The global water heater storage tank market is estimated to be worth of USD 11.5 Billion in 2021 with a CAGR of 4.65% over the forecast period, as per a detailed market study by Quince Market Insights.
A water heater is a device that provides a steady supply of hot water for various purposes such as cooking, cleaning, and bathing. Demand for a wide range of water heater storage tanks is predicted to rise in both the commercial and industrial sectors. The market is projected to grow due to increased demand for hot water, mostly from hospitals and hotels.
Furthermore, the increased need for the product in various industrial sectors, such as food and beverage processing and chemical manufacturing, is likely to drive demand for water heater storage tanks.
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Moreover, large investments in product research and development are predicted to improve water heater demand. 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 efficiency, and environmental benefits of water heater storage tanks. This is due to the fact that they are often regarded as expensive, limiting market penetration in developing and developing countries. A lack of understanding of the advantages of a water heater storage tank in terms of energy conservation and CO2 emissions also exists.
A number of factors influence the price of installing a water heater storage tank in a residential, commercial, or industrial setting. The cost of installing a water heater storage tank in a residential environment, for example, is dictated by the size of the residence, additional ducting, equipment type, and British Thermal Unit (BTU) value of the equipment. The complexity, type, brand, and size of the heat pump all have an impact on the cost of installation. As a result, the water heater storage tank market’s expansion is hampered by the high installation costs.
Impact of COVID-19 on Global Water Heater Storage Tank Market
The development of the novel coronavirus has had a significant impact on the global market. Sales of water heater storage tanks have declined marginally as a result of the COVID-19 pandemic disrupting the supply chain and production.
Global Water Heater Storage Tank Market, by Product
Based on product, the market is divided into electric, solar, gas. Among these segments, electric captures the largest market share in global water heater storage tank market in 2021 and is anticipated to remain largest till the forecast period.
The rising rate of electrification, particularly in Asia Pacific and African nations, furthermore, due to rising electrification rates and increased customer accessibility, demand for electric water heaters is likely to rise over the projection period. Leading players are implementing advanced technologies like smart control features and leakage detection systems into their products to improve product life and reduce maintenance expenses. Manufacturers are offering yearly maintenance packages with the purchase of electric storage units, for example, to attract new customers and increase product adoption.
Global Water Heater Storage Tank Market, by Technology
Based on technology, the market is divided into tankless, storage, hybrid. Among these segments, tankless captures the largest market share in global water heater storage tank market in 2021 and is anticipated to remain largest till the forecast period. Moreover, tankless water heaters consume less energy than storage water heaters due to several product advantages such as rapid hot water supply and little residual heating losses, which is anticipated to improve their appeal in the forecast period.
In addition, tankless water heaters offer a number of benefits, including more precise temperature control over a longer length of time, increased energy efficiency, and improved environmental sustainability.
Increasing product adoption across a variety of commercial spaces due to enhanced operational benefits such as lower power and heating costs, as well as advanced control capabilities, is likely to drive demand for water heaters over the forecast period.
Global Water Heater Storage Tank Market, by Capacity
Based on capacity, the market is divided into below 30 Liters, 30 – 100 liters, 100 – 250 liters, 250 – 400 liters, above 400L. Among these segments, 30 – 100 liters captures the largest market share in global water heater storage tank market in 2021 and is anticipated to remain largest till the forecast period. Because of its vast range of uses in both domestic and commercial contexts, such as hospitals, banking, hotels, government organizations, and shopping malls, it is widely used.
Global Water Heater Storage Tank Market, by Application
Based on application, the market is divided into residential, commercial, and industrial. Among these segments, residential captures the largest market share in global water heater storage tank market in 2021 and is anticipated to remain largest till the forecast period. Moreover, water heater demand is predicted to rise in the residential sector, especially in emerging countries, due to increased disposable incomes, rapid residential infrastructure construction, rising electrification rates, and expanding piped gas networks ultimately all these factors are boosting the demand of water heater globally. The market is predicted to grow as demand for dependable, environmentally friendly, and low-cost water heating technologies grows, particularly in the residential sector.
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Global Water Heater Storage Tank Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Asia Pacific holds the biggest market share in the global water heater storage tank market in 2021 and is expected to continue to do so throughout the forecast period. Over the projected period, rising demand for water heaters is expected to be driven by economic expansion in countries such as China and India, as well as increased access to electricity and gas in remote areas.
In addition, a rise in demand for excellent and dependable water heaters from a variety of commercial and industrial end-users could also be a factor. Also, due to the harsh winter weather in the region, the need for hot water to meet the region’s vital environmental conditions is expected to drive up product demand.
Recent Developments in Global Water Heater Storage Tank Market
July 2020-Daikin SmartSource, a dedicated outdoor air system (DOAS) for water heater storage tank that provides efficient as well as cost-effective temperature control in all circumstances utilizing 100% fresh outside air, was introduced in July 2020. It also uses the hot gas reheat coil of a water source heat pump, as top to that the unit’s primary DX coil, to improve the water heater storage tank’s efficiency.
August 2020-Panasonic Corporation teamed with Systemair on technologies to introduce heating and cooling solutions in August 2020, giving its customers more HVAC alternatives, including heat pumps. For these items, each firms will have their own sales channels and branding.
Some Key Findings of the Global Water Heater Storage Tank Market Report Include:
- The analysis includes a global water heater storage tank market study, expansions, and forecasts, along with a country-specific analysis.
- An in-depth analysis of the global water heater storage tank market comprises segment by product, technology, capacity, and regions with an analysis of trend-based insights and factors.
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report.
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global water heater storage tank market.
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market.
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry.
- The research also helps understand the dynamics of the global water heater storage tank market structure by analyzing market segments and by projecting the size of the market.
- The report helps to understand the effects of COVID-19 pandemic on global water heater storage tank market.
- Some major industry players functional in the global water heater storage tank market are: RHEEM Manufacturing Company (US), A.O. Smith Corporation (US), and Ingersoll Rand (US), Viessmann Group (Germany), NIBE Energy Systems (Sweden) Midea Group (China), Daikin (Japan), Bosch Industries (Germany), NIBE Energy Systems (Sweden).
To Find more insights on this topic, visit Quince Market Insights report titled, “Water Heater Storage Tank Market, by Product (Electric, Solar, Gas), Technology (tankless, storage, hybrid), By Capacity (Below 30 Liters, 30 – 100 Liters, 100 – 250 Liters, 250 – 400 Liters, above 400L), Application (Residential, Commercial, Industrial), Region (North America, Europe, Asia Pacific, Middle East and Africa, South America).” — in-depth analysis along with the table of contents (ToC).