Low installation cost, easy maintenance and simple designs are some of the key factors which will foster the storage water heater market
Sellbyville, DE -- (SBWIRE) -- 05/14/2019 -- Ongoing investment by respective government authorities toward development of smart cities will stimulate the global market. Growing demand for hot water primarily across hotels and office buildings coupled with rapid adoption of advanced technologies will enhance the business outlook. In 2017, the government of Canada has introduced ecoENERGY program which provide incentives for the deployment of efficient heating systems across educational institutes and other commercial establishments.
U.S. market is set to surpass USD 850 million by 2024. Rapid expansion of service sector along with stringent mandates for deployment of efficient heating systems will encourage the product penetration. Upgradation and replacement of existing models with more efficient and compact products will further augment the industry landscape.
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It is thus rather discernible that the popularity of next-gen products is likely to encourage their mass adoption in the ensuing years. In addition to this, the initiatives taken by the regulatory bodies to encourage water heater manufacturers to develop energy-efficient products is also likely to impel the commercial water heater industry size.
Over the last few years, the commercial use of water heaters has been continuously increasing, pertaining to the rapid industrialization and urbanization across the globe. In line with the increasing use of water heaters for various applications such as offices, hospitals, medical laboratories, and food service, water heater manufacturers have been expanding their commercial product ranges.
For instance, one of the largest manufacturers of water heaters for commercial as well as residential applications, A.O. Smith has been continuously striving to expand its business with new product developments and technology advancements. Recently, in April 2018, it has broken down the limitations related to remote monitoring and hot water management capabilities with the launch of a new connectivity platform. This new hot water system can be operated through iOS and Android-ready mobile devices. This invention indeed has set a new benchmark for maintaining and monitoring hot water systems.
Speaking along the same line, with the goal to provide superior facilities to consumers, A. O. Smith has also launched new Blue diamond technology-based water heaters in India. This technology can improve the lifespan of the water heaters by providing corrosion resistance features that can reduce premature failure of tanks due to hard and contaminated water.
In addition to innovations, several companies have been adopting different types of tactics to expand their businesses which will have a considerable impact on commercial water heater market. For instance, the leading UK based gas-fired commercial water heater manufacturer, Andrews Water Heaters has started a new cashback policy for the customers who want to upgrade their commercial water heater systems. The company declared that it would replace any branded commercial water heater with its next-generation products.
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The replacement of old and inefficient water heaters will also help users obtain cost-effective returns and improve air quality as older heaters may tend to cause harmful emissions. The implementation of such innovative strategies will emerge beneficial for companies to obtain lucrative returns on investments.
It is noteworthy to mention that commercial water heater market players are now shifting toward a 'go green' trend owing to the deployment of regulatory norms regarding the installation of energy efficient and eco-friendly water heater variants. Several European countries for that matter, have already deployed a strict regulatory framework that is adhered to by practically every energy-subjective business vertical.
On these grounds, almost all water heater manufacturers across the continent have upgraded their facility centers for developing products that could contribute to cut the energy bills. Such a scenario remnant of facility transformations is poised to propel Europe commercial water heater market over the years ahead.
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It is quite plausible that the shifting focus of players in the commercial water heater industry toward the development of reliable and superior performance products will change the business scenario related to hot water delivery models. In addition, the increasing availability of compact size eco-designs will gain traction, augmenting the product demand over the years ahead. Powered by innovative business strategies like product promotional cashback policies, commercial water heater market will surpass a revenue collection of USD 7 bissssllion by the end of 2024.