According to the research report titled ‘Storage Water Heater Market Size By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), By Energy Source (Electric, Gas {Natural gas, LPG}) Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available at MarketStudyReport.com, the global storage water heater market was worth USD 7.6 billion in 2019 and is expected to surpass an annual installation of 82 million units by the year 2026.
 

Rising urbanization & commercialization, coupled with strict government regulations for reducing carbon footprint are driving the storage water heater market. Expanding construction sector and rising infrastructure development activities are also aiding the expansion of the market. Moreover, strict government reforms and favorable reimbursement policies for adopting energy efficient equipment is contributing towards the popularity of the product, hence propelling the market growth.
 

In terms of capacity, storage water heater market include products with capacity less than 30 liters to more than 400 liters. Based on application spectrum, the market is classified into government/military, office, college/university, commercial, and residential sectors. As per energy source, the industry is divided into electric and gas segments, in which the gas segment is further bifurcated into natural gas and LPG.
 

Considering the geographical landscape, Europe storage water heater market is projected to hold the largest share owing to strict government regulations which restrict the use of environment polluting low efficiency appliances. Surging need of hot water in various domestic applications, in tandem with rising adoption of energy efficient heating systems across commercial applications is driving the storage water heater market in Europe.
 

Elaborating further, robust growth of industrial sector in developing nations of Asia-Pacific is fueling the demand for storage water heater systems across the region. Availability of low-cost labor coupled with mass production capabilities are also aiding the market expansion. Frequent power outages, along with improvement of grid infrastructure is boosting the growth of APAC storage water heater market.
 

Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/1294877/
 

On the other hand, growing tourism industry and high presence of key players across the region are favoring the U.S. storage water heater market. Steep gas prices and high electricity bills is also contributing towards the popularity of the product across the United States. In addition to this, rising adoption of unvented pre-plumbed systems in construction sector, coupled with integration of IoT technology in water heating systems is aiding the industry outlook.
 

The prominent companies operating in storage water heater market are Bosch Thermotechnology & Vaillant Group, Bradford White, Jaguar, State Industries, Whirpool, Rinnai Corp., Ferroli, Ariston Thermo, Viessmann Group, Linuo Ritter, A.O Smith, and Hubbell among others.