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Global Water Heater Market is set to exceed 150 million units by 2024 Top Key Players – Rheem manufacturing, Bradford White, Wagner Solar, Linuo Ritter, Bosch, Racold, V Guard Industries, Rinnai, Himin Solar Energy and Chromagen

03-01-2019 09:04 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Global Water Heater Market

Global Water Heater Market

Global Water Heater Market size will surpass USD 30 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Stringent government regulations to limit carbon emissions along with the increasing penetration of advanced water heating technologies will drive the global market. Growing consumer inclination toward the adoption of energy efficient systems owing to their operational benefits will stimulate the product demand. As per the Ecodesign Directive 2009/125/EC, all the energy-related products across EU member states should be mandated with ecological requirements. This directive currently covers over 40 product groups and aims at reducing energy use and mitigate the environmental impact under its scope.

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U.S. market was valued over USD 2 billion in 2017. Increasing adoption of natural gas owing to limited carbon footprint when compared to coal & other fossil fuels will stimulate the industry growth. In addition, augmented supply together with reduced consumer prices have encouraged natural gas consumption that will fuel the product demand. For instance, according to U.S. Energy Information Association, in 2018, the overall natural gas consumption in the lower 48 states increased up to 11% and the total supply raised up to 10% when compared with 2017.

Increasing demand for replacement of conventional water heating systems along with recent developments in the efficient heating technologies will stimulate the global market. Improvement in living standards as a result of rising per capita income will increase the affordability & accessibility of these products. For instance, according to “Bureau of labor statistics”, in U.S., the annual rate of change of personal income from 2006-2016 was 3.4% and is anticipated to reach to 4.3% by 2026.

Solar water heater market will grow on account of increasing adoption across residential & commercial establishments owing to government subsidies & incentives toward renewable energy systems. Favorable regulatory policies and initiatives to reduce the dependency on fossil-fuels along with increasing GHG emissions are the vital parameters which will positively impact the product demand. For instance, as per the “International Energy Agency”, in Cyprus, more than 90% of the overall households are equipped with solar water heaters.

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Increasing infrastructure development coupled with an upsurge in urbanization rate across the emerging economies will positively influence the market. In addition, growing focus toward the implementation of green growth strategies along with expansion of residential establishments will complement the product adoption. According to UN’ “Department of Economic and Social Affairs”, in 2018, around 55% of the global population dwelled in urban settlements and it is anticipated to increase upto 68% by 2050.

Notable industry players across the global market includes Chromagen, A.O Smith, Himin Solar Energy, Sun Tank, V Guard Industries, Alternate Energy Technologies, Racold, Viessmann, Bosch, Rheem manufacturing, Linuo Ritter, Bradford White and Wagner Solar.

Report Content

Chapter 1. Methodology and Scope
1.1. Methodology
1.2. Market definitions
1.3. Market estimates & forecast parameters
1.4. Data Sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid sources
1.4.2.2. Public sources

Browse key industry insights spread across 415 pages with 2,423 market data tables & 37 figures & charts from the report @ https://www.gminsights.com/industry-analysis/water-heater-market

Chapter 2. Executive Summary
2.1. Global water heater industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Capacity trends
2.1.4. Application trends
2.1.5. Fuel trends
2.1.6. Regional trends

Chapter 3. Global Water Heater Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor Matrix
3.4. Innovation & sustainability
3.5. Regulatory landscape

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

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