Storage Water Heater Market is thriving Worldwide 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.
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.
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.
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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.
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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