The U.S. storage water heater market is expected to surpass USD 1 billion by 2024. Rapid growth across the service sector along with ongoing regulations toward the deployment of efficient electrical appliances will positively influence the business outlook. Replacement and up-gradation of existing systems with compact designs and energy efficient models will enhance the industry outlook. —
Global Storage Water Heater Market is expected to cross USD 13 billion by 2024; as reported in the latest study by Global Market Insights, Inc. 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.
Introduction of IoT across water heating industry coupled with growing adoption of unvented pre-plumbed systems primarily across construction sector will augment the electric water heater market growth. Growing adoption of highly efficient and convenient heating solutions along with consumer proclivity toward savings in energy bills will positively impact the business outlook. As per U.S. DoE, electric water heaters have the capability to provide 27% - 50% energy savings at each hot water outlet.
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Improvement in living standards coupled with substantial growth in urbanization owing to increasing disposable income will accelerate the Asia Pacific market growth. In addition, effective modernization and replacement measures for existing traditional heating systems with an aim to provide energy efficiency will increase the product adoption. As per the World Urbanization Prospects, the region has witnessed 54.7% urbanization rate in 2017 when compared to 53.8% in 2015.
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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Eminent players across the global 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.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 452452