Storage Water Heater Market size to exceed $13bn by 2026

Storage Water Heater Market size is expected to surpass USD 13 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Introduction of advanced energy efficient technologies along with ongoing upgradation of existing water heating units will foster the storage water heater industry growth. The manufacturers are developing new models with significant improvements in existing designs. Thick PUF insulation, improvement in tank designs and integration of advanced communication features will encourage the product adoption. Surging market competition from its instant counterparts is compelling the manufacturers to increase its research and development expenses.

 

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Improving living standards on account of escalating disposable income will drive the storage water heater market demand. The customers are shifting toward comfort and luxury, with increasing focus toward home décor and furnishing. Development of compact designs and easy installation with the existing electric circuit will complement the business outlook. Growing demand across multifamily apartments on account of incessant need across bathrooms and kitchens will complement the business landscape.
 

Rapid infrastructural growth and ongoing building refurbishment activities will boost the product demand

Strong economic growth across the emerging economies along with rapid construction of building infrastructure will fuel the storage water heater market outlook. The expansion of commercial establishments along with prevailing construction of zero emission & green buildings will stimulate the product demand. For instance, in 2018. the Asia Infrastructure Investment Bank provided a funding of USD 100 million for infrastructural development across the region. Ongoing roll outs of smart city projects along with significant focus toward minimizing the carbon footprint will complement the business landscape.
 

The residential sector accounted for over 70% revenue share in year 2019

Flexible installation, competitive pricing and availability in multiple capacity range are the key factors complementing the storage water heater industry trends across residential applications. The manufactures are focusing towards simplifying the user interface and enhancing the customer experience by providing free maintenance and repair services. The products do not require an additional infrastructure along with ability to serve multiple faucets at a time will further boost their adoption.
 

Browse key industry insights spread across 945 pages with 2,000 market data tables & 34 figures & charts from the report, “Storage Water Heater Market Statistics By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), By Energy Source (Electric, Gas {Natural gas, LPG}) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, France, Germany, Italy, Austria, Spain, Netherland, Denmark, Finland, Sweden, Norway, Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Israel, Cyprus, Lebanon, Iraq, Brazil, Argentina, Mexico, Chile), Application Potential, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/storage-water-heater-market
 

Robust development across emerging economies will fuel the growth across Asia Pacific

For Asia Pacific, India, China and Japan is set to drive the market growth owing to availability of low-cost labor and extensive manufacturing capabilities. Ongoing investments owing to vast untapped potential along with growing customer awareness toward energy efficient heating technologies will enhance the business outlook. The companies are shifting toward lean manufacturing techniques and cost cutting to cater the price sensitive customers across the region.
 

Key player functioning across the storage water heater market include Havells India, Bradford White Corporation, Hubbell, Rinnai Corporation, Linuo Ritter International, Jaquar Group, Viessmann Group, Nihon Itomic Co., Ltd., Ariston Thermo A.O. Smith, Vaillant Group, Bosch Thermotechnology, General Electric Appliances, Haier Group, Racold, Rheem, Whirlpool Corporation, State Water Heaters and Ferroli. The leading companies are focusing toward technological upgradatiogn and integration of new technologies to make the product more attractive amongst its immediate counterparts.
 

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