Storage Water Heater Market revenue to cross USD 28 Bn by 2030: Global Market Insights Inc.

Major storage water heater market players include Saudi Ceramics Company, Jaquar India, Viessmann, Vaillant, Nihon Itomic Co., Havells India Ltd, Hubbell Heaters, and others. 

SELBYVILLE, Del., May 10, 2022 /PRNewswire/ -- The storage water heater market size is expected to record a valuation of USD 28 billion by 2030, according to the most recent study by Global Market Insights Inc.

The rising consumer awareness about smart and efficient water heating technologies along with the surging electrification rate will increase the product adoption. Moreover, growing concerns toward high electricity bills combined with strict government norms & standards for the acceptance of energy-efficient technologies will sway the business landscape.

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During the pandemic, the worldwide economies witnessed a marginal downfall across the overall storage water heater market scenario. The outbreak forced the governments to impose lockdowns that led to supply chain disruptions and a lack of workforce. However, the increasing focus on the adoption of energy-efficient technologies along with rising construction activities will stimulate the business spectrum. Additionally, ongoing vaccination drive to curb the spread of the virus will complement the industry outlook.

The rising usage of space & central heating systems across regions with extreme cold winters will enhance the business outlook. Increasing deployment across large commercial applications including shopping complexes, airports, and other public facilities will further encourage the acceptance of above 400 liters capacity water heaters. In addition, critical hot water demand across healthcare and hospitality sectors will propel the product deployment. Rising utilization of these units in hot water jacuzzies & swimming pools will further boost the industry landscape.

Clean combustion along with reduced carbon emissions will foster the gas storage water heater market demand. Furthermore, the ability to handle large volumes in line with high heating output will spur the deployment of gas water heaters across commercial applications. The market for natural gas storage water heaters will grow due to the low operation cost and mass flow capabilities. Moreover, providing consumers the ability to control & regulate the temperature and gas ignition coupled with low operational cost will accelerate the market outlook.

North America storage water heater market is poised to register a significant growth owing to the ongoing development of zero-emission buildings along with the growing demand from commercial facilities. Government inclination toward promoting the deployment of energy-efficient heating appliances across new building establishments has instituted a favorable the business scenario.

Major players operating in the storage water heater market include 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.

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Some key findings of the storage water heater market report include:

• Surging deployment across residential establishments on account of easy maintenance along with advanced new monitoring and control features will fuel the market growth.
• Availability in multiple capacities coupled with flexible installation and product differentiation will escalate the deployment of storage water heaters.
• Ongoing investments in R&D, innovations, and product upgrades will positively augment the business growth.
• Rising demand on account of rising infrastructural spending and robust economic growth will positively influence the market expansion.

Table of Contents (ToC) of the report

Chapter 3 Storage Water Heater Market Insights

3.1  Industry ecosystem analysis

3.2  Innovation & technology landscape

3.3  Regulatory landscape

3.4  COVID- 19 impact on the industry outlook

3.4.1  Top 10 countries impacted by COVID- 19

3.4.2  Overall view

3.5  Industry impact forces

3.5.1  Growth drivers

3.5.1.1  North America & Latin America

3.5.1.1.1  Growing demand for energy-efficient water heaters

3.5.1.1.2  Replacement of conventional water heating technology

3.5.1.2  Europe

3.5.1.2.1  Government mandates pertaining to energy efficiency

3.5.1.2.2  Growing demand for the replacement of existing water heaters

3.5.1.3  Asia Pacific & MEA

3.5.1.3.1  Rapid urbanization and advancing product customization

3.5.1.3.2  Increasing demand for energy-efficient systems

3.5.1.3.3  Growing electrification rate

3.5.2  Industry pitfalls & challenges

3.5.2.1  High installation costs

3.5.2.2  Availability of counterparts

3.6  Growth potential analysis

3.7  Porter's Analysis

3.8  Competitive landscape, 2022

3.9  PESTEL Analysis

Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/storage-water-heater-market 

About Global Market Insights Inc.

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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SOURCE Global Market Insights Inc.