February 28, 2020
According to the research report titled ‘Asia Pacific Electric Water Heater Market Size By Application, Product, Capacity, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available at MarketStudyReport.com, Asia Pacific electric water heater market is set to acquire commendable gains by the year 2026.
According to the report, Asia Pacific electric water heater market is likely to witness a rising curve in the approaching years due to rapid economization and steady expansion of mega grid projects.
Asia Pacific electric water heater industry growth will stem from the development of manufacturing capabilities and availability of low cost labor in developing countries, such as India and China. The region has high foreign direct investments and huge untapped potential, resulting in towering growth of Asia Pacific electric water heater market size.
Growing populations and diminishing poverty due to increasing employment opportunities in the region will stimulate Asia Pacific electric water heater market outlook. Rapid urbanization and upsurge in disposable income are going to act as some of the major driving factors in the approaching years.
Ongoing development of residential and commercial establishments has generated colossal demand for electric water heaters with 100-250 liters of holding capacity. Governments are adopting several large-scale projects, such as the Belt and Road initiative (BRI) of China aimed at region’s infrastructure development.
Governments are also outlaying heavy amounts in around 152 Asian and nearby countries, which will escalate Asia Pacific electric water heater industry size. Additionally, demand for hot water is rising across hospitality and healthcare sectors due to significant growth in tourism, which will spur Asia Pacific electric water heater market growth.
Surging private funding from the World Bank and International Development Organizations (IDOs) for construction of airports, hospitals, and other public facilities has raised commercial electric water heater industry share. Also, governments have introduced low carbon emission policies and provision of tax credits to promote less and effective energy consumption, thereby propelling Asia Pacific electric water heater market growth.
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Some of the eminent Asia Pacific electric water heater market participants are Ferroli, A.O Smith, Viessmann Group, Rinnai Corporation, State Industries, Bosch Thermo technology, and Linuo Ritter. A few more notable players include Whirlpool, Rheem Manufacturing, Bradford White, Ariston Thermo, Vaillant Group, Hubbell, Jaquar, and Haier Electronics among others. These companies are endeavoring to offer products with advanced features, such as Wi-Fi enabled devices and remote controlling at optimal pricing by partnering with technology behemoths.
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