Growing demand for hot water across hotels and others commercial applications will foster the instant water heater market growth. Low energy consumption, greater efficiency than the conventional models and compact design are the key factors that will positively enhance the industry outlook
Sellbyville, DE -- (SBWIRE) -- 03/02/2019 -- The U.S. electric water heater market is set to surpass USD 1 billion by 2024. Ongoing regulatory measures toward the installation of efficient heating appliances along with surging growth across service sector will positively influence the business outlook. Refurbishment and upgradation of existing systems along with extreme climatic conditions will stimulate the product demand.
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Electric Water Heater Market size is set to exceed USD 19 billion by 2024; as reported in the latest study by Global Market Insights, Inc. Increasing investments toward the development of existing infrastructure coupled with ongoing economic transformation will drive the electric water heater market. Government initiatives toward the adoption of energy efficient heating systems along with shifting trends toward hospitality and tourism sector will complement the business outlook. For instance, the world bank group in 2016 had approved the funding of USD 50 million as a part of "International Development Association Credit" for Benin's tourism sector development.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- A.O. Smith
- Ariston thermo Spa
- Bosch Thermotechnology
- Bradford White Corporation
- General Electric
- Haier Electronics
- Rheem Manufacturing Company
- Whirlpool Corporation
- Rinnai Corporation
- State Water Heaters
- Ferroli S.p.A
High end technological advancement along with the growing availability of reliable power supply primarily across the developing regions will foster the electric water heater market. Increasing expansion of residential and commercial establishments coupled with the rising concerns toward cost reduction will positively enhance the business outlook. In addition, features including anti corrosion, easy installation and filtration will further complement the business landscape.
Growing demand for hot water across hotels and others commercial applications will foster the instant water heater market growth. Low energy consumption, greater efficiency than the conventional models and compact design are the key factors that will positively enhance the industry outlook. In addition, longer life span, easily replaceable parts along with low standby losses will further enhance the product adoption.
Escalating demand for hot water owing to growing service sector along with rapid development of commercial establishments will boost the Asia Pacific water heater market growth. Growing investments by private sector companies on account of flexible FDI policies offers commendable opportunities for foreign investors. In addition, availability of low-cost labor and mass production capabilities will further complement the business landscape.
Improving quality standards coupled with increasing consumer awareness to avail the operational benefits of advanced heating systems will foster the residential water heater market growth. Growing legislative interest toward the adoption of advanced heating solutions along with progressive enforcement of building codes and standards will favour the deployment of these systems.
Rising disposable income coupled with significant improvement in living standards will stimulate the demand for low capacity water heaters. In addition, ongoing expansion of real estate sector will augment the electric water heater market. Availability in wide range of capacities along with simple designs with user friendly interface will positively influence the business landscape.
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Key players across the electric water heater market includes Rinnai Corporation, Groupe Atlantic, Bradford White, A.O Smith, Bosch Thermotechnology, Zenith, Saudi Ceramics, Nihon Itomic, Haier, Jaquar, Hubbell, Ariston Thermo, Kanch Water Heaters, Whirlpool, Vaillant and Viessmann.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.