Sellbyville, Delaware, Sept. 26, 2018 (GLOBE NEWSWIRE) --
Global Commercial Water Heater Market is expected to cross USD 7 billion by 2024, as reported in the latest study by Global Market Insights, Inc. 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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Compact design, low standby loss and point of use application are some the key features which will stimulate the instant water heater market growth. In addition, low power consumption coupled with fast turnaround time will positively influence the business outlook. Significant cost savings along with shifting focus of industry players to limit carbon footprint will encourage the product penetration.
Increasing demand for energy efficient heating systems along with growing consumer inclination toward energy saving will foster the commercial water heater market. Replacement of existing systems on account of their high-power consuming property leading to high maintenance cost will positively influence the industry outlook. In addition, introduction of digital technologies enabling remote monitoring and control will augment the business landscape.
Browse key industry insights spread across 980 pages with 2484 market data tables & 36 figures & charts from the report, “Commercial Water Heater Market” in detail along with the table of contents:
Persistent need for hot water owing to extreme climatic conditions will accelerate the Russia water heater market growth. Abundant availability of gas across Russia makes the gas variants highly economic and reliable. In addition, government mandates for replacement of existing heating systems along with stringent environment norms will complement the business landscape.
Ongoing investment toward the development of green buildings along with sustainable building codes and standards will foster 100-250 liters water heater market. Government policies pertaining to the deployment of advanced heaters across new constructions along with increasing demand for space heating will enhance the industry outlook.
China market will grow on account of significant investments toward development and expansion of existing infrastructure. Huge potential for growth and lucrative investment opportunities will boost the product demand. In addition, availability of low-cost labor and mass production capabilities provide added advantage to the investors and operating companies across the region.
Instant recovery rate, mass flow and limited operational cost in comparison to the available counterparts will drive the gas water heater market growth. Installation of gas water heater can result in cost saving across gas abundant regions including Russia, Qatar and Iran owing to low natural gas price. Faster water heating capability along with suitability for commercial application will accelerate the industry growth.
Eminent participants across the global commercial water heater market include A.O Smith, Rinnai Corporation, Bradford White, Bosch Thermotechnology, Ferroli, Rheem, State Industries, Saudi Ceramics, Haier, Jaquar, Hubbell, Ariston Thermo, Vaillant, Whirlpool, Kanch Water Heaters and Viessmann.
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Global Water Heater Market revenue for 2017 was at over USD 25 billion and the annual deployment is set to exceed 150 million units by 2024. Rapid urbanization coupled with growing demand for energy efficient heating systems will drive the global market outlook.
Solar Water Heater Market revenue for 2016 was valued at over USD 2 billion and is predicted to surpass 2.5 million units by 2024. Increasing demand for reliable, environment friendly and cost-efficient technology for hot water preparation will drive the global industry outlook.
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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.
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