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Asia Pacific Storage Water Heater Market
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Asia Pacific Storage Water Heater Market to Grow at 6 CAGR: Market Size Analysis and Forecasts 2025-2033

Asia Pacific Storage Water Heater Market by Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), by Application (Residential, Commercial, College/University, Office, Government/Military), by Energy Source (Electric, Gas), by Asia Pacific (China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Sri Lanka) Forecast 2025-2033

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Asia Pacific Storage Water Heater Market to Grow at 6 CAGR: Market Size Analysis and Forecasts 2025-2033

Key Insights

The size of the Asia Pacific Storage Water Heater Market was valued at USD 6.97 Billion in 2024 and is projected to reach USD 10.48 Billion by 2033, with an expected CAGR of 6% during the forecast period. A number of important factors would drive this expansion. The growing demand for hot water in commercial and residential segments is very important in contributing to market growth. The rate of urbanization in the Asia Pacific region, coupled with the need to heat new buildings and households, fuels its growth in the market. The growing awareness related to energy efficiency has also seen to drive consumers toward more economical and environmentally friendly options for meeting hot water demands. Finally, there are government initiatives in the forms of energy conservation and reduction in carbon emissions to promote the usage of storage water heaters. 

Asia Pacific Storage Water Heater Market Research Report - Market Size, Growth & Forecast

Asia Pacific Storage Water Heater Market Concentration & Characteristics

The Asia Pacific Storage Water Heater Market is concentrated in China and India, which together account for over 60% of the market share. The market is characterized by a high level of innovation, with major players continuously introducing new products and technologies to meet the evolving needs of consumers. Government regulations on energy efficiency and product safety also impact the market's characteristics. End-user concentration is high in the residential sector, while commercial and industrial applications hold a significant share. The level of M&A activity is moderate, with companies seeking to expand their product portfolio and geographical reach.

Asia Pacific Storage Water Heater Market Trends

The rising adoption of electric storage water heaters is a key trend in the market. These heaters offer several advantages over gas heaters, including energy efficiency, ease of installation, and reduced maintenance costs. Technological advancements, such as smart water heaters and IoT integration, are also driving market growth. Additionally, the increasing popularity of energy-efficient appliances and the growing awareness of water conservation are contributing to the demand for storage water heaters in the region.

Asia Pacific Storage Water Heater Market Growth

Key Region or Country & Segment to Dominate the Market

China dominates the Asia Pacific Storage Water Heater Market, accounting for over 40% of the market share. The country's large population, urbanization, and government initiatives to promote energy efficiency drive this dominance. India is another significant market, with a growing demand for storage water heaters in both urban and rural areas.

In terms of segments, the electric water heater segment holds the largest share of the market, driven by factors such as energy efficiency, low installation costs, and government incentives. The 400-liter capacity segment is the most popular, owing to its suitability for various residential and commercial applications.

Asia Pacific Storage Water Heater Market Product Insights Report Coverage & Deliverables

The Asia Pacific Storage Water Heater Market Product Insights Report Coverage & Deliverables include market size, market share, growth rate, key trends, competitive landscape, product insights, regional insights, driving forces, challenges and restraints, emerging trends, industry news, and leading players.

Asia Pacific Storage Water Heater Market Analysis

The Asia Pacific Storage Water Heater Market is analyzed based on market size, market share, and growth rate. Market size is estimated using both top-down and bottom-up approaches. Market share is determined by analyzing the revenue of key players in the market. Growth rate is calculated by considering historical data and industry forecasts.

Asia Pacific Storage Water Heater Market Regional Insights

  • China: China is the largest market for storage water heaters in the Asia Pacific region, driven by its large population, rapid urbanization, and government initiatives to promote energy efficiency.
  • India: India is another significant market for storage water heaters, with a growing demand in both urban and rural areas. Government subsidies and increasing awareness of energy efficiency are contributing to market growth.
  • Japan: Japan has a mature storage water heater market, with a high penetration rate of energy-efficient appliances. Technological advancements and increasing demand for hot water in residential and commercial settings are key market drivers.
  • Australia: Australia has a relatively small but growing storage water heater market. Government regulations on energy efficiency and a growing focus on sustainability are driving market expansion.

Driving Forces: What's Propelling the Asia Pacific Storage Water Heater Market

  • Increasing demand for hot water in commercial and residential settings
  • Rising urbanization and population growth
  • Growing awareness of energy efficiency
  • Government initiatives to promote energy conservation and reduce carbon emissions
  • Technological advancements

Challenges and Restraints in Asia Pacific Storage Water Heater Market

  • High initial investment costs
  • Lack of awareness about energy-efficient technologies in rural areas
  • Limited availability of skilled labor for installation and maintenance
  • Fluctuating raw material prices

Emerging Trends in Asia Pacific Storage Water Heater Market

  • Adoption of smart water heaters and IoT integration
  • Increasing popularity of energy-efficient appliances
  • Growing awareness of water conservation
  • Rising demand for storage water heaters in commercial and industrial applications

Asia Pacific Storage Water Heater Industry News

  • December 2022: Havells India Ltd. introduced Otto and Orizzonte, its new range of storage water heaters in India. These water heaters offer advanced technology, safety features, and elegant designs.
  • January 2022: Viessmann launched state-of-the-art heaters and water purifiers in Singapore. The company's VITOWELL electric instant and storage water heaters feature dual-safety thermostats for enhanced protection.

Leading Players in the Asia Pacific Storage Water Heater Market

  • Havells India Ltd.
  • Ariston Holding N.V.
  • STIEBEL ELTRON GmbH & Co. KG
  • A.O. Smith
  • Bosch Thermotechnology
  • Haier Inc.
  • Bradford White Corporation
  • Racold
  • JOVEN Electric Co. Sdn
  • State Industries
  • Viessmann
  • Thermann

Asia Pacific Storage Water Heater Market Segmentation

  • 1. Capacity
    • 1.1. < 30 Liters
    • 1.2. 30-100 Liters
    • 1.3. 100-250 Liters
    • 1.4. 250-400 Liters
    • 1.5. > 400 Liters
  • 2. Application
    • 2.1. Residential
    • 2.2. Commercial
    • 2.3. College/University
    • 2.4. Office
    • 2.5. Government/Military
  • 3. Energy Source
    • 3.1. Electric
    • 3.2. Gas

Asia Pacific Storage Water Heater Market Segmentation By Geography

  • 1. Asia Pacific
    • 1.1. China
    • 1.2. India
    • 1.3. Japan
    • 1.4. Australia
    • 1.5. South Korea
    • 1.6. Indonesia
    • 1.7. Malaysia
    • 1.8. Singapore
    • 1.9. Thailand
    • 1.10. Vietnam
    • 1.11. Philippines
    • 1.12. Sri Lanka

Asia Pacific Storage Water Heater Market Regional Share

Asia Pacific Storage Water Heater Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 6% from 2019-2033
Segmentation
    • By Capacity
      • < 30 Liters
      • 30-100 Liters
      • 100-250 Liters
      • 250-400 Liters
      • > 400 Liters
    • By Application
      • Residential
      • Commercial
      • College/University
      • Office
      • Government/Military
    • By Energy Source
      • Electric
      • Gas
  • By Geography
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • Indonesia
      • Malaysia
      • Singapore
      • Thailand
      • Vietnam
      • Philippines
      • Sri Lanka
Table Of Content
  1. 1. Introduction
    • 1.1. Research Scope
    • 1.2. Market Segmentation
    • 1.3. Research Methodology
    • 1.4. Definitions and Assumptions
  2. 2. Executive Summary
    • 2.1. Introduction
  3. 3. Market Dynamics
    • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1 Increasing demand for energy efficient water heaters
        • 3.2.2 Phase out of conventional water heating technology
      • 3.3. Market Restrains
        • 3.3.1. High installation cost
      • 3.4. Market Trends
        • 3.4.1 The rising adoption of electric storage water heaters is a key trend in the market. These heaters offer several advantages over gas heaters
        • 3.4.2 including energy efficiency
        • 3.4.3 ease of installation
        • 3.4.4 and reduced maintenance costs. Technological advancements
        • 3.4.5 such as smart water heaters and IoT integration
        • 3.4.6 are also driving market growth. Additionally
        • 3.4.7 the increasing popularity of energy-efficient appliances and the growing awareness of water conservation are contributing to the demand for storage water heaters in the region.
  4. 4. Market Factor Analysis
    • 4.1. Porters Five Forces
    • 4.2. Supply/Value Chain
    • 4.3. PESTEL analysis
    • 4.4. Market Entropy
    • 4.5. Patent/Trademark Analysis
  5. 5. Asia Pacific Storage Water Heater Market Analysis, Insights and Forecast, 2019-2031
    • 5.1. Market Analysis, Insights and Forecast - by Capacity
      • 5.1.1. < 30 Liters
      • 5.1.2. 30-100 Liters
      • 5.1.3. 100-250 Liters
      • 5.1.4. 250-400 Liters
      • 5.1.5. > 400 Liters
    • 5.2. Market Analysis, Insights and Forecast - by Application
      • 5.2.1. Residential
      • 5.2.2. Commercial
      • 5.2.3. College/University
      • 5.2.4. Office
      • 5.2.5. Government/Military
    • 5.3. Market Analysis, Insights and Forecast - by Energy Source
      • 5.3.1. Electric
      • 5.3.2. Gas
    • 5.4. Market Analysis, Insights and Forecast - by Region
      • 5.4.1. Asia Pacific
  6. 6. Competitive Analysis
    • 6.1. Market Share Analysis 2024
      • 6.2. Company Profiles
        • 6.2.1 Havells India Ltd.
          • 6.2.1.1. Overview
          • 6.2.1.2. Products
          • 6.2.1.3. SWOT Analysis
          • 6.2.1.4. Recent Developments
          • 6.2.1.5. Financials (Based on Availability)
        • 6.2.2 Ariston Holding N.V.
          • 6.2.2.1. Overview
          • 6.2.2.2. Products
          • 6.2.2.3. SWOT Analysis
          • 6.2.2.4. Recent Developments
          • 6.2.2.5. Financials (Based on Availability)
        • 6.2.3 STIEBEL ELTRON GmbH & Co. KG
          • 6.2.3.1. Overview
          • 6.2.3.2. Products
          • 6.2.3.3. SWOT Analysis
          • 6.2.3.4. Recent Developments
          • 6.2.3.5. Financials (Based on Availability)
        • 6.2.4 A.O. Smith
          • 6.2.4.1. Overview
          • 6.2.4.2. Products
          • 6.2.4.3. SWOT Analysis
          • 6.2.4.4. Recent Developments
          • 6.2.4.5. Financials (Based on Availability)
        • 6.2.5 Bosch Thermotechnology
          • 6.2.5.1. Overview
          • 6.2.5.2. Products
          • 6.2.5.3. SWOT Analysis
          • 6.2.5.4. Recent Developments
          • 6.2.5.5. Financials (Based on Availability)
        • 6.2.6 Haier Inc.
          • 6.2.6.1. Overview
          • 6.2.6.2. Products
          • 6.2.6.3. SWOT Analysis
          • 6.2.6.4. Recent Developments
          • 6.2.6.5. Financials (Based on Availability)
        • 6.2.7 Bradford White Corporation
          • 6.2.7.1. Overview
          • 6.2.7.2. Products
          • 6.2.7.3. SWOT Analysis
          • 6.2.7.4. Recent Developments
          • 6.2.7.5. Financials (Based on Availability)
        • 6.2.8 Racold
          • 6.2.8.1. Overview
          • 6.2.8.2. Products
          • 6.2.8.3. SWOT Analysis
          • 6.2.8.4. Recent Developments
          • 6.2.8.5. Financials (Based on Availability)
        • 6.2.9 JOVEN Electric Co. Sdn
          • 6.2.9.1. Overview
          • 6.2.9.2. Products
          • 6.2.9.3. SWOT Analysis
          • 6.2.9.4. Recent Developments
          • 6.2.9.5. Financials (Based on Availability)
        • 6.2.10 State Industries
          • 6.2.10.1. Overview
          • 6.2.10.2. Products
          • 6.2.10.3. SWOT Analysis
          • 6.2.10.4. Recent Developments
          • 6.2.10.5. Financials (Based on Availability)
        • 6.2.11 Viessmann
          • 6.2.11.1. Overview
          • 6.2.11.2. Products
          • 6.2.11.3. SWOT Analysis
          • 6.2.11.4. Recent Developments
          • 6.2.11.5. Financials (Based on Availability)
        • 6.2.12 Thermann
          • 6.2.12.1. Overview
          • 6.2.12.2. Products
          • 6.2.12.3. SWOT Analysis
          • 6.2.12.4. Recent Developments
          • 6.2.12.5. Financials (Based on Availability)
List of Figures
  1. Figure 1: Asia Pacific Storage Water Heater Market Revenue Breakdown (Billion, %) by Product 2024 & 2032
  2. Figure 2: Asia Pacific Storage Water Heater Market Share (%) by Company 2024
List of Tables
  1. Table 1: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Region 2019 & 2032
  2. Table 2: Asia Pacific Storage Water Heater Market Volume units Forecast, by Region 2019 & 2032
  3. Table 3: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Capacity 2019 & 2032
  4. Table 4: Asia Pacific Storage Water Heater Market Volume units Forecast, by Capacity 2019 & 2032
  5. Table 5: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Application 2019 & 2032
  6. Table 6: Asia Pacific Storage Water Heater Market Volume units Forecast, by Application 2019 & 2032
  7. Table 7: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Energy Source 2019 & 2032
  8. Table 8: Asia Pacific Storage Water Heater Market Volume units Forecast, by Energy Source 2019 & 2032
  9. Table 9: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Region 2019 & 2032
  10. Table 10: Asia Pacific Storage Water Heater Market Volume units Forecast, by Region 2019 & 2032
  11. Table 11: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Capacity 2019 & 2032
  12. Table 12: Asia Pacific Storage Water Heater Market Volume units Forecast, by Capacity 2019 & 2032
  13. Table 13: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Application 2019 & 2032
  14. Table 14: Asia Pacific Storage Water Heater Market Volume units Forecast, by Application 2019 & 2032
  15. Table 15: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Energy Source 2019 & 2032
  16. Table 16: Asia Pacific Storage Water Heater Market Volume units Forecast, by Energy Source 2019 & 2032
  17. Table 17: Asia Pacific Storage Water Heater Market Revenue Billion Forecast, by Country 2019 & 2032
  18. Table 18: Asia Pacific Storage Water Heater Market Volume units Forecast, by Country 2019 & 2032
  19. Table 19: China Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  20. Table 20: China Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  21. Table 21: India Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  22. Table 22: India Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  23. Table 23: Japan Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  24. Table 24: Japan Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  25. Table 25: Australia Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  26. Table 26: Australia Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  27. Table 27: South Korea Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  28. Table 28: South Korea Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  29. Table 29: Indonesia Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  30. Table 30: Indonesia Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  31. Table 31: Malaysia Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  32. Table 32: Malaysia Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  33. Table 33: Singapore Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  34. Table 34: Singapore Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  35. Table 35: Thailand Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  36. Table 36: Thailand Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  37. Table 37: Vietnam Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  38. Table 38: Vietnam Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  39. Table 39: Philippines Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  40. Table 40: Philippines Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  41. Table 41: Sri Lanka Asia Pacific Storage Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  42. Table 42: Sri Lanka Asia Pacific Storage Water Heater Market Volume (units) Forecast, by Application 2019 & 2032

STEP 1 - Identification of Relevant Samples Size from Population Database

Step Chart
bar chart
method chart

STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

approach chart
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

Note* : In applicable scenarios

STEP 3 - Data Sources

Primary Research

  • Web Analytics
  • Survey Reports
  • Research Institute
  • Latest Research Reports
  • Opinion Leaders

Secondary Research

  • Annual Reports
  • White Paper
  • Latest Press Release
  • Industry Association
  • Paid Database
  • Investor Presentations
approach chart

STEP 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.

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