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APAC Storage Water Heater Market revenue to reach $8.2 Bn by 2026
Published Date: 2020-01-30
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APAC Storage Water Heater Market size is expected to cross USD 8.2 bn by 2026, according to a latest forecast report by Graphical Research.
Asia Pacific storage water heater market is projected to grow on the account of prospering economies like Japan and South Korea along with ongoing infrastructural development. According to International Monetary Fund, Asia’s economy grew by more than 5 percent in 2018. The region consists of more than 60% of the total world population and comprises of the major developing nations. Rapid grid infrastructure development and mega establishments of commercial buildings coupled with under way smart city projects and electrification of rural areas will fuel the product adoption.
Availability of diversified product designs with various fuel type, sizing options and cost variant coupled with rising consumer preference towards green energy will further aggravate the industry outlook. In addition, improvement in product performance along with stringent emissions norms mandated by governments will positively influence the business outlook. Increased disposable income pertaining to escalated job opportunities will further encourage mass adoption.
Asia Pacific storage water heater industry with capacity ranging from 30-100 liters will witness a surge in demand on account of growing number of small-scale industries and growing deployments across multi family apartments. Furthermore, ongoing rural electrification projects by respective governments accompanied by investments from International Development Organizations (IDOs) and World Bank towards infrastructure development projects will complement the industry outlook.
Commercial storage water heater market is set to grow on account of its diverse functions including multiple usage points, water holding capacity and its ability to deliver un-compromised water pressure. Despite few demerits including dry fire scenario, space non-optimization, and requirement of regular maintenance, this sector still holds a sizeable share in comparison to its counterparts. In addition, robust development of commercial spaces including airports, hospitals and shopping complexes along with escalating tourism growth will complement the business landscape.
Gas storage water heater market is anticipated to rise owing to limited electric point of connections and availability of low cost and sustainable biogas resources. These units are most suited to residential areas having a gas accessibility to counter the expensive alternative propane gas option. Moreover, its ability to reduce electricity bills by a huge margin accompanied by lucrative government incentives will positively influence the industry outlook.
India storage water heater market is predicted to grow on account of prospering manufacturing sectors and easy availability of low-cost labors. This nation has a huge untapped market potential pertaining to lack of indigenous competitors making it a lucrative business place. Ongoing government support and promotions for adoption of energy efficient appliances along with improvements in infrastructure and piping facilities will stimulate the product penetration.
Key participants functioning across the Asia Pacific storage water heater industry includes A.O. Smith, Ferroli, Vaillant Group, Viessmann Group, Rinnai, Bradford White, Racold, Haier Electronics, Whirlpool and Havells India Limited. The companies are going for strategic acquisitions and mergers for expansion of their product lines and to integrate new technologies. Major product advancement includes water heaters having LED display showing timer capabilities and electricity consumption.
Asia Pacific Storage Water Heater Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2020 to 2026, for the following segments:
Asia Pacific Storage Water Heater Market Share, By Application
Asia Pacific Storage Water Heater Market Value, By Energy Source
- Natural Gas
Asia Pacific Storage Water Heater Market Trends, By Capacity
- < 30 Liters
- 30-100 Liters
- 100-250 Liters
- 250-400 Liters
- 400 Liters