A commercial heat pump water heater was launched in the Indian market by Guangdong PHNIX Eco-Energy Solution Ltd in May 2019. The company mainly focuses on expanding its global footprint, especially in developing nations. Such innovations will prove to be beneficial for the global water heater market, predicts Fortune Business Insights in their recent report.
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/water-heater-market-100940
The study on water heater market by Fortune Business Insights is titled, “Water Heater Market Size, Share and Global Trend By Type (Electric Water Heater, Solar Water Heater, Gas Water Heater, Others), By Storage Type (Tankless Heater, Storage Heater, Heat Pump Heater), By Application (Residential, Industrial, Commercial) and Geography Forecast till 2026.” The report is based on a thorough study of the water heater market, including various aspects such as growth drivers, restraints, current trends, and opportunities. It also lists various companies functioning in the market and their key strategies that will help the overall market gain benefits.
As per Fortune Business Insights, the report highlights some of the major shareholders in the global water heater market. These companies are mentioned below:
- Ariston Thermo SpA
- Grupo Zytec
- Watlow Electric Manufacturing Co.
- O.Smith Water Products Company B.V.
- Lorenzetti SA
- Sofame Technologies Inc.
- Rinnai America Corporation
- Vanguard Technology Inc.
- Ebara Corporation
- Robert Bosch LLC.
- Stiebel Eltron Inc.
- IBC Technologies Inc.
- Runsun Energy Technology Co., Ltd
- Groupe Atlantic
- Lochinvar Ltd
- Aura GmbH & Co. KG
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Key Market Driver – Shifting attention of countries towards the usage of renewable energy sources
Key Market Restraint – High operating cost of electric water heaters4.
As per the report, the global water heater market is classified on the basis of type, storage type, application, and geography. On the basis of type, the market is segmented into gas water heaters, solar water heaters, electric water heaters, and others. Based on storage type, the market is categorized into a heat pump heater, storage heater, and tankless heater. With respect to classification by application, the global water heater market is divided into commercial, industrial, and residential.
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Increasing Demand from Various Chemical and Fertilizer Industries to Drive Market
The surge in inclination towards energy-efficient systems and the high rate of adoption of these systems is a major factor boosting the global water heater market. In addition, governments are also making efforts to promote the use of solar water heaters in order to conserve more energy and this will also help the market grow in the forecast duration. Moreover, the rising concern about saving energy and natural resources is also persuading consumers to opt for alternative water heating systems that are energy efficient.
On the contrary, the market may face certain challenges such as high operating costs, technical issues faced by these systems, and a surge in rate of electricity to run water heaters. Furthermore, the rate of installation and maintenance cost of water heaters is expensive, and this may also cause hindrance to the global water heater market growth in the forecast duration.
Nevertheless, the rapid pace of urbanization and the construction of new infrastructure for commercial and residential purposes is expected to create lucrative growth opportunities for the global water heater market in the long run.
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