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Storage Water Heater Market was valued at USD 19.11 billion in 2023 and is projected to register at a 5.8% CAGR between 2024 and 2032. Driven by the increasing economic development and the adoption of zero-emission heating systems. Robust investments by respective government organizations and private institutions pertaining to the development of large manufacturing facilities will positively enhance the product penetration.
Ongoing government initiatives for the adoption of energy-efficient water heating appliances coupled with rising carbon emission concerns will accelerate industry growth. For instance, in China according to Minimum Energy Performance Standards (MEPS, labels are mandatory for all water heaters, which have MEPS. All water heaters are divided into different grades of energy efficiency. Therefore, manufacturers in line with the stringent government guidelines have aligned their focus toward the development of energy-efficient products will fuel the industry growth.
Report Attribute | Details |
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Base Year: | 2023 |
Storage Water Heater Market Size in 2023: | USD 19.11 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 5.8% |
2032 Value Projection: | USD 31.33 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 1,200 |
Tables, Charts & Figures: | 1,420 |
Segments covered: | Capacity, Energy Source, and Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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