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), C

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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The storage water heater market is anticipated to showcase exponential growth through 2030 driven by continuous technological advancements in voice control, remote monitoring, and Wi-Fi connectivity. Additionally, surging demand for hot water-equipped building infrastructure is likely to further support industry expansion over the forecast timeline.

Notably, industry players have been implementing strategic acquisitions and partnerships to extend their business presence, thereby augmenting the growth of the storage water heater industry. For instance, in January 2022, water heater giant Hubbell Water Heaters acquired RECO USA, a leading manufacturer of hot and cold water ASME pressure vessels and water heaters, to address the needs of the current marketplace and offer larger capacity water heating and storage solutions.

The global storage water heater market has been categorized by capacity, application, energy source, and region. In terms of capacity, the market has been bifurcated into<30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. Among these, the 250-400 liters capacity segment is likely to witness a substantial rise in demand over the forecast period owing to increasing construction activities for infrastructural development.

By application, the storage water heater industry has been classified into residential and commercial. The commercial application segment has been further segregated into office, government/military, college/university, and others.

The college/university segment is anticipated to grow rapidly up to 2030 as a result of expanding building infrastructures. The office segment is slated to witness substantial progress over the study timespan driven by the establishment of new office buildings and spaces.

The government/military segment is poised to experience significant growth by 2030 on account of increasing government initiatives to boost the adoption of energy-efficient heating systems. The others commercial application segment is set to register notable gains in the upcoming years backed by lower power consumption and better affordability, among other benefits of these heaters.

Based on energy source, the storage water heater market has been split into gas and electric. The gas segment is projected to grow at a strong pace over the assessment timeline. Ongoing shift toward clean energy fuels, coupled with sizable government investments for gas distribution network development, would augment the demand for LPG-fueled water heaters, which is calculated to bolster segmental progress.

With respect to region, the storage water heater market spans the geographies of North America, Eurasia, Europe, CIS, Middle East & Africa, LATAM, and APAC. Eurasia is slated to grow steadily owing to the rising demand for seasonal heating in light of extreme winters in the region.

Since ongoing economic development and infrastructural investments are fueling product demand across the CIS heating industry, the CIS storage water heater industry is speculated to record robust expansion by 2030. The Latin America storage water heater industry is expected to offer lucrative opportunities to manufacturers due to stringent government norms and policies that aim to promote energy efficiency.

Meanwhile, the MEA storage water heater market is poised to witness stable development by 2030. Latest technological advancements with the integration of smart instant heating are primed to foster regional market outlook.