Asia Pacific Storage Water Heater Market size exceeded USD 6 Billion in 2019 and is predicted to witness 6.2% CAGR from 2020 and 2026.

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The market growth is due to well performing emerging economies and ongoing investments toward infrastructural development. For instance, in 2019, as per the International Monetary Fund, Asia grew economically by over 5 percent. The region comprises 60% of the world’s population and has the maximum number of developing countries. Large scale commercial building establishments and development of grid infrastructure in these nations will positively enhance the business outlook. For instance, ongoing smart city and rural electrification projects will further aggravate the product penetration. In addition, availability of varied product designs with different sizing options, fuel type and cost variant will positively enhance the industry outlook.

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Consumer inclination towards sustainable energy coupled with pressing emissions norms by the governments will drive the industry growth. The industry players are manufacturing more efficient and effective technology such as energy star rating in their products. In addition, increased job opportunities have enabled a significant increment in disposable income which has increased the customer’s buying power. Furthermore, escalating growth across the tourism sector along with ongoing infrastructural development will encourage the product adoption.

Residential storage water heater market is projected to grow on account of increased number of multi families which prefer hot water storage tank rather than the instant heating appliances. Salient features like un-compromised water pressure, water holding capacity, multiple usage points make it a preferable option for businesses and locals showcasing huge growth potential. However, despite of few demerits like space non-optimization, dry firing scenario and regular maintenance check, the sector holds a larger share when compared to its counterparts.

Electric storage water heater market is anticipated to grow on account of unavailability of adequate gas resources and prevailing gas price volatility. The heaters are well suited for commercial uses such as in hotels where short peak demand periods are experienced. Moreover, ongoing electrification programs by respective government authorities along with substantial improvement in the availability of electricity will complement the business outlook.

China storage water heater market size is predicted to grow on account of booming manufacturing sectors and availability of low-cost labors. The country holds a major share across the heating industry and still has huge untapped potential making it a lucrative marketplace for businesses. In addition, introduction of advance technologies including advanced communication and control along with other smart home integration features will positively enhance the industry landscape.

Notable players operating across the Asia Pacific water heater market include A.O. Smith, Bradford White, Haier Electronics, Viessmann Group, Rinnai, Whirlpool, Racold, Ferroli, Havells India Limited and Vaillant Group. The companies are opting for mergers and acquisitions in order to expand their product lines and integrate new technologies. Key product development includes LED display water heaters which show electricity consumption and timer capabilities.