Selbyville, Delaware, May 25, 2020 (GLOBE NEWSWIRE) --

Global Residential Water Heater Market is poised to cross USD 20 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Rising urbanization, increased consumer spending on energy efficient appliances along with strict mandates & policies to curb carbon emissions will drive the product installation. Additionally, hassle free installation, high efficiency & low cost are the key factors complementing the business landscape.

Rapid development of the green building projects along with strict building efficiency standards will impact the water heater demand. In addition, ongoing provisions of the respective government authorities to deploy energy efficient heating appliances to limit the power consumption & carbon emissions has propelled the need for residential water heaters. Upsurge in consumer awareness related to product benefits combined with improved standards of living & rising urbanization will influence the business landscape.

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Storage water heating units will grow on account of surging demand for alternate heating solutions as opposed to conventional heating technologies. Ongoing expansion of the building infrastructure including single family and multifamily houses is anticipated to fuel the product demand. In addition, accelerating investments toward construction of large villas, and multistory apartments along with increasing demand for central water heating systems will boost the 250-400 liters capacity heaters. The actual energy savings for water heaters largely depends on heater location, the size and placement of water pipes and the family size. Key benefits comprising lower upfront cost, better safety and longer lifespan will continue to positively influence the product adoption.

Some major findings of the residential water heater market report include:

• The residential water heater industry demand is surging on account of widespread demand in domestic applications including cooking, cleaning, and personal hygiene.
• Increasing number of smart city projects along with rapid expansion of the building infrastructure is driving the water heating demand across the residential establishments.
• Major players operating in the residential water heater market are Bradford White, A.O. Smith, Rheem Manufacturing, Ferroli and Ariston Thermo.
• Eminent industries are involved in joint ventures with the technology providers to maintain the product developments and advancements.

Browse key industry insights spread across 950 pages with 1990 market data tables & 37 figures & charts from the report, “Residential Water Heater Market Analysis By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas{< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Fuel (Natural Gas, LPG), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/residential-water-heater-market

The outbreak of COVID-19 pandemic has adversely affected the global economy where various industries comprising construction & component manufacturing continue to be impacted. The global manufacturers bear shortages in the supply networks owing to lockdowns imposed by various governments. Additionally, the OEMs face various challenges in resuming their production facilities due to the labor shortages. However, development of the healthcare facilities to face the pandemic along with the growing demand for minimal production is projected to enhance the product demand.

Latin America residential water heater market is set to witness over 3% CAGR through 2026. Increasing installation of central heating systems along with surging demand for tankless water systems is set to augment the business landscape. Increasing emphasis on use of energy efficient equipment followed by strict directives toward the environment sustainability is set to fuel the product deployment. Additionally, rising concerns in regard of CO₂ emissions along with mounting demand for clean fuels will positively enhance the industry outlook.

Strategic growth alliances along with introduction of new advanced technologies are the substantial initiatives which will foster the industry landscape. The companies are pursuing acquisitions and ventures with leading industry players to gain a competitive edge over its rival. Rising investments toward product innovations and shifting focusing toward low cost manufacturing will support offer competitive pricing. Product advancements including remote sensing & management, Wi-fi integration and leakage detection options will propel the product adoption.      

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Browse Related Reports:

Water Heater Industry By Application (Residential, Commercial [College/University, Office, Government/Military]), Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}, Gas{< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Fuel (Natural gas, LPG), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

https://www.gminsights.com/industry-analysis/water-heater-market

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.