Storage Water Heater Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Storage Water Heater Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Storage Water Heater Market size will exhibit a 5.8% CAGR between 2024 and 2032, due to the rising demand for features like scheduled heating, energy usage tracking, and remote diagnostics. With the integration of IoT technology, users can remotely control and monitor their storage water heaters via mobile apps. For example, in January 2023, Panasonic Life Solutions India launched its newest IOt-enabled Duro Smart and Prime range of water heaters. Furthermore, these heaters are seamlessly blending into larger smart home ecosystems, allowing them to integrate with other smart devices and home automation systems, thereby boosting convenience and energy management. The storage water heater industry is segmented into capacity, energy source, application and region. By capacity, the industry value from the 100 – 250 liters segment will exhibit lucrative growth up to 2032 as they are suitable to provide sufficient hot water for daily activities like bathing, cooking, and cleaning in medium and large households where hot water needs are moderate to high. Compared to larger-capacity water heaters, 100 – 250 liter units are more affordable in terms of upfront costs and installation, making them accessible to a broader range of consumers. With respect to application, the storage water heater market size from the residential segment will record notable expansion through 2032. This can be attributed to the rising need to ensure a steady supply of hot water, especially in homes with multiple bathrooms or large families. In residential setups, these heaters are used as a source for space heating systems, such as radiators or underfloor heating. The stored hot water then circulates through the heating system to warm the living spaces. Asia Pacific storage water heater industry share will expand from 2024 to 2032 due to a strong emphasis on energy-efficient and environmentally friendly appliances. Countries like China, India, and those in Southeast Asia are witnessing rapid urbanization, driving up the demand for modern home appliances, notably storage water heaters. With rising disposable incomes, an increasing number of households are turning to efficient and dependable water heating solutions, further accelerating regional product adoption.