Storage Water Heater Market Growing Enormously Till 2024 : Key Players Vaillant Group, Ariston Thermo Group, Hubbell Incorporated, Ferroli S.p.A., Bradford White
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Introduction of IoT across water heating industry coupled with growing adoption of unvented pre-plumbed systems primarily across construction sector will augment the electric water heater market growth. Growing adoption of highly efficient and convenient heating solutions along with consumer proclivity toward savings in energy bills will positively impact the business outlook. As per U.S. DoE, electric water heaters have the capability to provide 27% - 50% energy savings at each hot water outlet.
The U.S. market is predicted to exceed USD 1 billion by 2024. Rapid growth across the service sector along with ongoing regulations toward the deployment of efficient electrical appliances will positively influence the business outlook. Replacement and upgradation of existing systems with compact designs and energy efficient models will enhance the industry outlook.
Improvement in living standards coupled with substantial growth in urbanization owing to increasing disposable income will accelerate the Asia Pacific market growth. In addition, effective modernization and replacement measures for existing traditional heating systems with an aim to provide energy efficiency will increase the product adoption. As per the World Urbanization Prospects, the region has witnessed 54.7% urbanization rate in 2017 when compared to 53.8% in 2015.
Storage Water Heater Market Size By Energy Source Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024 in detail along with the table of contents@ https://www.gminsights.com/industry-analysis/storage-water-heater-market
Technological integration toward hybrid and flexible heating systems along with sizeable investments toward the reinforcement of conventional infrastructure will stimulate the commercial water heater market. Increasing deployment of water heating systems across healthcare, hotels, offices, universities, shopping complexes and public buildings will propel the product penetration.
100-250 liters system is set to witness rapid growth on account of stringent building standards and codes coupled with ongoing investment toward the construction of sustainable infrastructure. Industry players are adopting strategic initiatives toward upgradation of existing heating systems in order to reduce the cost of energy and minimize the large standby losses.
Quick recovery rate, mass flow and low operational cost when compared with its available counterparts will drive the natural gas water heater market growth. Deployment of gas variants results in cost saving owing to ease of accessibility across gas abundant regions. In addition, suitability for commercial application coupled with quick heating capability will enhance the industry outlook.
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Key players across the global market-
• Vaillant Group
• Ariston Thermo Group
• Saudi Ceramics
• Hubbell Incorporated
• Rinnai America Corporation
• Rheem Manufacturing
• Ferroli S.p.A.
• Bradford White
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