Global Storage Heater
Market Report
2025
The global Storage Heater market size will be USD 20154.2 million in 2024. Growing need for water heating devices is expected to boost sales to USD 31319.35564 million by 2031, with a Compound Annual Growth Rate (CAGR) of 6.50% from 2024 to 2031.
The base year for the calculation is 2024 and 2021 to 2024 will be historical period. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Storage Heater market size will be USD 20154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.50% from 2024 to 2031.
2019 | 2024 | 2025 | 2032 | 2033 | CAGR | |
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Global Storage Heater Market Sales Revenue | 121212 | $ 20154.2 Million | 121212 | 121212 | 121212 | 6.5% |
North America Storage Heater Market Sales Revenue | 121212 | $ 8061.68 Million | 121212 | 121212 | 121212 | 4.7% |
United States Storage Heater Market Sales Revenue | 121212 | $ 6360.67 Million | 121212 | 121212 | 121212 | 4.5% |
Mexico Storage Heater Market Sales Revenue | 121212 | $ 733.61 Million | 121212 | 121212 | 121212 | 5.2% |
Canada Storage Heater Market Sales Revenue | 121212 | $ 967.4 Million | 121212 | 121212 | 121212 | 5.5% |
Europe Storage Heater Market Sales Revenue | 121212 | $ 6046.26 Million | 121212 | 121212 | 121212 | 5% |
France Storage Heater Market Sales Revenue | 121212 | $ 556.26 Million | 121212 | 121212 | 121212 | 4.2% |
Spain Storage Heater Market Sales Revenue | 121212 | $ 495.79 Million | 121212 | 121212 | 121212 | 4.1% |
United Kingdom Storage Heater Market Sales Revenue | 121212 | $ 1015.77 Million | 121212 | 121212 | 121212 | 5.8% |
Russia Storage Heater Market Sales Revenue | 121212 | $ 937.17 Million | 121212 | 121212 | 121212 | 4% |
Italy Storage Heater Market Sales Revenue | 121212 | $ 519.98 Million | 121212 | 121212 | 121212 | 4.4% |
Germany Storage Heater Market Sales Revenue | 121212 | $ 1197.16 Million | 121212 | 121212 | 121212 | 5.2% |
Rest of Europe Storage Heater Market Sales Revenue | 121212 | $ 937.17 Million | 121212 | 121212 | 121212 | 3.7% |
Asia Pacific Storage Heater Market Sales Revenue | 121212 | $ 4635.47 Million | 121212 | 121212 | 121212 | 8.5% |
Korea Storage Heater Market Sales Revenue | 121212 | $ 463.55 Million | 121212 | 121212 | 121212 | 7.6% |
Japan Storage Heater Market Sales Revenue | 121212 | $ 639.69 Million | 121212 | 121212 | 121212 | 7% |
China Storage Heater Market Sales Revenue | 121212 | $ 2085.96 Million | 121212 | 121212 | 121212 | 8% |
Australia Storage Heater Market Sales Revenue | 121212 | $ 241.04 Million | 121212 | 121212 | 121212 | 8.2% |
India Storage Heater Market Sales Revenue | 121212 | $ 556.26 Million | 121212 | 121212 | 121212 | 10.3% |
Rest of APAC Storage Heater Market Sales Revenue | 121212 | $ 329.12 Million | 121212 | 121212 | 121212 | 8.3% |
South America Storage Heater Market Sales Revenue | 121212 | $ 1007.71 Million | 121212 | 121212 | 121212 | 5.9% |
Peru Storage Heater Market Sales Revenue | 121212 | $ 82.63 Million | 121212 | 121212 | 121212 | 6.1% |
Colombia Storage Heater Market Sales Revenue | 121212 | $ 89.69 Million | 121212 | 121212 | 121212 | 5.7% |
Argentina Storage Heater Market Sales Revenue | 121212 | $ 169.3 Million | 121212 | 121212 | 121212 | 6.8% |
Brazil Storage Heater Market Sales Revenue | 121212 | $ 431.3 Million | 121212 | 121212 | 121212 | 6.5% |
Chile Storage Heater Market Sales Revenue | 121212 | $ 72.56 Million | 121212 | 121212 | 121212 | 6.2% |
Rest of South America Storage Heater Market Sales Revenue | 121212 | $ 162.24 Million | 121212 | 121212 | 121212 | 5% |
Middle East and Africa Storage Heater Market Sales Revenue | 121212 | $ 403.08 Million | 121212 | 121212 | 121212 | 6.2% |
Egypt Storage Heater Market Sales Revenue | 121212 | $ 42.32 Million | 121212 | 121212 | 121212 | 6.5% |
Turkey Storage Heater Market Sales Revenue | 121212 | $ 34.67 Million | 121212 | 121212 | 121212 | 5.7% |
Rest of MEA Storage Heater Market Sales Revenue | 121212 | $ 47.56 Million | 121212 | 121212 | 121212 | 5.2% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Capacity |
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Market Split by Energy Source |
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Market Split by End-use |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Market Drivers:
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Market Restrains:
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Market Trends:
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Storage Heater Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Large-volume water heaters that heat and store water in a tank are known as storage heaters or tank water heaters. Since it produces hot water that may be used for cooking, washing, and bathing, it is frequently utilized in homes and businesses. Hot water is constantly accessible for use in the storage heater's cylindrical vessel. It makes use of a variety of energy sources, including solar, oil, gas, and electricity. The market for storage heaters has expanded rapidly in recent years. Rapid urbanization, growing disposable income, and the growing need for hot water in the residential and commercial sectors are some of the major drivers driving market expansion. In addition, the industry has grown due to technological developments, including smart features and energy-efficient models.
For instance, in December 2023, the R1X, GM Modular's first storage heater, was introduced at the Acetech Exhibition 2023 in Delhi, broadening the company's product line. This action represents a major change in the company's business strategy. The R1X, which costs Rs 18,500, can be bought from GM Modular stores, on their website, and via reputable online retailers like Amazon and Flipkart. (Source: https://www.realtyninfra.in/gm-modular-launches-premium-water-heaters-expands-its-home-appliance-portfolio )
One of the main factors propelling the growth of the storage heater market is the increasing need for hot water. The expansion of commercial and residential structures, urbanization, and population growth is driving this demand. Hot water storage tanks, a necessary component of everyday life, meet this need effectively since they can supply continuous heating and hence ease the use of hot water, which consumers need for activities like cleaning, cooking, and bathing. Furthermore, because storage heaters save energy and are convenient, the market is growing due to the development of energy-efficient technologies and the addition of smart features.
It is anticipated that rising awareness of energy efficiency will increase demand for storage heaters. As consumers grow more aware of energy conservation and environmental sustainability, they are searching for appliances with higher efficiency ratings. Because of their better heating components and cutting-edge insulating materials, storage heaters have evolved to minimize heat loss and use less energy. Additionally, customers can reduce their energy usage by incorporating features like thermostatic controls and programmable timers, which makes storage heaters an attractive option for an affordable and environmentally friendly hot water solution. The market for storage heaters is being driven by a broader trend toward environmentally conscious living, which is in line with the growing awareness of energy efficiency.
Due to the high R&D costs involved, makers of storage heaters face substantial difficulty in ensuring compliance with energy efficiency laws and standards. For storage heater systems that meet these requirements without compromising on performance or cost, research and development are necessary. In addition, storage heaters must lessen their carbon footprint due to rising environmental concerns and greenhouse gas compliance requirements. It can be not easy to find eco-friendly refrigerants for your heat pump water heater and to build tanks locally. The benefits of energy-efficient storage heaters and the variety of models on the market might not be well known to consumers. Conveying these systems' long-term savings to users can be a challenging task.
Lockdown measures and limitations on non-essential enterprises in COVID-19 caused construction activities, house renovations, and industrial projects to be delayed or stopped, which resulted in a slump in the economy. As a result, there was less of a need for storage heaters, especially in industries like hospitality and commercial real estate. Breakdowns in the global supply chain also resulted in production and delivery delays, raising lead times and component costs.
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Innovations in technology, market dynamics, and a number of major companies define the competitive environment in the storage heater sector. Modern technology, adherence to regulations, and shifting consumer tastes are the main drivers of intense competition in the storage heater market. To remain competitive, major firms are concentrating on energy efficiency, innovation, and growing their market share. The continued development of distribution networks will shape the corporate environment to increase market penetration and competitive pricing techniques to gain market dominance, particularly in developing nations.
January 2024: The Iconiq and Iconiq Digi Storage Heaters were introduced by Goldmedal Electricals, a well-known company in India's Fast Moving Electrical Goods (FMEG) market. This launch, which expanded the company's product line, took place at the height of India's winter season. (Source: https://www.goldmedalindia.com/img/news/Elevate%20Your%20Comfort%20Quotient%20Goldmedal%20Electricals%20Introduces%20Iconiq%20Water%20Heaters.pdf ) December 2023: Venus Home Appliances, a well-known brand in the water heater business, celebrated its 60 years of success by launching two cutting-edge products. The company's dedication to quality and creativity in offering effective water heating solutions is demonstrated by the Splash Pro Smart Instant Water Heater and the Sedra Storage heater. (Source: https://m.greaterkashmir.com/article/venus-home-appliances-mark-60-years-with-launch-of-new-products/258857/amp ) December 2022: Otto and Orizzonte, a new line of storage heaters from Havells India Ltd., were unveiled in India. Otto is available in 10, 15, and 25-liter capacities and features an innovative circular shape, LED light indications, and a temperature adjustment knob for customized heating. Orizzonte is available in 15 and 25 liter capacities. It features an energy-saving mode, digital temperature display, wireless remote controller, feather touch control panel, AC type space-saving model, and timer mode to adjust the heating duration. The launch of the new items bolstered the company's market position and portfolio. (Source: https://timesofindia.indiatimes.com/gadgets-news/havells-launches-otto-and-orizzonte-range-of-storage-water-heaters-in-india-price-features-and-more/amp_articleshow/96171675.cms ) September 2022: In the United States, Essency introduced the 30-year-lasting EXR water heater. This is the first on-demand tank water heater in the world that is appropriate for domestic use. It features a polymer storage tank, current technology, multitasking capabilities, and great energy efficiency. This ground-breaking debut boosted the demand for water heaters in the United States, enhancing the business environment and solidifying the company's place in the industry. (Source: https://www.prnewswire.com/news-releases/new-water-heater-from-france-puts-us-homeowners-in-hot-water-heaven-301620972.html )
Top Companies Market Share in Storage Heater Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America currently dominates the Storage Heater market, and the region is expected to have significant growth during the projected period. Growing environmental concerns and government measures encouraging energy saving are major drivers of the rising demand for energy-efficient heating solutions. Since they provide affordable and energy-efficient heating options, storage heaters—which retain heat during off-peak hours and release it when needed—are becoming more and more popular. Adoption is also being accelerated by developments in smart heating technology, which let users operate heaters remotely.
Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Densely populated nations like China and India are in dire need of dependable and effective water heating systems. Consequently, producers have focused on creating storage heaters that satisfy regional customers' needs and tastes. An increasing number of homeowners are choosing water heaters as a result of growing middle class wages. In addition, the need for storage heaters is influenced by the commercial and industrial sectors in nations like Japan and South Korea. These sectors include hospitality, food service, and manufacturing.
The current report Scope analyzes Storage Heater Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Storage Heater market size was estimated at USD 20154.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 8061.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
According to Cognitive Market Research, the global Storage Heater market size was estimated at USD 20154.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 6046.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
According to Cognitive Market Research, the global Storage Heater market size was estimated at USD 20154.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 4635.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
According to Cognitive Market Research, the global Storage Heater market size was estimated at USD 20154.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1007.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
According to Cognitive Market Research, the global Storage Heater market size was estimated at USD 20154.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 403.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031..
Global Storage Heater Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Storage Heater Industry growth. Storage Heater market has been segmented with the help of its Capacity, Energy Source End-use, and others. Storage Heater market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
How are Segments Performing in the Global Storage Heater Market?
According to Cognitive Market Research, more than 400 liters category are likely to dominate the Storage Heater Market over the forecast period. Large amounts of hot water are in high demand in industries including hospitality, healthcare, and education. Due to their constant requirement for hot water, these industries are among the first to use large-capacity storage heaters. Furthermore, the use of electric water heaters will be boosted by the ongoing introduction of cutting-edge technologies that decrease dry fires, offer smart control, are resistant to corrosion, and consume less energy. Furthermore, the industry environment will profit from the continuous introduction of energy-efficient gadgets that provide practical solutions for end consumers.
The 100 liters to 250 liters is the fastest-growing segment in the Storage Heater Market because it is appropriate for medium-sized homes and businesses. Customers are choosing storage heaters in this capacity range more often as energy efficiency becomes a crucial consideration because they offer a balance between energy consumption and water heating requirements. Demand in this market is further driven by technological innovations like digital controls and better insulation. In addition, the market for storage heaters in the 100–250 liter range is expanding due to the increase in urbanization and the rise in residential development, particularly in emerging nations.
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According to Cognitive Market Research, the electric segment holds the largest share of the market. Electric storage heaters are used for a range of residential and commercial applications due to their versatility and simplicity. They are regarded as being very easy to install, low maintenance, and safe to use. The ease of use and widespread availability of energy in numerous locations are the main reasons for the popularity of electric storage heaters.
In the Storage Heater Market, the gas category has been expanding at a rapid pace. This is particularly evident in areas with access to natural gas infrastructure. Because of its reputation for rapid heating, gas storage heaters are a popular choice when there is a high demand for hot water. Furthermore, gas heaters are widely preferred by customers that value energy efficiency and wish to reduce ongoing operating costs.
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How are Segments Performing in the Global Storage Heater Market?
According to Cognitive Market Research, commercial category is likely to dominate the Storage Heater Market over the forecast period. The adoption of more efficient storage heaters is being fueled by increasingly strict energy efficiency standards and regulations. Despite their higher initial costs, high-efficiency models are more appealing because they use less energy and, hence, have lower utility bills. Technological advancements are also improving the performance and attractiveness of water heaters in water heaters, such as better insulation and smart controls, which are expanding the market. In addition, when older units approach the end of their useful lives or as part of remodeling projects, many commercial buildings are swapping out their outdated, inefficient water heaters with newer, more energy-efficient models.
The residential is the fastest-growing segment in the Storage Heater Market. The residential sector benefits from a sizable and steadily expanding consumer base as a result of urbanization and population expansion. Homeowners seeking economical and eco-friendly solutions are showing a great deal of interest in these appliances due to technological advancements and the availability of energy-efficient smart water storage systems. The expansion of this category is further aided by government rebates and incentives for energy-efficient equipment, which often target home consumers.
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Conclusion
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Capacity | Less than 30 liters, 30 liters to 100 liters, 100 liters to 250 liters, 250 liters to 400 liters, More than 400 liters |
Energy Source | Electric, Gas |
End-use | Residential, Commercial, College or University, Offices, Government or Military, Others |
List of Competitors | Rinnai, Lancey Energy Storage, Heat Transfer Products Inc, Midea Group, Dimplex, Rehem Manufacturing Company, Haverland, Elnur, Electrorad, Vent Axi, Reliance Water Heater Company, Crompton Greaves Ltd., Noritz Corporation, A.O. Smith Corporation, Lucht LHZ, Stiebel Eltron, Electrolux, Eccotemp Systems, Bradford White Corporation, Bosch |
This chapter will help you gain GLOBAL Market Analysis of Storage Heater. Further deep in this chapter, you will be able to review Global Storage Heater Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Storage Heater. Further deep in this chapter, you will be able to review North America Storage Heater Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Storage Heater. Further deep in this chapter, you will be able to review Europe Storage Heater Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Storage Heater. Further deep in this chapter, you will be able to review Asia Pacific Storage Heater Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Storage Heater. Further deep in this chapter, you will be able to review South America Storage Heater Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East and Africa Market Analysis of Storage Heater. Further deep in this chapter, you will be able to review Middle East and Africa Storage Heater Market Split by various segments and Country Split.
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
This chapter provides an in-depth analysis of the market share among key competitors of Storage Heater. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Capacity Analysis 2019 -2031, will provide market size split by Capacity. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Capacity Analysis 2021 - 2033
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Chapter 11 Market Split by Energy Source Analysis 2021 - 2033
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Chapter 12 Market Split by End-use Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Storage Heater market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Less than 30 liters have a significant impact on Storage Heater market? |
What are the key factors affecting the Less than 30 liters and 30 liters to 100 liters of Storage Heater Market? |
What is the CAGR/Growth Rate of Electric during the forecast period? |
By type, which segment accounted for largest share of the global Storage Heater Market? |
Which region is expected to dominate the global Storage Heater Market within the forecast period? |
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