Storage Water Heater Market size is set to surpass USD 28 billion by 2030, according to a new research report by Global Market Insights Inc.
The development of advanced energy-efficient solutions along with the ongoing upgrade of conventional water heating systems will augment the industry growth. Improvement in tank designs, thick PUF insulation, and the integration of advanced communication features will boost the product adoption. Furthermore, the replacement of existing units with high-efficiency star rating solutions across resorts, malls, and hotels will positively influence the business landscape.
Ongoing building refurbishment and rapid infrastructural development activities will drive the product demand
The introduction of strict energy efficiency standards & industry guidelines pertaining to the deployment of efficient water heating units across new building constructions will stimulate the deployment of 100 – 250 liter capacity units. For instance, the U.S. National Appliance Energy Conservation Act (NAECA) mandates to ensure high energy efficiency periodically according to the energy factor ratings across the residential oil, electric, and gas storage water heaters to effectively reduce home appliances’ energy consumption.
Increasing adoption of low emission heating systems to comply with the prevailing industry standards & policies will foster the market expansion.
Ongoing infrastructural developments along with the development of advanced monitoring & control solutions will accelerate the storage water heater market growth across commercial establishments. Stringent government standards and mandates pertaining to energy efficiency coupled with the establishment of smart cities will fuel the product deployment. Moreover, expansion in the service & IT sectors in line with rising government investments in developing colleges & hospitals will increase the market revenue.
Browse key industry insights spread across 1000 pages with 2569 market data tables & 30 figures & charts from the report, “Storage Water Heater Market Size, 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Robust infrastructural developments across developing economies will enhance the market progression in APAC region
Asia Pacific storage water heater market is predicted to observe a 4.5% growth rate till 2030. Growing investments on account of vast untapped potential coupled with increasing consumer awareness of energy-efficient technologies will complement the industry outlook. In addition, the construction of new colleges & universities and commercial buildings will spur the demand for water heating systems. Additionally, the shifting inclination of customers toward comfort & luxury along with improving living standards will surge the product installation. The development of compact designs & easy installation will escalate the business outlook.
Rising concerns related to energy security & energy-efficient solutions will propel the market demand
The pandemic considerably impacted the industry expansion on account of the lockdown impositions, resulting in the lack of workforce availability and delay of several ongoing projects. However, the resumption of industrial operations in line with government guidelines & ongoing vaccination drives to curb the spread of the virus will proliferate the business dynamics. Moreover, continuous construction activities followed by the development of the real-estate sector will enhance the industry landscape.
Ongoing agreements along with mergers and partnerships of major players will foster the business spectrum
Strategic implications including partnerships, agreements, mergers, and acquisitions by key participants will augment the industry scenario. For instance, in January 2022, Rheem Manufacturing acquired DEJONG, a manufacturer and supplier of stainless steel hot water tanks in the Netherlands. The acquisition has enabled both the companies to innovate & develop products that reduce dependence on carbon fuel sources. In addition, this partnership will boost the industry progression by integrating hot water storage tanks with sustainable energy sources.
Eminent players operating in the storage water heater market are Hubbell Heaters, Havells India, Saudi Ceramics Company, Jaquar India, Linuo Ritter International, Viessmann, Nihon Itomic, Vaillant, Atlantic, Ariston Holding N.V., A.O Smith, Bosch Thermotechnology, Bradford White Corporation, Rheem Manufacturing Company, Haier Inc., Rinnai America Corporation, State Industries, Whirlpool Corporation, and Ferroli S.p. A.