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: Feb 2020  |  Report ID: GMI2941  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 945   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Storage Water Heater Market size was valued at over USD 9.5 billion in 2019 and annual installation is projected to exceed 90 million units by 2026. Increasing requirement of hot water across the building infrastructure coupled with ongoing technological advancements including voice control, remote monitoring and Wi-Fi connectivity will accelerate the business growth.
 

Storage Water Heater Market

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A storage water heater comprises of a tank unit equipped with immersion heating elements and controllers that regulates the temperature. It comprises thick PUF insulation that protects the water from cooling until it is utilized. The units can either be powered by electricity or gas and is integrated with a pressure relief valve that open if the pressure inside the tank exceeds the critical limit.
 

Storage Water Heater Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 9.51 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 5.2% 2026 Value Projection: 90.9 Million (Units)
Pages: 945 Tables, Charts & Figures: 2034
Geographies covered (54): U.S., Canada, UK, France, Germany, Italy, Austria, Spain, Netherland, 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, Mexico
Segments covered: Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Application (Residential, Commercial [College/University, Office, Government/Military]), Energy Source (Electric, Gas {Natural gas, LPG})
Companies covered (22): Havells India Limited, Hubbell, Inc., Saudi Ceramics, Linuo Ritter International, Jaquar Group, Viessmann Group, Vaillant Group, Nihon Itomic, Groupe Atlantic, A.O. Smith, Ariston thermo, Bosch Thermotechnology, Bradford White Corporation, General Electric Appliances, Haier Group Corporation, Racold, Rheem Manufacturing Company, Whirlpool Corporation, Rinnai Corporation, State Water Heaters, Ferroli
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 & MEA:
    • Rapid urbanization and advancing product customization
    • Increasing demand for energy efficient systems
    • Growing electrification rate
Pitfalls & Challenges:
  • High installation cost
  • Availability of counterparts

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Product upgradation and differentiation will augment the storage water heater market growth

Stringent government regulations toward carbon emissions and prevailing standards and codes for electrical appliances will fuel the storage water heater industry growth. The manufacturers are upgrading their existing models to comply with respective energy efficiency standards and minimize the carbon footprint. In addition, ongoing focus toward product differentiation and competitive pricing to sustain a competitive position across the market will positively enhance the business outlook.
 

High water holding capacity, un-compromised water pressure and multi usage points are some of the key advancements being incorporated by the companies. The units are favored over its available counterparts owing to key benefits including low initial cost, ease of installation and flexible & friendly user interface. Furthermore, replacement of conventional units with high efficiency star rating technologies across malls, resorts and hotels will positively enhance the market outlook.
 

Rising construction activities and significant investments toward product development will augment the business landscape

Asia Pacific Storage Water Heater By Commercial

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Commercial segment of storage water heater market is set to grow on account of increasing infrastructure development across the globe. Establishment of smart cities inclined with government standards focusing on efficiency level of the electrical appliances will boost the product deployment. For instance, in 2020, the government of India proposed the development of five new smart cities across the nation.
 

Ongoing spending toward research and development to facilitate innovation and integration of new technologies including advanced communication system will positively influence the storage water heater industry growth. Surging development of green buildings coupled with escalating growth across the tourism sector will drive the industry demand. For instance, as per World Economic Forum, more than 50% of the buildings in China are constructed as per the energy efficiency standards.
 

Flourishing demand of wide-ranging capacity heating systems will enhance the business outlook

Rapid population growth coupled with growing urbanization will complement the below 30 liters storage water heater market trends. For instance, in 2018, the urbanization rate across Canada grew over 82%. Availability in range of capacities suitable for multiple customer requirements have catalyzed the product demand. Rising job opportunities and increasing disposable income have facilitated their adoption across residential applications.
 

Ongoing commercialization on account of growing economic development primarily across developing countries will spur the 30-100 liters capacity units. Introduction of smart cities along with the development of green buildings will positively enhance the business outlook. For instance, in July 2019, the Indian Government provided an investment of USD 110 million for infrastructure development.
 

Stringent regulatory policies and growing demand from emerging economies will strengthen the market statistics

Strict building codes and standards toward adoption of energy efficient appliances will drive the market outlook. Major players are focusing toward product differentiation and integration of a wide price range in its portfolio to suit various customer requirements. In 2019, Racold introduced a new range of 15 liters units integrated with leakage detection system and remote controlling.
 

Strong GDP growth across the developing economies will foster the storage water heater market trends. Active adoption of low emission heating units in order to comply with prevailing industry standards and policies will augment the business landscape. The industry is regulated with key directives including Minimum Energy Performance Standards (MEPS), Eco Design, Energy Performance of Buildings and Energy Efficiency Directive.
 

In addition, significant improvement in rural electrification rates along with investments toward expansion of grid infrastructure will positively enhance the industry outlook.
 

The electric storage water heaters accounted for over 65% of revenue share in year 2019

The product offers extensive advantages including availability in multiple capacities, lower standby losses and ease of installation that will positively influence the market growth. Climatic conditions and availability of resources play a vital role in adoption of water heating units. Growing point of connections along with significant investments toward electric network expansion will positively enhance the market outlook.
 

Eminent participants are integrating advanced technologies including smart control features and leakage detection system to expand the product life and decrease service charges. For instance, manufactures are offering annual maintenance packages on the purchase of electric storage units which will attract new customers resulting in increased product deployment.
 

Technological advancement and increasing infrastructural investment will drive the European storage water heating market demand

Europe market By Country

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Asia Pacific, Europe and North America will dominate the overall market growth with a combined revenue share of over 60% in 2019. Ongoing technological improvements including fuel flexibility, reliability and safety will significantly enhance the business outlook. For instance, in 2018, Ferroli introduced a new series of water heaters with extensive features including steel coated tank and ABS shock proof outer casing.
 

In Europe, France will dominate the market, having accounted for over 20% revenue share in 2019. Increasing infrastructural investments along with ongoing commercialization will accelerate the business landscape. Booming tourism sector coupled with development of hotels and guest houses will encourage the product adoption.
 

For instance, as per Ministry of Foreign Affairs, 89.4 million tourists visited France in 2018, while the government has set a target to achieve 100 million international tourist visits by 2020.
 

Product innovations and mergers will favor the global storage water heater market forecast

Eminent players are focusing toward product advancements and merger & acquisitions to meet the prevailing competition in the market. Key companies operating across the market include A.O Smith, Rinnai Corporation, Bradford White, Saudi Ceramics, Ferroli, State Industries, Hubbell, Rheem Manufacturing, Linuo Ritter, Bosch Thermotechnology, Haier Electronics, Vaillant Group, Whirlpool, Jaguar Group, Ariston Thermo, Viessmann Group and Kanch Water Heaters.
 

Global storage water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

By Capacity

  • <30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • 250-400 Liters
  • >400 Liters

By Application

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

By Energy Source

  • Electric
  • Gas
    • Natural Gas
    • LPG

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherland
    • 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
    • Mexico
       

Frequently Asked Questions (FAQ) :

Rising adoption of energy efficient heating appliances and stringent environment regulations will be key driving factors for the growth of global storage water heater business.
The worldwide industry for storage water heater is expected to register over 5% CAGR from 2020 to 2026, according to a new report published by Global Market Insights, Inc.
A.O Smith, Rinnai Corporation, Bradford White, Saudi Ceramics, Ferroli, State Industries, Hubbell, Rheem Manufacturing, Linuo Ritter, Bosch Thermotechnology, Haier Electronics, Vaillant Group, Whirlpool, Jaguar Group, Ariston Thermo, Viessmann Group and Kanch Water Heaters are key players operating in the global market for storage water heater.

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