NEWARK, Del, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The net revenue generated by the global storage water heater market in 2023 was nearly US$ 19,013.7 million. Over the next ten years, the storage water heater industry is expected to surge at 5.8% CAGR, concluding at a valuation of US$ 34,917.2 million by 2034. Projected to Reach at a US$ 19,869.3 million in 2024.
Storage water heaters have gained a lot of traction in recent years because of their capacity to offer hot water conveniently in homes, workplaces, and public buildings. Moreover, rising affluence in developing economies has surged the demand for secondary household appliances, including electric storage water heaters.
Request a Sample Report Now and Gain a Comprehensive Preview of Industry Trends! https://www.futuremarketinsights.com/reports/sample/rep-gb-18776
“Leading water heater brands have established themselves as industry pioneers by embracing recent technology improvements and providing smart and sophisticated storage water heaters. New players can capitalize on the growing demand for dependable small storage water heaters customized to customers' unique requirements and price range," says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights
Key Takeaways from the Global Storage Water Heater Market Study Report
- The use of storage water heaters is greater in the United States, and during the projected years, the sales are predicted to rise at 4.1% CAGR.
- China follows the United States in production and sales of storage water heaters, and it is expected to witness 5.9% during the projected years.
- The market in Australia is expected to follow a lucrative growth rate of 6.7% between 2024 and 2034.
- The demand for storage water heaters in India is at its peak, and it is expected to grow further by 7.7% through 2034.
Competitive Landscape for Storage Water Heater Market Players
The industrial landscape for storage water heaters is highly competitive, with many global as well as regional manufacturers operating at different levels of the overall market.
The market dynamics are going to be influenced significantly in the coming days owing to emerging technological advancements to provide safe and efficient storage water heating systems.
Recent Developments by the Storage Water Heater Manufacturers
In December 2022, Havells India Ltd. premiered a new line of ‘unconventionally beautiful’ storage water heaters, Otto and Orizzonte, in India. Otto has a unique circular shape, LED light indicators, and a temperature-adjusting control for adapted heating. The two models are expected to enhance Havell's portfolio with an AC-type space-saving design, energy-saving settings, and timer mode to regulate the heating duration. Moreover, the integration of digital thermometer display, wireless remote controller, and feather touch control panel are anticipated to popularize the brand in the retail market.
Secure Your Premium Report Now for In-Depth Market Analysis and Strategic Insights! https://www.futuremarketinsights.com/checkout/18776
In April 2023, LG Electronics USA released the highly anticipated LG Inverter Heat Pump Water Heater to assist homeowners in minimizing energy consumption expenses and carbon emissions. With a remarkable Uniform Energy Factor of 3.75 UEF, this ENERGY STAR-certified inverter heat pump water heater is intended for environmentally conscious customers. This new energy-efficient storage water heater solution combines its heat pump technology with sophisticated smart control systems from LG. The UEF rating is higher than typical gas and electric resistance water heaters and saves up to 70 % compared to conventional storage water heaters.
Storage Water Heater Market Report Scope:
| Attribute | Details | |
| Estimated Market Size (2024) | US$ 19,869.3 million | |
| Projected Market Size (2034) | US$ 34,917.2 million | |
| Anticipated Growth Rate (2024 to 2034) | 5.8 % | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | US$ million or billion for Value and Units for Volume | |
| Key Regions Covered | North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa | |
| Key Segments Covered | By Capacity, By Energy Source, By End Use Application and By Region | |
| Key Companies Profiled |
| |
Request the Full Report Methodology Now! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-18776
Key Segments Covered by Storage Water Heater Industry Survey Report
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 Energy Source:
- Electric
- Gas
By End Use Application:
- Residential
- Commercial
- College or University
- Offices
- Government or Military
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage on Consumer Product Domain:
The sweat pad market value is projected to increase from US$ 15.0 billion in 2024 to US$ 21.4 billion by 2034. As per analysis, the global sweat pad market is expected to record a growth of 3.6% during the forecast period.
The cut flower industry is estimated to be valued at US$ 39,596.9 million in 2024. The market is expected to reach 63,887.5 million by 2034 at a 4.9% CAGR during the forecast period. The market is influenced by the growing trend of adoption of cut flowers for weddings, special occasions, celebrations, mega cultural events, and greetings and welcomes.
The thermos drinkware market is estimated to be valued at US$ 3,146.00 million in 2024. The market is expected to cross a valuation of US$ 5,425.00 million by 2034. The market is projected to register a CAGR of 5.6% from 2024 to 2034.
The global sore throat lozenges market is estimated to be valued at US$ 4.4 billion in 2024. The market is expected to expand at a CAGR rate of 5.6% and reach a valuation of ~US$ 7.5 billion by 2034.
The global sleep supplement market is estimated to be valued at US$ 7.6 billion in 2024. The market is expected to expand at a CAGR of 5.2% and reach a valuation of US$ 12.9 billion by 2034. The demand for melatonin sleep supplements is rising in the global market.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
