Water Heater Market Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027


Posted May 10, 2021 by shrushtig

A water heater or storage water heater is a domestic water heating appliance that uses hot water storage tank to optimize heating capacity provide prompt hot water whenever needed.
 
High growth construction and manufacturing industry is expected to drive growth of the global water heater market during the forecast period
Water heater has been extensively used in manufacturing as well as construction industries, owing to efficient distribution supply, ample raw material supply, and other factors. Both aforementioned industries have witnessed significant growth in the recent past, especially in developed countries. Moreover, increasing development of construction industry in emerging economies such as India and China is expected to boost the demand for water heaters during the forecast period. Furthermore, longer product life, easy reimbursement and replacement, and efficient aftermarket service are expected to drive the global water heater market growth during the forecast period.

Growing urbanization across the world is expected to propel the global water heater market growth over the forecast period

Increasing urbanization worldwide has led to consumer buying household appliances. For instance, water heater appliances have gained significant traction in market in terms of revenue contribution and product demand. According to Coherent Market Insights’ analysis, in 2018, around 54% of the world’s total population inhabited urban areas. According to the same source, majority of population from North America, Latin America, Europe, and the Caribbean region resided in urban population. Furthermore, African urban population is expected to reach around 1.2 billion between 2010 and 2050. Governments of African countries are launching programs to promote the use of solar water heaters, in order to reduce the consumption of electricity. This, in turn, is expected to boost the market growth over the forecast period.

https://www.coherentmarketinsights.com/insight/request-sample/3289

Constant struggle to meet quality and energy efficiency standards is expected to restrain growth of the global water heater market during the forecast period
Water heater manufacturers need to ensure that their product complies with quality and energy efficiency standards. According to Coherent Market Insights’ analysis, Energy consumed for water heating is second highest in households, accounting for around 20% of energy consumed globally under HVAC in the residential sector. Furthermore, inadequate energy efficiency, durability, and thermal insulation are other factors hindering the market growth in the near future. According to the National Appliance Energy Conservation Act (NAECA) 2015, 30-gallon capacity electric water heater needs to be pass 0.95 energy factor (EF) rating in the U.S.

Availability of specific fuel, low awareness among populace, installation challenges, and cost limitations are expected to hinder the global water heater market growth over the forecast period

Lack of awareness among populace, especially in rural areas is expected to hamper the market growth over the forecast period. Moreover, roof space availability, high cost related to solar water heaters installation, and cost-constraints are expected to hinder the market growth in the near future. According to NACEA regulations in the U.S., storage-type water heaters must comply with energy efficiency standards coupled with size specifications. Furthermore, storage-type water heaters need large space for installation, typically in closets or multi-family housing in North America and Europe. This, in turn, is expected to hinder the adoption and thereby restrict the market growth over the forecast period.

https://www.coherentmarketinsights.com/insight/buy-now/3289


Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
Name: Mr. Shah
Phone: US +12067016702 / UK +4402081334027
Email: [email protected]
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Coherent Market Insights
Phone 2067016702
Business Address 1001 4th Ave, #3200 ,
Country United States
Categories Biotech , Computers , Engineering
Tags water heater market share , water heater market size
Last Updated May 10, 2021