Storage Water Heater Market Size By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), By Energy Source (Electric, Gas {Natural gas, LPG}) Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 - 2026

Published Date: Oct 2019  |  Report ID: GMI2941  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 1015   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Storage Water Heater Market size was valued at over USD 7.6 billion in 2019 with an annual installation to exceed 82 million units by 2026.

Storage Water Heater Market

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The storage water heater functions by using immersion heating elements, examined by controllers which regulate tank temperature. The equipment boils the water and stores it in insulated tanks unless utilized, while eliminating the exhaust side by side from the vent pipes. The heaters are incorporated with a pressure and temperature relief valve that open automatically when the pressure inside the heaters exceed the critical limit. The equipment is used for the hot water requirements across various commercial facilities comprising offices, college/university and government/military among others. They are primarily categorized into gas and electric storage units with key benefits including low operation cost and mass flow capability. The study incorporates a detailed analysis of the storage water heater market segmented on a regional basis across residential and other applications. Furthermore, the forecasts and estimates are aligned with the data published by respective governing authorities including DEWA, IHEA & IEA regional regulatory bodies and associated company press releases.

Expansion of building infrastructure comprising development of ecofriendly communities and green buildings will accelerate the market growth. Ongoing favorable government mandates for deployment of heaters across residential sector coupled with increasing consumer awareness toward adoption of efficient heating systems will foster the product adoption.

Storage Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 7.6 Billion (USD)
Historical Data for: 2015 - 2019 Forecast Period: 2020 - 2026
Forecast Period 2020 - 2026 CAGR: 3.3% 2026 Value Projection: 9.6 Billion (USD)
Pages: 1015 Tables, Charts & Figures: 2038
Geographies covered (54): U.S., Canada, Mexico, UK, France, Germany, Italy, Austria, Spain, Netherlands, Denmark, Finland, Sweden, Norway, Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Israel, Cyprus, Lebanon, Iraq, Brazil, Argentina, Chile
Segments covered: Capacity, Energy Source, Application
Companies covered (15): Viessmann Group, Rinnai Corporation, Vaillant Group, A.O Smith, Ariston Thermo, Bradford White, Jaquar, Bosch Thermotechnology, Whirlpool, State Industries, Linuo Ritter, Ferroli, Hubbell, Saudi Ceramics, Haier Electronics, Rheem Manufacturing
Growth Drivers:
  • North America & Latin America
  • Growing demand for energy efficient water heaters
  • Replacement of conventional water heating systems
  • Europe
  • Government mandates pertaining to energy efficiency
  • Growing demand for replacement of existing water heaters
  • Asia Pacific
  • Rapid urbanization and advancing product customization
  • Increasing demand for water heating systems
  • Middle East & Africa
  • Advancing technology coupled with rising emission standards
Pitfalls & Challenges:
  • High installation cost
  • Availability of counterparts

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Growing government regulations and investments will continue to drive the industry outlook

Widespread use of energy efficient appliances across the commercial sectors will complement the storage water heater market growth. Favorable government policies along with development of strict standards and codes related to the efficiency levels of the electrical appliances will further stimulate the industry outlook. For instance, in 2013, the European commission issued the eco design requirements and energy labelling regulations for water heaters. Also, in 2015, the U.S. DOE have laid down the provisions and standards for the manufacturers.

Ongoing investments by the industry players aimed at improving the product performance will drive the demand for storage water heaters. Strict provisions and guidelines for installation of heating systems across the commercial and residential establishments is set to influence the product adoption. In addition, introduction of advanced systems with Wi-Fi connectivity, several communication options and leakage detection ability will foster the business landscape.

Technology upgradation and product differentiation will accelerate the storage water heater market size

Low cost, easy maintenance & repair and simple designs are the primary factors encouraging the demand for storage water heaters. The widespread availability of ready to install systems coupled with a variety of designs suitable for multiple heating applications will foster the product deployment. Technological developments including corrosion resistance, Wi-fi connectivity, communication and control options along with the leakage detection system will further complement the business scenario.

Key features including lower standby losses, availability in multiple sizes, wide electric supply network and easy installation will propel the storage water heater market growth. Compliance with the government regulations pertaining to the efficiency standards of the appliances will further complement the business landscape.

Growing installation of varied capacity systems to stimulate the business scenario

Europe storage water heater market by capacity

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Rising hot water requirements across the residential establishments coupled with substantial growth in urbanization will drive the demand for low capacity water heaters. In addition, increasing deployment of storage units across the commercial buildings and small offices on account of reduced cost and greater flexibility will strengthen the industry outlook.

Government regulations for energy efficient heating systems across the government buildings has intensified the penetration of 30-100 liters water heater systems. Industry guidelines concerning the installation of heating systems across new building construction will boost the product demand.

Inclination toward energy efficient equipment will boost the storage water heater business

Ongoing government-initiated awareness programs toward benefits of green, ecofriendly and energy efficient systems are the key factors fostering the demand for residential water heaters. Growing need for hot water across the domestic applications coupled with significant cost reductions is set to accelerate the product penetration. Stringent policies to enhance the carbon footprint will enhance the industry landscape.

Product innovations including improved user interface, remote monitoring, voice command activation and leak detection will foster the storage water heater market growth. Availability of large variants of both electric and gas water heaters suitable for various customer requirements will encourage the product adoption across the industry. Replacement of conventional water heating systems with energy efficient water heaters along with rapid expansion of the residential establishments is set to complement the business scenario.

North America to witness growth owing to improved standards of living

North America storage water heater market by application

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Rising per capita income coupled with growing demand of the product across the commercial sectors including offices and colleges will boost the storage water heater industry size. Replacement and upgradation of the existing models with compact systems is set to amplify the product demand. The presence of the major industry players in the region including A.O Smith, Rheem manufacturing and Bradford White will further encourage the product installation.

The U.S. storage water heater industry was valued over USD 1.2 billion in 2019. Upcoming advanced technologies and product differentiation & innovation along with rapidly expanding tourism will complement the industry landscape. In addition, competitive gas prices and higher electricity bills is set to promote the systems adoption in the region.

Product innovation and agreements to remain a major strategic implementation

Growing investments toward product development and research, design & development are the key strategies incorporated by the companies. Inorganic growth on account of mergers & acquisitions along with agreements with prominent technology providers will create new prospects for the industry. In June 2019, Rheem announced the acquisition of Intergas, through its group entity, Paloma Rheem Global. The agreement will allow the expansion of water heater and boiler business across Europe and other markets.

Key players participating in the storage water heater industry comprise Viessmann Group, Rinnai Corporation, Vaillant Group, A.O Smith, Ariston Thermo, Bradford White, Jaquar, Bosch Thermotechnology, Whirlpool, State Industries, Linuo Ritter, Ferroli, Hubbell, Saudi Ceramics, Haier Electronics and Rheem Manufacturing.

The storage water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” and “Units” from 2020 to 2026, for the following segments:

By Capacity

  • Below 30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • 250-400 Liters
  • Above 400 Liters

By Energy Source

  • Electric
    • Below 30 Liters
    • 30-100 Liters
    • 100-250 Liters
    • 250-400 Liters
    • Above 400 Liters
  • Gas
    • Capacity
      • Below 30 Liters
      • 30-100 Liters
      • 100-250 Liters
      • 250-400 Liters
      • Above 400 Liters
    • Natural Gas
    • LPG

By Application

  • Residential
  • Commercial
    • College/University
    • Offices
    • Government/Military
    • Others

The above information is provided on a regional basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherlands
    • Denmark
    • Finland
    • Sweden
    • Norway
  • Eurasia
    • Russia
    • Belarus
    • Armenia
    • Kazakhstan
    • Kyrgyzstan
  • CIS
    • Azerbaijan
    • Moldova
    • Tajikistan
    • Turkmenistan
    • Ukraine
    • Uzbekistan
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Bahrain
    • Oman
    • Turkey
    • South Africa
    • Nigeria
    • Algeria
    • Egypt
    • Israel
    • Cyprus
    • Lebanon
    • Iraq
  • Latin America
    • Brazil
    • Argentina
    • Chile

Frequently Asked Questions (FAQ) :

Global market for storage water heater annual installation is set to surpass 82 million units by 2026, according to a new report published by Global Market Insights, Inc.
Global storage water heater industry was valued at USD 7.6 billion in 2019 and is set to exceed USD 9.6 billion by 2026.
Growing commercialization and urbanization along with adoption of advanced heating technologies to comply with strict building codes will be key driving factors for the growth of global storage water heater business.

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