Global Storage Water Heater Market – Introduction
- 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.
Key Players Operating in the Storage Water Heater Market
Prominent storage water heater companies are anticipated to face healthy competition during the forecast period. Manufacturing companies such as A. O. Smith, Bosch Thermotechnik GmbH, Siemens, and Hubbell Electric Heater Company are focusing on research & development activities to advance the processing of storage water heaters in terms of technology etc. Replacement of conventional water heating systems is increasing in developing countries of the globe. Some of the key players operating in the global storage water heater market include:
- O. Smith
- Ariston Thermo SpA
- Bosch Thermotechnik GmbH
- Bradford White Corporation
- ECOTHERM Austria GmbH
- Hubbell Electric Heater Company
- Rinnai Corporation.
- V-Guard Industries Ltd
- Wagner Solar
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Global Storage Water Heater Market – Research Scope
Global Storage Water Heater Market, by Energy Source
- Others (Geothermal, Heat Pump)
Global Storage Water Heater Market, by Tank Capacity
- Up to 50L
- 51L – 100L
- 101L – 250L
- 251L – 400L
- More than 400L
Global Storage Water Heater Market, by Tank Material
- Stainless Steel
- Others (Carbon Steel and Metal Alloys)
Global Storage Water Heater Market, by End-user
Global Storage Water Heater Market, by Distribution Channel
- E-commerce Websites
- Company Owned Portal
- Hypermarkets/ Supermarkets
- Specialty Stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.