Storage Water Heater Market Outlook-2024 by Haier, Ferroli S.p.A., Bradford White, Saudi Ceramics, Hubbell Incorporated
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The U.S. market is predicted to exceed USD 1 billion by 2024. As per the U.S. Environmental Protection Agency’s (EPA) Energy Star reports, highly efficient water heaters use 10% to 50% less energy than standard water heater models, saving homeowners money on their utility bills. Although these numbers could vary based on heater location, family size, and the size and placement of water pipes, as far as energy efficiency parameters are considered, high efficiency storage water heaters can work in any climatic condition.
Storage water heater market, fostered by rapid technological advancement in water heater manufacturing, has been witnessing a remarkable growth rate lately. Primarily augmented by the growing demand for effective heating solutions, conventional storage water heaters, even today, remain the most popular type of water heating systems for homes and business as they demand fuel from easily available sources such as natural gas and fuel oil. Storage Water Heater Market is set to exceed USD 13 billion by 2024.
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.
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.
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
• A. O. Smith Corporation
• Ferroli S.p.A.
• Bradford White
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