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Where Will the Storage Water Heater Market Be In 2024?Haier,Vaillant Group,Whirlpool Corporation,Ariston Thermo Group,Saudi Ceramics,Hubbell Incorporated,Rinnai Corporation,
Press release from: Global Market Insights, Inc.
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.
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Top Key Players:
1. Rinnai Corporation
2. Bradford White
3. A.O Smith
5. Bosch Thermotechnology
7. Saudi Ceramics
8. State Industries
12. Ariston Thermo
14. Kanch Water Heaters
15. Viessmann and Vaillant.
However, the U.S Department of Energy (DoE) claims that water heating alone accounts for 18% of home’s total energy, on the grounds of which the deployment of energy-efficient heaters is being encouraged, that would help reduce electricity bills. In accordance, storage water heater market players have been working toward bringing forth a slew of highly energy-efficient products to the mainstream, thereby contributing to the expansion of the business vertical in question.
“Storage Water Heater Market in us to grow at highest CAGR during forecast period”
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. Additionally, they could save up to $500 on electric bills annually, providing a product lifetime of about 8–10 Years, that would provide a wide spate of opportunities for storage water heater market players in the years ahead.
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Storage Water Heater Market, By Application
Canada to emerge as a prominent growth ground for storage water heater market
Extreme climatic conditions along with substantial growth across the power generation and service industry are expected to drive Canada storage water heater market size. According to the Canada’s Department of Natural Resources reports, Canadians on an average use around 75 liters of hot water every day at homes for chores such as washing dishes, clothing and for cleaning and bathing. Water heaters account for 19% of the energy used in the average Canadian home, and 8% of the energy used in the average commercial or institutional settings. It is thus rather discernible, that the region holds substantial demand for water heaters, which implies the existence of a commendable growth scope for Canada storage water heater market.
Some of the major players partaking in storage water heater market share include A.O Smith, Rinnai Corporation, Bosch Thermotechnology, Bradford White, Ferroli, Saudi Ceramics, State Industries, Hubbell, Linuo Ritter, Rheem Manufacturing, Haier Electronics, Ariston Thermo, Vaillant Group, Whirlpool, Jaguar, Viessmann Group and Kanch Water Heaters. It is rather prudent to mention that these contenders have been consistently investing in R&D programs so as to combat their rivals and bring about an impressive range of water heaters to the market.
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Partial Table of Contents (ToC) of the report:
Chapter 4 Storage Water Heater Market, By Capacity
4.1 Storage water heater market share by capacity, 2017 & 2024
4.2 400 liters, by region, 2013 – 2024
4.3.1 Global market from 30-100 liters, 2013 - 2024
4.3.2 Global market from 30-100 liters, by region, 2013 – 2024
4.4 100-250 liters
4.4.1 Global market from 100-250 liters, 2013 - 2024
4.4.2 Global market from 100-250 liters, by region, 2013 – 2024
4.5 250-400 liters
4.5.1 Global market from 250-400 liters, 2013 - 2024
4.5.2 Global market from 250-400 liters, by region, 2013 – 2024
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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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