Press release
Worldwide Storage Water Heater Market Size Key Players – Bradford White, Ferroli, Rinnai Corporation, Bosch Thermotechnology, Ariston Thermo, A.O Smith, Rheem, State Industries, Saudi Ceramics, Haier, Jaquar, Hubbell, Whirlpool, Vaillant., Kanch Water H
Storage Water Heater Market is predicted to grow over USD 13 billion by 2024. Increasing demand for hot water along with advent of advanced heating technologies will drive the business growth. Ongoing funding by respective government authorities toward smart cities development will positively impact the industry outlook. The government of India in 2015, planned to develop 100 smart cities across the country for which it approved an investment of USD 14 billion. The program further entails more funding for the construction and development of internal infrastructure.
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Eminent players across the storage water heater market include Bradford White, Ferroli, Rinnai Corporation, Bosch Thermotechnology, Ariston Thermo, A.O Smith, Rheem, State Industries, Saudi Ceramics, Haier, Jaquar, Hubbell, Whirlpool, Vaillant., Kanch Water Heaters and Viessmann.
The U.S. water heater market will reach over USD 1 billion by 2024. Escalating service sector growth coupled with ongoing regulatory compliances toward the installation of energy efficient electrical system will augment the business landscape. Ongoing refurbishment and replacement of conventional systems with newly designed compact and low power consuming models will enhance the business outlook.
Growing adoption of energy efficient appliances along with consumer inclination toward cost savings will foster the storage water heater market growth Rapid expansion of commercial buildings coupled with significant investment for the development of real estate will complement the business landscape. As per the estimates of the U.S. Department of Energy the electric water heaters can result in energy savings of up to 27 to 50% at each outlet.
Asia Pacific water heater market will grow on account of rising disposable income leading to significant improvement in living standards. In addition, growing urbanization rate along with extensive investment toward the expansion of commercial properties will boost the product adoption. In 2017, the urbanization rate across China escalated by 1.17 points when compared with 2016.
Stringent building codes and standards along with adoption of space and district heating systems across commercial buildings will accelerate 100-250 liters water heater market growth. Growing concerns of industry players toward carbon emissions along with significant measures to reduce energy bills and standby loss will further enhance the industry outlook.
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Growing installation of heating systems across government hospitals, hotels, shopping malls and universities will foster the commercial water heater market. Sizeable investment for reinforcing existing heating infrastructure along with shifting industry trends toward adoption of hybrid heating technologies will augment the industry landscape.
Natural gas water heater market will grow on account of key features including rapid recovery rate, low operation cost and mass flow in comparison with other counterparts. Installation of gas heaters results in considerable reduction in heating bills across regions with gas accessibility and abundant reserves. Furthermore, suitability with commercial operations along with instant heating capacity will positively enhance the business outlook.
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