Storage Water Heater Market research report by 2022 to 2030

The Storage Water Heater Market research report analysis from recent past with an eye on coming years in this report that also offers projections towards industry targeted at helping in business decisions.

The Rapid increase in building and construction activities is one of the key factors amplifying Storage water heater Market expansion, especially across developed economies. Global Storage Water Heater industry is expected to exhibit a CAGR of nearly 4% through 2030, according to a Global Market Insights Inc.

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According to the U.S. Census Bureau, residential construction reached a seasonally adjusted annual rate of around $891.5 billion in April 2022, a nearly 1% hike from the revised March estimate of over $883.5 billion.

Also, in March 2022, Singapore announced that building owners are eligible to receive $63 million under the GMIS-EB (Green Mark Incentive Scheme for Existing Buildings 2.0), to retrofit buildings and make them greener from the second quarter of 2022. This introduction of favorable schemes to increase the energy efficiency of buildings will escalate the deployment of storage tank water heaters, especially those powered by renewable energy sources.

Over the years, there has been a rapid rise in energy consumption to meet the needs of heating and cooling systems, along with the requirement to replace aging heating stock. According to the European Commission, 80% and 60% of the energy demands are driven by heating and cooling systems in residential and service sector buildings respectively across the EU. Furthermore, the current heating stock will have to be replaced over the next 5 to 8 years, stimulating the need for efficient heating systems, including electric storage water heaters.

In addition, Asia, a major contributor to global carbon emissions, will also likely witness adverse economic impacts of climate change. As per the 2021 UN Climate Change Conference (COP-26), climate change is expected to shave over 11% off the gross domestic product by the end of the century in the region.

With the increasing awareness about the negative impacts of climate change, the use of low-carbon heating systems is slated to rise. As a result, Asia will emerge as a key manufacturing hub for the storage water heater market over the years ahead.

Since the infrastructure sector is one of the key drivers of economic growth, countries in the Asia Pacific are witnessing increased investment in construction activities. Based on data from the Department for Promotion of Industry and Internal Trade, FDI in construction development projects stood at over $26.17 billion between April 2000 and December 2021. Also, in the fiscal year 2021, infrastructure activities held a 13% share of the total FDI inflows of over $81.72 billion, which could increase storage water heater installations in new buildings.

Some of these key players include Havells India Ltd, Hubbell Heaters, Saudi Ceramics Company, Linuo Ritter International Co., Ltd., Jaquar India, Viessmann, Vaillant, Nihon Itomic Co., Ltd

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