Storage Heater Market Report 2025 (Global Edition)

Global Storage Heater Market Report 2025 Market Size Split by Capacity (Less than 30 liters, 30 liters to 100 liters, 100 liters to 250 liters, 250 liters to 400 liters, More than 400 liters), by Ener...

Storage Heater Market Report Description

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Storage Heater Market Insights Video

Competitive Landscape of the Storage Heater Market

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)

• 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
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Storage Heater Market

Which Region Dominates the Storage Heater Market in 2024?

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.

Which Region is Expanding at the Fastest CAGR?

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

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Storage Heater Market Analysis

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 US had a major share in the Storage Heater market with a market size of USD 6360.67 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period as a result of rising levels of urbanization and disposable income.
• The Canada Storage Heater market had a market share of USD 967.40 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period as a result of growing urbanization tendencies, particularly in densely populated places with tall buildings.
• The Mexico Storage Heater market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 733.61 million in 2024.

Europe Storage Heater Market Analysis

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.

• The United Kingdom Storage Heater market had a market share of USD 1015.77 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period because there is a greater need for storage heaters that use less energy.
• The France Storage Heater market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 556.26 million in 2024.
• According to Cognitive Market Research, the German Storage Heater market size was valued at USD 1197.16 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period because the market for commercial electric water heaters is expanding.
• The Italy Storage Heater market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 519.98 million in 2024.
• The Russia Storage Heater market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 937.17 million in 2024.
• The Spain Storage Heater market is projected to witness growth at a CAGR of 4.1% during the forecast period with a market size of USD 495.79 million in 2024
• The Luxembourg Storage Heater market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 187.43 million in 2024.
• The Portugal Storage Heater market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 126.97 million in 2024.
• The Greece Storage Heater market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 72.56 million in 2024.
• The Rest of Europe's Storage Heater market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 937.17 million in 2024.

Asia Pacific Storage Heater Market Analysis

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 China Storage Heater market size was valued at USD 2085.96 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. The region's middle class is expanding as a result, and living standards have increased.
• The Japan Storage Heater market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 639.69 million in 2024.
• The India Storage Heater market had a market share of USD 556.26 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period due to the increasing trend of urbanization, especially in areas with high population densities and towering structures.
• The South Korean Storage Heater market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 463.55 million in 2024.
• The Australian Storage Heater market is projected to witness growth at a CAGR of8.2% during the forecast period, with a market size of USD 241.04 million in 2024.
• The South East Asia Storage Heater market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 319.85 million in 2024.
• The Rest of Asia Pacific Storage Heater market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 329.12 million in 2024.

South America Storage Heater Market Analysis

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 Brazil Storage Heater market size was valued at USD 431.30 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period due to the increased demand for energy-efficient storage heaters.
• Argentina's Storage Heater market had a market share of USD 169.30 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period due to the growing demand for commercial electric water heaters.
• Colombia Storage Heater market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 89.69 million in 2024.
• Peru Storage Heater market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 82.63 million in 2024.
• Chile Storage Heater market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 72.56 million in 2024.
• The Rest of Latin America's Storage Heater market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 162.24 million in 2024.

Middle East Storage Heater Market Analysis

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..

• The GCC Countries Storage Heater market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 172.52 million in 2024 because commercial electric water heaters are becoming more and more in demand.
• The Egypt Storage Heater market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 42.32 million in 2024.
• The South Africa Storage Heater market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 63.69 million in 2024. As a result, the middle class in the area is growing and living standards have gone up.
• The Turkey Storage Heater market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 34.67 million in 2024.
• The Nigeria Storage Heater market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 42.32 million in 2024.
• The Rest of the MEA Storage Heater market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 47.56 million in 2024.

Storage Heater Market Analysis

How are Segments Performing in the Global Storage Heater Market?

Storage Heater Market Capacity Segment Analysis

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.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Storage Heater Industry. Request a Free Sample PDF!

Storage Heater Market Energy Source Segment Analysis

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.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Storage Heater End-use Segment Analysis

How are Segments Performing in the Global Storage Heater Market?

Storage Heater Market End-use Segment Analysis

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.

• Residential
• Commercial
• College or University
• Offices
• Government or Military
• Others

Author's Detail

Ashwini Moharir

Research Analyst at Cognitive Market Research

LinkedIn

Profile

Enthusiastic and analytical market research professional with 2 years of hands-on experience in tracking market trends, evaluating consumer behavior, and supporting strategic decision-making. Proficient in designing surveys, conducting interviews, and synthesizing insights from both primary and secondary sources. Successfully contributed to research projects across sectors such as retail, personal care, and industrial markets. Brings a keen eye for detail, strong data interpretation skills, and a passion for uncovering what drives markets forward. Comfortable working in fast-paced environments and collaborating across departments to deliver clear, actionable findings.

Author's Conclusion