Domestic Hot Water Storage Tank Market: Introduction
- A domestic hot water storage tank (also known as thermal storage tank, hot water tank, heat storage tank, hot water cylinder, or hot water thermal storage unit), is a water tank used for storing hot water for domestic use or for space heating.
Key Drivers of the Global Domestic Hot Water Storage Tank Market
- Increasing global population and rising residential construction are the major factors contributing to the growth of the domestic hot water storage tank market around the world. Rising disposable income influences consumers to invest more in household products, which subsequently drives the global growth of the domestic hot water storage tank market.
Factor Restraining the Global Domestic Hot Water Storage Tank Market
- Domestic hot water storage tanks are costlier than water heaters without water storage facility that may restrict the user from buying such products. Additionally, it entails high maintenance, which is also a major factor that can hamper the growth of the domestic hot water storage tank market.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global domestic hot water storage tank market can be divided into five regions North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the domestic hot water storage tank market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the domestic hot water storage tank market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America domestic hot water storage tank market is segmented into Brazil, and Rest of South America.
- North America accounted for dominant share of the global domestic hot water storage tank market due to increasing trend of luxury homes in North America. The region has been witnessing huge demand for luxury homes with luxury lifestyles that leads to the increasing installation of domestic hot water storage tanks, thus driving the domestic hot water storage tank market in the region.
- The domestic hot water storage tank market in Asia Pacific region is projected to expand rapidly during the forecast period due to residential construction activities in the region. Increasing population in countries such as India and China and rising disposable income propels the demand for household products, which are major driving factors of the domestic hot water storage tank market in the region.
Key Players Operating in the Global Market
Companies in the domestic hot water storage tank market are focusing on developing innovative and advanced products to gain customer attention which will help in enhancing their competitive advantage and subsequently increase their market share. Companies are launching improved products due to technological advancements, changing preference for innovative products, and the prevailing competition. Growing competition forces market players to focus on introducing advanced products.
A few of the key players operating in the global domestic hot water storage tank market are:
- A. O. Smith India Water Products Pvt. Ltd.
- Bosch Industriekessel GmbH
- Eco Angus Ltd
- Reflex Winkelmann GmbH
- Rheem Manufacturing Company
- Stiebel Eltron, Inc.
- Varem S.p.a.
- Viessmann Manufacturing Company Inc.
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