Storage Water Heater Market Worth $13 Billion by 2026, Says Global Market Insights, Inc.
Storage Water Heater Market value is projected to achieve over 5% CAGR up to 2026, driven by rising adoption of energy efficient heating appliances.
SELBYVILLE, Del., February 17, 2020 (Newswire.com) - Global Storage Water Heater Market revenue is anticipated to surpass USD 13 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Growing customer awareness toward smart water heating technologies coupled with a surging electrification rate will stimulate product adoption over the forecast timeframe. In addition, increasing concerns toward high electricity bills along with introduction to energy-efficient heating technologies will complement the business landscape.
Increasing deployment across large commercial applications including airports, shopping complexes and other public facilities will facilitate the adoption of above 250 liters capacity water heaters. Growing adoption of space and central heating systems across regions with extremely cold winters will enhance the business outlook. The units are extensively deployed across the healthcare and hospitality sector to meet critical hot water demands. In addition, increasing use across hot water jacuzzies and swimming pools will complement the industry landscape.
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The natural gas segment of the storage water heater market is anticipated to grow on account of low operation cost, clean combustion and mass flow capabilities. Increasing adoption across remote off-grid localities and areas with frequent power outages will complement the industry landscape. The units allow the users to control and regulate the temperature, gas control and ignition along with low operational cost will significantly enhance the business outlook.
Some major findings of the storage water heater market report include:
- Ongoing investments toward research & development and product upgrades will spur business growth
- Increasing product demand owing to key advantages including availability in multiple capacities, flexible installation and product differentiation
- Surging deployment across residential applications owing to easy maintenance and introduction of new control and monitoring features will stimulate industry growth
- Kay players operating across the market include A.O Smith, Rheem Manufacturing, Bradford, Rinnai, Bosch and Whirlpool Corporation.
- Surging demand owing to robust economic growth and rising infrastructural spending will augment the business landscape.
Browse key industry insights spread across 945 pages with 2,000 market data tables & 34 figures & charts from the report, “Storage Water Heater Market Statistics By Application (Residential, Commercial [College/University, Office, Government/Military]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Energy Source (Electric, Gas {Natural gas, LPG}) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/storage-water-heater-market
For North America, the U.S. will drive the storage water heater market growth owing to robust expansion of the service sector. Ongoing development of zero-emission buildings along with surging demand from commercial facilities including offices, hotels and remote military applications will boost product demand. The region ensures the presence of leading water heater manufacturers that are focusing on product differentiation and smart heating technologies.
Rising concerns toward carbon emissions owing to ongoing environmental change will fuel the growth of the storage water heater industry. Respective governments are actively promoting the deployment of energy-efficient heating appliances across new buildings and public facilities. Some of the key policies governing the market include Minimum Energy Performance Standards, Energy Efficiency Directive and Energy Labelling. In addition, ongoing measures to improve large standby losses, dry heating issues and high-power consumption will further enhance the business outlook.
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Browse Related Reports:
Gas Water Heater Industry By Application (Residential, Commercial {College/Universities, Office, Government/Military}, Industrial), By Product (Storage, Tankless), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
https://www.gminsights.com/industry-analysis/gas-water-heater-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights, Inc.
