Water Heater Market Worth Over $33 Billion by 2026, Says Global Market Insights, Inc.

SELBYVILLE, Del., July 23, 2020 /PRNewswire/ -- The global water heater market value is anticipated to cross USD 33 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Rapid growth across the residential sector, owing to increasing smart city construction projects along with ongoing development of the building infrastructure, is anticipated to boost the market outlook. In addition, strict regulatory norms and mandates for the replacement of the existing units with energy-efficient heating systems are set to augment the product penetration.

Increasing refurbishment activities of the existing building infrastructure, along with growing consumer spending towards the real estate sector, will drive the global water heater industry growth. Ongoing government incentive programs for funding the construction of commercial infrastructure including hospitals, airports and educational institutions will encourage product adoption.

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The natural gas water heater market is set to grow on account of efficient heating capability, mass flow, and low operation cost. Increasing product adoption across commercial establishments including hotels, hospitals and resorts, among others, coupled with growing deployment across the remote off-grid areas will stimulate business growth. The availability of extensive features to control several functions comprising ignition, temperature control and gas flow will encourage product adoption. However, strict guidelines concerning the installation, placement and safety of the vent pipes may impact the product penetration over the other available substitutes.

Some major findings of the global water heater market report include:

• The surging demand for instant water heaters, owing to its key capabilities including low power consumption and growing hot water requirements
• Development of smart, economical, and technologically advanced systems will drive business growth
• Ongoing replacement of traditional storage units across both residential and commercial applications will fuel the industry growth
• Growing demand from the emerging economies across the Asia-Pacific region including China and India will fuel the business growth
• Major players operating in the global water heater market include Panasonic Corporation, A.O. Smith, Rheem Manufacturing, Bosch, Havells India and Whirlpool Corporation

Browse key industry insights spread across 1,300 pages with 2,855 market data tables and 63 figures and charts from the report, "Water Heater Market By Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Fuel (Electric, Gas [Natural gas, LPG]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026" in detail, along with the table of contents:

https://www.gminsights.com/industry-analysis/water-heater-market

The outbreak of COVID-19 has led to a global pandemic affecting the global economy, thereby impacting industries including construction & component manufacturing, among others. The global supply shortages, owing to lockdowns imposed by respective governments at various economies, will impact the demand for HVAC equipment. In addition, various challenges are faced by the production facilities on account of ongoing labor shortages. However, the development and planned expansion of the existing healthcare facilities to contain the virus is set to augment the product demand.

Stringent regulations and mandates concerning the growing carbon emissions, coupled with the abundant availability of gas resources, will influence the European water heater market statistics. According to the European Commission, the eco-Design and labeling directives regulate the water level standards along with the technological advancements with respect to smart control heaters. Seasonal water heating requirements on account of extreme climatic conditions will further accelerate the business landscape.

Increasing penetration for on-demand heating in both residential & commercial establishments, reduced energy consumption and cost savings in comparison to its counterparts will accelerate the business landscape. Growing adoption of energy-efficient heating systems, coupled with growing product developments by the eminent industry players, will augment the business landscape. For instance, Rinnai Corporation, in 2019, integrated Samsung SmartThings to its tankless water heaters range and introduced various advancements in its smart home platform.

Access the ToC of this report at https://www.gminsights.com/toc/detail/water-heater-market

Browse Related Report:

Storage Water Heater Industry By Application (Residential, Commercial [College/University, Office, Government/Military]), Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Energy Source (Electric, Gas {Natural gas, LPG}) Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 - 2026

https://www.gminsights.com/industry-analysis/storage-water-heater-market

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.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Water Heater Market Forecasts 2020-2026

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SOURCE Global Market Insights, Inc.