June 02, 2020
According to the research report titled ‘Storage Water Heater Market Size By Capacity, By Application, By Energy Source Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global storage water heater market is expected to register substantial growth during 2020-2026.
For the record, water heater is an appliance which produces heat from energy and further transfers this heat to water. The equipment is installed to a water pipe with cold water inlet and comprises of an outward hot water pipe that delivers hot water to faucets and appliances.
Rising adoption of conventional storage water heater in residential sector is a major factor driving the market growth. These water heaters offer instant hot water reservoir with the capacity of around 20 to 80 gallons. Since water heaters operate using natural gas, shifting preference towards sustainable sources of energy is fueling the product adoption.
As per capacity, 100-250 liter storage water heater market segment is projected to expand significantly during the estimated timespan, primarily due to their extensive usage in large and small commercial applications.
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By energy source, LPG based storage water heater segment is expected to record momentous growth during the forecast period. Inclination towards clean sources of energy coupled with surging investments towards construction of gas distribution networks is aiding the segmental growth. The product is eco-friendly, efficient and cost-effective.
In terms of the regional scope, storage water heater industry in Eurasia is predicted to register considerable growth during 2020-2026. Growing demand for seasonal heating solutions due to global climate change and extreme environmental conditions is augmenting the regional market growth.
Parallelly, the CIS storage water heater industry is anticipated to amass commendable returns by the year 2026, primarily due to improving economic conditions and increasing infrastructural investments.
The report cites that storage water heater industry in Latin America and Middle East & Africa is slated to witness healthy growth in the ensuing years, owing to rising adoption of smart instant heating solutions.
Ferroli S.p.A., State Water Heaters, Rinnai Corp., Whirlpool Cor., Rheem Manufacturing Co., Haier Group Corp., General Electric Appliances, Bradford White Corp., Racold, Bosch Thermotechnology Ltd., Ariston Thermo S.p.A., A.O. Smith, Groupe Atlantic, Nihon Itomic Co. Ltd., Vaillant Group, Viessmann Group, Jaquar Group, Linou Ritter International Co. Ltd., Saudi Ceramics, Hubbell Inc. and Havells India Ltd. are the key participants in global storage water heater industry.