Selbyville, Delaware, June 10, 2021 (GLOBE NEWSWIRE) --
The residential water heater market revenue is projected to cross USD 24 Billion by 2027, as reported in the latest study by Global Market Insights Inc. Increased consumer spending on smart and efficient appliances, rising urban migration coupled with stringent norms to curb carbon emissions will influence the product penetration.
Stringent building efficiency standards along with rapid development of the green building projects is set to augment the market growth. Ongoing provisions by the government authorities to shift to energy efficient appliances to limit the carbon emissions along with power consumption will propel the market statistics. Upsurge in consumer awareness pertaining to the benefits offered by the equipment, improved standards of living & rising urbanization in the developing economies will influence the industry landscape.
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The outbreak of COVID-19 pandemic has affected the global economy where numerous industries comprising component manufacturing & construction continue to be impacted. The global manufacturers continue to bear shortages in the supply networks on account of lockdowns imposed by governments in adversely impacted regions. In addition, the OEMs face a variety of challenges in resuming their production facilities owing to labour shortages. However, continual development of the healthcare facilities to combat the pandemic coupled with the surging demand for minimal production will enhance the market growth.
Some major findings of the residential water heater market report include:
- The surging demand for residential water heaters owing to their widespread utilization in domestic applications including cooking, cleaning, and personal hygiene will drive the market forecasts.
- Increasing number of smart city projects, growing customer inclination toward luxury appliances along with rapid expansion of the building infrastructure will stimulate the demand for residential water heaters.
- The major industries are involved in strategic growth ventures with the technology providers to lead to technical product advancements.
- Eminent players operating in the residential water heater industry include A.O. Smith, Bradford White, Rheem Manufacturing, Ariston Thermo and Ferroli among others.
Browse key industry insights spread across 940 pages with 1,987market data tables & 35 figures & charts from the report, “Residential Water Heater Market Forecasts 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}]), 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, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/residential-water-heater-market
Electric residential water heater market will grow owing to rising demand for alternate heating solutions in opposition to the conventional sources comprising wood, coal, and biofuel. The actual energy savings for water heaters primarily depends on the size, heater location, along with the placement of water pipes & family size. Ongoing expansion of the building infrastructure consisting of single and multifamily apartments will fuel the product demand.
Japan residential water heater market is set to register over 3% CAGR between 2021 and 2027. Surging demand for electric tankless water systems coupled with increasing installation of space heating systems will drive the business scenario. Growing focus on use of energy efficient equipment combined with strict directives toward environment sustainability is set to fuel the product deployment.
Inorganic growth alliances coupled with introduction of new technologies for advanced product development are some of the substantial initiatives which will augment the business landscape. The companies are pursuing mergers and acquisitions with technology leaders to gain an edge in the industry. Shifting focusing on low-cost manufacturing combined with growing investments toward product innovations will support to offer competitive pricing.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/residential-water-heater-market
Browse Related Report:
Water Heater Industry Statistics By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), 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}]), Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), Energy Source (Electric, Gas [Natural gas, LPG]), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, 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.