Global Storage Water Heater Market

Global Storage Water Heater Market Size, Share, Growth Analysis, By Capacity(<30 Liters, 30 - 100 Liters), By Application(Residential, Commercial), By Energy Source(Electric, Gas) - Industry Forecast 2024-2031

Report ID: SQMIG20D2199 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 94 | Figures: 76

Global Storage Water Heater Market News

  • In January 2024, Goldmedal Electricals, a prominent player in India's Fast Moving Electrical Goods (FMEG) sector, launched the Iconiq and the Iconiq Digi Storage Water Heaters. This introduction coincided with the peak of India's winter season and marks an expansion of the company's product portfolio.  
  • In December 2023, Venus Home Appliances, a renowned name in the water heater industry, marked its six decades of excellence by introducing two innovative products during its anniversary celebrations. The Splash Pro Smart Instant Water Heater and the Sedra Storage Water Heater showcase the company's commitment to innovation and quality in providing efficient water heating solutions.  
  • In December 2023, GM Modular expanded its product offerings by launching its first storage water heater, the R1X, at the Acetech Exhibition 2023 in Delhi. This move marks a significant business pivot for the company. Priced at Rs 18,500, the R1X is now available for purchase on the GM Modular website, at GM Modular outlets, and through leading e-commerce platforms such as Amazon and Flipkart. 
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FAQs

Global Storage Water Heater Market size was valued at USD 18.9 billion in 2022 and is poised to grow from USD 19.85 billion in 2023 to USD 29.32 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).

The global storage water heater market is highly competitive due to the existence of multiple well-established manufacturers and a number of new companies vying for market share. Leading firms in this industry are always working to stay ahead of the competition via product innovation, technical breakthroughs, and strategic partnerships. 'Rheem Manufacturing Company (United States)', 'A.O. Smith Corporation (United States)', 'Bradford White Corporation (United States)', 'Bosch Thermotechnology (Germany)', 'Rinnai Corporation (Japan)', 'Haier Electronics (China)', 'Ariston Thermo S.p.A (Italy)', 'Ferroli S.p.A (Italy)', 'State Industries (United States)', 'Whirlpool Corporation (United States)', 'American Water Heaters (United States)', 'Stiebel Eltron GmbH & Co. KG (Germany)', 'Eemax, Inc. (United States)', 'Noritz Corporation (Japan)', 'Hubbell Incorporated (United States)', 'Reliance Water Heaters (United States)', 'Camco Manufacturing, Inc. (United States)', 'Eccotemp Systems, LLC (United States)', 'Kenmore (United States)', 'Marey Heater Corporation (United States)'

As aging units are replaced with newer, more efficient devices, the replacement market is an important driver. Modern storage water heaters are often upgraded by consumers to save energy usage and running expenses.

Rising Use of Solar Water Heaters: Solar water heaters have been witnessing a notable surge in adoption owing to their increasing availability and rising popularity of solar energy systems.

The market for storage water heaters has historically been dominated by Asia-Pacific. Numerous elements contribute to this dominance, such as the region's massive population, fast urbanization, and rising demand for residential and commercial hot water solutions. There is a great need for dependable and effective water heating systems in highly populated nations like China and India. Because of this, producers have focused on creating storage water heaters that are suited to the needs and tastes of customers in this area. More homes are choosing water heaters as a result of the expanding middle-class population and increased disposable incomes. In addition, the demand for storage water heaters has been influenced by the industrial and commercial sectors in nations like Japan and South Korea. These sectors include hotels, restaurants, and manufacturing facilities.

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Global Storage Water Heater Market

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