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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Global Domestic Hot Water Storage Tank Market: Research Scop
Global Domestic Hot Water Storage Tank Market, by Type
- Fuel/Gas Burner
Global Domestic Hot Water Storage Tank Market, by Capacity
- Up to 500 liters
- 500 – 2000 liters
- 2000 – 3500 liters
- 3500 – 5000 liters
- Above 5000 liters
Global Domestic Hot Water Storage Tank Market, by Design
Global Domestic Hot Water Storage Tank Market, by Control System
Global Domestic Hot Water Storage Tank Market, by Distribution Channel
- E-commerce Portal
- Company Owned Portal
- Supermarkets & Hypermarkets
- Departmental Stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.