February 27, 2020
According to the research report titled ‘Asia Pacific Storage Water Heater Market Size By Application, Capacity, Energy Source, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, the Asia-Pacific storage water heater market is set to amass notable gains by the year 2025.
According to the report, increasing infrastructural development and better economic conditions in South Korea and Japan are major factors driving the Asia-Pacific storage water heater industry. Governments across the region have introduced various initiatives to electrify rural areas. This factor along with rapid expansion of grid networks and commercial infrastructure and growing smart city development are fostering the demand for storage water heaters across Asia-Pacific region.
Availability of several product designs with varying costs, size, and fuel type in tandem with shifting preferences towards sustainable sources of energy are further aiding the market expansion. Moreover, advancements in technology pertaining to storage water heater systems coupled with strict government regulations regarding emission control are favoring the market outlook.
By capacity, the report states that 30-100 liters storage water heater market segment is expected to register considerable growth during the estimated timeframe. This product type is extensively used across multi-family apartments. The rising number of small scale industries and introduction of rural electrification projects is further fueling the segmental growth.
Based on the application spectrum, commercial applications of storage water heaters are presumed to expand significantly during the forecast period. The product offers superior water holding capacity and multiple usage points without compromising on the water pressure. Although factors such as potential risk of dry fire and regular maintenance may inhibit the product demand, rising number of shopping complexes, hospitals, and airports and growing tourism industry are contributing towards the popularity of the storage water heaters in commercial applications.
In terms of energy source, gas storage water heater market segment will witness lucrative growth in APAC region in the forthcoming years. Availability of low cost biogas resources along with limited electric connections are prime factors boosting the growth of the segment. These units are widely used in residential areas as an alternative to propane gas.
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Considering the geographical landscape, the report cites that India storage water heater market is set to amass notable gains in the ensuing years. The growth is attributed to growing manufacturing sector and availability of cheap labor in the region. Moreover, government initiatives which promote utilization of energy efficient appliances and rising infrastructural development are augmenting the demand for the product across India.
The prominent companies operating in the Asia-Pacific storage water heater industry are Vaillant Group, Havells India Ltd., Ferroli, Racold, Whirlpool, Rinnai, Viessmann Group, Haier Electronics, Bradford White and A.O. Smith.
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