. Reduced standby losses, availability in numerous capacities, and ease of installation will further contribute to the industry's growth. Growing investments by major companies for innovations leading to improved efficiency and energy savings would drive the product adoption.

Clean combustion along with reduced carbon emissions will propel the industry statistics for gas water heater market. Moreover, the ability to handle large volumes in line with high heating output will stimulate the deployment of gas water heaters across commercial applications. The natural gas storage water heater market will grow owing to low operation cost and mass flow capabilities. Furthermore, providing consumers the ability to control & regulate the temperature and gas ignition coupled with low operational cost will boost the business outlook.

China Storage Water Heater Market Revenue Size, 2021 - 2032 (USD Billion)

Japan storage water heater market held nearly 12% of revenue share in 2022. Growing requirement for energy-efficient water heater systems to support the ongoing construction boom will stimulate the product adoption across Asia Pacific water heater market. Increasing investments on account of vast untapped potential coupled with growing consumer awareness of energy-efficient technologies will complement the industry outlook. Ongoing construction of new colleges & universities along with commercial buildings will stimulate the product demand.

Moreover, shifting inclination of customers toward comfort & luxury along with improving living standards will sway the market statistics. Utilization of gas and tankless heating systems supports to negate the carbon & GHG emissions, contributing to both water and energy conservation. The development of compact designs & easy installation will further complement the business outlook.

Authors: Ankit Gupta, Abhishek chopra

Frequently Asked Questions (FAQ) :

The market size for storage water heater in APAC surpassed USD 6.97 billion in 2023 and could surpass USD 11.63 billion by 2032, with product benefits such as easy installations, low-cost, fuel flexibility and minimum flow rate requirements.

The residential application segment dominated over USD 4.2 billion during 2022, owing to factors such as affordable prices, suitable range of capacities, and flexible installation.

Electric storage water heater market value in Asia Pacific could surpass USD 6.2 billion by 2032, with continuous development of grid networks, surge in the number of points of connection, and benefits such as lower standby losses & ease of installation.

Japan storage water heater market accounted for 12% revenue share in 2022, and will grow further due to increased demand for energy-efficient products to support the continuous infrastructure development in the region.

Asia Pacific Storage Water Heater Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 12
  • Tables & Figures: 528
  • Countries covered: 11
  • Pages: 400
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