According to a detailed market study by , the global water heater storage tank market is estimated at US$11.5 billion in 2021, growing at a CAGR of 4.65% over the forecast period Insights into the quince market.
A water heater is a device that provides a constant supply of hot water for various purposes such as cooking, cleaning, and bathing. Demand for a wide range of water heater storage tanks is expected to increase in both commercial and industrial sectors. The market is expected to grow due to the increasing demand for hot water, mainly from hospitals and hotels.
In addition, increased demand for the product in various industries, such as food and beverage processing and chemical manufacturing, is likely to boost demand for water heater storage tanks.
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In addition, it is predicted that large investments in product research and development will improve the demand for water heaters. Market expansion is likely to be aided by the development of items with corrosion resistance, water filtration, remote control, and monitoring capabilities.
The majority of end users have limited awareness of the energy efficiency, cost effectiveness and environmental benefits of water heater storage tanks. This is because they are often seen as expensive and limit market penetration in developing and developing countries. There is also a misunderstanding about the advantages of a hot water storage tank in terms of energy savings and CO2 emissions.
A number of factors affect the price of installing a hot water tank in a residential, commercial or industrial setting. For example, the cost of installing a water heater storage tank in a residential setting is determined by the size of the dwelling, additional ducts, type of appliance, and the British Thermal Unit (BTU) value of the appliance. The complexity, type, brand and size of the heat pump all affect the installation costs. As a result, the expansion of the hot water storage tank market is hampered by the high installation costs.
Impact of COVID-19 on the global water heater market
The development of the novel corona virus has a significant impact on the global market. Sales of water heater storage tanks have declined slightly as a result of the COVID-19 pandemic disrupting supply chain and manufacturing.
Global Water Storage Tanks Market by Product
Based on the product, the market is segmented into electricity, solar and gas. Among these segments, Electric captures the largest market share in the global water heater market in 2021 and is expected to remain the largest until the forecast period.
In addition, the increasing rate of electrification, especially in the countries of Asia-Pacific and Africa, is expected to increase the demand for electric water heaters over the forecast period due to rising electrification rates and improved customer accessibility. Leading companies implement advanced technologies such as intelligent control functions and leak detection systems in their products to extend product life and reduce maintenance costs. For example, manufacturers offer annual maintenance packages when purchasing electric storage units in order to win new customers and increase product acceptance.
Global Water Storage Tanks Market by Technology
Based on technology, the market is segmented into tankless, storage, hybrid. Among these segments, tankless takes the largest market share in the global water heater market in 2021 and is expected to remain the largest until the forecast period. Furthermore, instantaneous water heaters consume less energy than storage water heaters due to several product advantages such as faster hot water supply and low residual heat losses, which is expected to improve their attractiveness over the forecast period.
In addition, instantaneous water heaters offer a number of advantages, including more precise temperature control over a longer period of time, greater energy efficiency and improved environmental compatibility.
Increasing product acceptance across a variety of commercial sites due to improved operational benefits such as reduced electricity and heating costs and advanced control capabilities is expected to drive the demand for water heaters over the forecast period.
Global water heater market by capacity
Based on capacity, the market is divided into under 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, over 400 liters. Among these segments, 30 – 100 liters takes the largest market share in the global water heater market in 2021 and is expected to remain the largest through the forecast period. Due to its wide range of uses in both domestic and commercial contexts, such as B. in hospitals, banks, hotels, government organizations and shopping malls, it is widely used.
Global Water Heaters Market by Application
Depending on the application, the market is divided into residential, commercial and industrial. Among these segments, residential takes the largest market share in the global water heater market in 2021 and is expected to remain the largest until the forecast period. In addition, demand for water heaters is forecast to increase in the residential sector, particularly in emerging markets, due to increased disposable income, rapid construction of residential infrastructure, rising electrification rates, and expansion of gas pipeline networks. All these factors ultimately increase the demand for water heaters globally. The market is expected to grow as the demand for reliable, eco-friendly and cost-effective water heating technologies grows, especially in the residential sector.
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Global water heater market by region
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific holds the largest market share in the global water heater storage tanks market in 2021 and is expected to do so throughout the forecast period. The rising demand for water heaters in the projected period is expected to be driven by economic expansion in countries like China and India, as well as improved access to electricity and gas in remote areas.
In addition, an increasing demand for excellent and reliable water heaters from a variety of commercial and industrial end users could also be a factor. In addition, due to the region’s harsh winter weather, the need for hot water to meet the region’s vital environmental requirements is expected to spur product demand.
Recent developments in Global hot water tank market
July 2020-Daikin SmartSource, a dedicated outside air system (DOAS) for water heater storage tanks that provides efficient and cost-effective temperature control with 100% fresh outside air in all circumstances, was launched in July 2020. It also uses the hot gas reheat coil of a water heat pump, in addition to the unit’s primary DX coil, to improve the efficiency of the water heater’s storage tank.
Aug 2020-Panasonic Corporation has partnered with Systemair on technologies to launch heating and cooling solutions in August 2020, offering customers more HVAC alternatives, including heat pumps. For these items, each company has its own distribution channels and branding.
Key Findings of Global Water Heater Storage Tank Market Report include:
- The analysis includes global Water Heater Storage Tanks market study, extensions and forecasts, and country-level analysis.
- In-depth analysis of global water heater market includes segments by product, technology, capacity and regions with analysis of trend-based insights and factors.
- The report details the product offerings on the competitive benchmarking and evolution approach of the industry players and their investments in the past five years in the global market.
- The market research includes a study of the provinces, borders, drivers, prospects, policies, challenges and processes driving the global Water Heater market.
- The study also provides complex measures of potential market effects during the forecast period and a detailed overview of the leading companies operating in the global market.
- Both external and internal variables that are expected to impact companies positively or negatively have been assessed, providing decision makers with a strong futuristic view of the industry.
- The research also helps to understand the dynamics of the global Water Heater market structure by analyzing market segments and forecasting the size of the market.
- The report helps to understand the impact of the COVID-19 pandemic on the global water heater market.
- Some major industry players operating in the global water heater storage tanks market are: RHEEM Manufacturing Company (USA), AO Smith Corporation (USA) and Ingersoll Rand (USA), Viessmann Group (Germany), NIBE Energy Systems (Sweden) Midea Group (China), Daikin (Japan), Bosch Industries (Germany), NIBE Energy Systems (Sweden).
For more insights on this topic see Insights into the quince market report titled, “Water storage tank market, by product (electric, solar, gas), technology (tankless, storage, hybrid), by capacity (under 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, over 400 liters) , Application (Residential, Commercial, Industrial), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America).” — in-depth analysis along with the table of contents (ToC).
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