- A storage water heater consists of a cylindrical vessel that keeps water constantly hot and readily available for use. It is available with different energy sources which includes gas, electricity, solar, and oil. Storage water heaters driven on gas are most commonly used in North America and Europe. Installation of solar operated storage water heaters are projected to increase rapidly in the near future as it is less expensive as compared to any other source of energy.
Rise in trend of using of solar energy driven storage water heaters projected to be a driving factor
- Increase in trend of using solar energy operated storage water heaters in various parts of the globe is projected to be a major driving factor for the storage water heater market during the forecasted timeline. Solar driven storage water heaters are considered highly energy efficient, low cost, and advance in terms of technology. This is expected to create lucrative opportunities for storage water heater manufacturers and distributors during the forecast period.
Strict rules and regulations imposed by federal governments of various countries regarding energy efficiency to drive the demand for storage water heaters
Stringent regulations & standards imposed by federal governments of various countries (majorly in Europe) related to the energy efficiency of electrical appliances is projected to increase the demand for storage water heaters during the forecast period. Strict standards & provisions implemented in terms of installation of heating systems in commercial and industrial places are anticipated to create significant business opportunities for producers and suppliers of storage water heaters in the near future.
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North America Considered to be the Largest Market for Storage Water Heaters
- Geographically, the global storage water heater market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America accounted for major share of the global storage water heater market in 2018. The market in North America is anticipated to grow at a moderate rate during the forecast period due to rise in demand for energy-efficient storage water heaters in countries such as the U.S. and Canada.
- The market in the Asia Pacific is anticipated to expand at a significant growth rate during the forecast period due to rapid increase in industrialization and increase in demand for water heating systems in China, India, Japan, and other Southeast Asian countries. This is expected to surge the demand for storage water heaters in the Asia Pacific market.
