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

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).

Evolving consumer preferences and rising focus on sustainability are projected to be key factors that are estimated to influence storage water heater market growth over the coming years. Increasing energy costs around the world are pushing consumers to opt for energy-efficient products such as storage water heaters that could reduce the energy consumption required for water heating. Implementation of stringent carbon footprint reduction mandates and growing awareness regarding global warming are also predicted to directly favor storage water heater sales going forward. Growing availability of novel storage water heaters with enhanced insulation and remote control is also favoring market growth around the world. Integration of advanced technologies such as IoT to improve the operational efficiency of storage water heaters and automatically adapt to weather change and other real-time data is also slated to be a key opportunity that market players should keep an eye out for in the future.

Increasing costs of raw materials required to manufacture storage water heaters is projected to be a key challenge that market players will have to face over the coming years. Furthermore, design and technical issues associated with new storage water heaters are also predicted to limit the profitability of storage water heater companies to a certain extent across the forecast period. The ongoing trend of renewable energy adoption is also slated to have a great impact on the storage water heater market growth in the future. storage water heater suppliers will need to overcome these issues and take advantage of the key market trends to stand out in the global competitive landscape across the forecast period. Demand for storage water heaters that are capable of fitting in small living scenarios is projected to create a plethora of new opportunities for storage water heater suppliers in the long run.