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APAC Commercial Water Heater Market revenue to cross $3 Bn by 2026
Published Date: 2020-07-14
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APAC Commercial Water Heater Market size is projected to reach USD 3 billion by 2026, according to a latest forecast report by Graphical Research.
Asia Pacific Commercial Water Heater Size is anticipated to grow owing to the rapid development of commercial building establishments across the emerging economies. Growing urbanization & industrialization along with major investments by several national and international organisations centred at infrastructural development is set to complement the business landscape.
Rapid urban migration along with ongoing smart city development & green building projects will augment the product penetration. Rising hot water demand across commercial establishments including healthcare services, hotels, shopping centres and airports among others coupled with advanced technological product developments will foster the business growth.
Compact design, un-compromised water pressure, low installation cost, and easy maintenance are some of the features which will influence the storage market size. Rising demand across the residential apartments coupled with green building development standards towards deployment of energy efficient water heaters will escalate adoption of these heating systems.
Growing requirement of hot water to address the peak hour needs across the commercial building infrastructures will augment the gas water heating industry. In addition, availability of multiple fuel options, multiple capacity ranges along with higher energy efficiency and easy installation will make the units adoption favourable compared to its electrical counterparts.
Rising urgency to replace and upgrade the existing conventional heating systems across the government building structures owing to smart city initiatives along with considerable need for hot water will drive the government water heater market growth. Furthermore, introduction of modern technologies including automatic control and remote monitoring will enhance the product adoption.
Stringent energy efficiency norms aimed at limiting overall energy usage along with strict environmental regulations pertaining to reducing the carbon footprint will stimulate the China commercial water heater market growth. Inorganic growth ventures coupled with geographical expansion across the economies provides are the substantial strategic measures adopted by the key industry players. Additionally, availability of low-cost labour coupled with high manufacturing capabilities will positively influence the business outlook.
The leading industry participants operating across the Asia Pacific Commercial Water Heater Market include Ferroli, Rinnai Corporation, Rheem Manufacturing, Linuo Ritter International Co., Ltd, Bradford White, A.O Smith, Jaquar, Bosch Thermotechnology, Hubbell Incorporated and Whirlpool amongst others.