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The Europe water heater demand is set to grow on account of regulatory policies minimizing the existence of low efficient & environment polluting appliances. The government has instituted stringent mandates pertaining to the efficiency levels of the electrical products. Furthermore, rising hot water requirement across the domestic applications coupled with energy efficient heating systems demand in the commercial applications is set to augment the industry landscape.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/1294877/
Storage Water Heater Market in 2019 will reach over USD 7.6 billion and is expected to exceed an annual installation of 82 million units by 2026. Strict government mandates aiming to reduce the carbon footprint along with growing urbanization & commercialization will accelerate the demand for storage water heaters.
Rapid development of ecofriendly building projects & construction of smart cities will boost the industry growth. Ongoing provisions by the government authorities to install energy efficient heating appliances to limit the carbon emissions and reduce power consumption will augment the business landscape. The Department of Energy (DOE) have directed the manufacturers to adopt advanced technologies for the construction of heaters that being graded on standby loss and thermal efficiency.
Advent of modern technologies and use of inorganic growth strategies is set to strengthen the water heater industry scenario. The companies are involved in agreements and acquisitions with the prominent technology providers to increase the customer base. Ongoing investments by the manufacturers toward R&D focus on reducing manufacturing cost to offer competitive pricing will complement the business outlook. In addition, effective upgradation and replacement measures for the existing traditional heating systems will increase the product adoption.
Key factors including simple designs, remote monitoring, improved user interface, voice command activation, reduced costs and leak detection systems will drive the product demand. Widespread deployment of both tankless and gas storage water heaters along with replacement of conventional heaters in order to meet the industry norms is set to complement the industry outlook.
Advent of modern technologies and use of inorganic growth strategies is set to strengthen the water heater industry scenario. The companies are involved in agreements and acquisitions with the prominent technology providers to increase the customer base. Ongoing investments by the manufacturers toward R&D focus on reducing manufacturing cost to offer competitive pricing will complement the business outlook. In addition, effective upgradation and replacement measures for the existing traditional heating systems will increase the product adoption.
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Major industry players operating in storage water heater market include Hubbell, A.O Smith, Linuo Ritter, Viessmann Group, Ariston Thermo, Ferroli, Rinnai Corporation, Whirlpool, State Industries, Jaquar, Bradford White, Bosch Thermotechnology & Vaillant Group among others.
Some major findings of the Storage Water Heater market report include:
- Increasing construction activities and expansion of the building infrastructure is fueling the water heating demand across commercial establishments.
- Rapid expansion of the service sector coupled with rising demand from the commercial sector will strengthen the industry growth.
- Numerous government incentive programs toward adoption of energy efficient appliances will stimulate the industry growth.
- Ongoing investments and promotional schemes to influence the product adoption.
- Key industry players operating in the storage water heater market include Ariston Thermo, Rheem Manufacturing, A.O. Smith and Bradford White among others.
- Industry players are opting for inorganic growth strategies with the technology suppliers for product diversity
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