Storage Water Heater Market to hit $9.6 billion by 2026

Apr 18, 2020
Global Storage Water Heater Market revenue is expected to surpass USD 9.6 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Strict government mandates aiming to reduce the carbon footprint along with growing urbanization & commercialization will accelerate the demand for storage water heaters.

Rapid development of eco-friendly building projects & construction of smart cities will boost the industry growth. Ongoing provisions by the government authorities to install energy efficient heating appliances to limit the carbon emissions and reduce power consumption will augment the business landscape. The Department of Energy (DOE) have directed the manufacturers to adopt advanced technologies for the construction of heaters that being graded on standby loss and thermal efficiency.

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Ongoing expansion of the building infrastructure including hospitals and offices is set to accelerate the storage water heater industry size. Substantial improvement in the manufacturing abilities along with vigorous development across the service sector is set to complement the business outlook. Furthermore, product innovation along with integration of communication options comprising remote management & control and Wi-Fi integration will boost the installation of water heating units.

Some key findings of the storage water heater market statistics report include:

Increasing construction activities and expansion of the building infrastructure is fueling the water heating demand across commercial establishments.
Rapid expansion of the service sector coupled with rising demand from the commercial sector will strengthen the industry growth
Numerous government incentive programs toward adoption of energy efficient appliances will stimulate the industry growth
Ongoing investments and promotional schemes to influence the product adoption
Key industry players operating in the storage water heater market include Ariston Thermo, Rheem Manufacturing, A.O. Smith and Bradford White among others.
Industry players are opting for inorganic growth strategies with the technology suppliers for product diversity
The Europe water heater demand is set to grow on account of regulatory policies minimizing the existence of low efficient & environment polluting appliances. The government has instituted stringent mandates pertaining to the efficiency levels of the electrical products. Furthermore, rising hot water requirement across the domestic applications coupled with energy efficient heating systems demand in the commercial applications is set to augment the industry landscape.

Browse key industry insights spread across 1019 pages with 2000 market data tables & 38 figures & charts from the report, “Storage Water Heater Market Size 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 {Natural gas, LPG}) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Germany, Italy, Austria, Spain, Netherland, Denmark, Finland, Sweden, Norway, Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Israel, Cyprus, Lebanon, Iraq, Brazil, Argentina, Chile), Application Potential, Competitive Market Share & Forecast, 2020 - 2026”in detail along with the table of contents:

Key factors including simple designs, remote monitoring, improved user interface, voice command activation, reduced costs and leak detection systems will drive the product demand. Widespread deployment of both tankless and gas storage water heaters along with replacement of conventional heaters in order to meet the industry norms is set to complement the industry outlook.

Rapid industrialization across the developing economies will drive the demand in Asia Pacific storage water heater market. Mass production capabilities along with availability of low cost labor provide benefit to operating companies and investors across the region. Construction of high-rise structures, universities and commercial buildings will stimulate the demand for heating systems. Developing the grid infrastructure coupled with frequent power outages will complement the industry outlook.

Advent of modern technologies and use of inorganic growth strategies is set to strengthen the water heater industry scenario. The companies are involved in agreements and acquisitions with the prominent technology providers to increase the customer base. Ongoing investments by the manufacturers toward R&D focus on reducing manufacturing cost to offer competitive pricing will complement the business outlook. In addition, effective upgradation and replacement measures for the existing traditional heating systems will increase the product adoption.

Expanding tourism sector in the U.S. along with the presence of key industry players in the region will stimulate the demand for storage water heaters. Competitive gas prices and high electricity bills will facilitate the product penetration. Furthermore, rising deployment of unvented pre-plumbed systems primarily across the construction sector along with introduction of IoT across the water heating industry will augment the business landscape.

Major industry players operating in storage water heater market include Hubbell, A.O Smith, Linuo Ritter, Viessmann Group, Ariston Thermo, Ferroli, Rinnai Corporation, Whirlpool, State Industries, Jaquar, Bradford White, Bosch Thermotechnology & Vaillant Group among others.

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Instant Water Heater Market Statistics 2024: Asia Pacific tankless water heater industry size was valued over USD 3 billion in 2017. Considerable rise in disposable income on account of ongoing infrastructure projects primarily across China and India will complement the industry landscape. Key participants operating across the global market include, Rinnai, A.O Smith, Bosch, Rheem, Ferroli, State Industries, Linuo Ritter, Haier Electronics, Bradford White, Jaquar, Saudi Ceramics, Hubbell, Ariston Thermo, Vaillant, Whirlpool, Viessmann and Kanch Water Heaters.