Press release
2020 - 2026 | Storage Water Heater Market By Capacity, Energy Source, Competitive Market Share & Forecast
o Forecast Period 2020 - 2026
o 2026 Value Projection: 9.6 Billion (USD)
o Pages: 1015
o Tables, Charts & Figures:2038
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Storage Water Heater Market in 2019 will reach over USD 7.6 billion and is expected to exceed an annual installation of 82 million units by 2026. Strict government mandates aiming to reduce the carbon footprint along with growing urbanization & commercialization will accelerate the demand for storage water heaters.
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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Growth Drivers:
o North America & Latin America
o Growing demand for energy efficient water heaters
o Replacement of conventional water heating systems
o Europe
o Government mandates pertaining to energy efficiency
o Growing demand for replacement of existing water heaters
o Asia Pacific
o Rapid urbanization and advancing product customization
o Increasing demand for water heating systems
o Middle East & Africa
o Advancing technology coupled with rising emission standards
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.
Storage water heaters, currently being one of the major consumer appliances in homes and offices, is currently the recipient of numerous advancements in water heating technologies. Additionally, efforts are being made to launch water heaters that satisfy hot water needs much quicker and in a much energy efficient way than conventional heaters.
Driven by the rising number of government grants for water heaters and the proliferating trend of minimal energy consumption, storage water heater market size is poised to surpass an installation of 80 million units by 2024.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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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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