During the estimated timeline, an increase in the trend of employing solar energy-run storage water heaters in various regions of the world is expected to be a major main driver for the storage water heater market. Solar-powered storage water heaters are thought to be very energy-efficient, low-cost, and technologically advanced. During the projected period, this is expected to generate profitable prospects for storage water heater manufacturers and distributors. During the forecast timeframe, the demand for storage water heaters is expected to rise due to stringent rules and requirements implemented by federal governments in various countries (mostly in Europe) linked to the energy efficiency of electrical appliances. In the coming years, strict rules and provisions governing the construction of heating systems in commercial and industrial settings are expected to offer major economic prospects for storage water heater manufacturers and suppliers.
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- In 2018, North America held the largest share of the global storage water heater market. Due to increased demand for energy-efficient storage water heaters in countries such as the U. S. and Canada, the market in North America is expected to develop at a modest rate during the projected period.
- Due to fast development and increased demand for water heating systems in China, India, Japan, and other Southeast Asian nations, the Asia-Pacific market is expected to rise at a high rate over the projection period. The demand for storage water heaters in the Asia Pacific market is likely to increase as a result of this.
- Traditional water heating systems are increasingly being replaced in underdeveloped countries around the world.
- A. Johnson & Sons, for example, is a manufacturing firm. O. Smith, Bosch Thermotechnik GmbH, Siemens, and Hubbell Electric Heater Company are all focused on R&D to enhance the technology of storage water heaters.
COVID-19 Impact Analysis
- The storage water heater market was negatively affected due to the outbreak of COVID-19.
- The industries such as Industrial, commercial and individual were shut down during the COVID-19 pandemic this decreases the demand for the storage water heater.
- The COVID-19 pandemic has caused the imposition of lockdown due to which the production of storage water heaters decreased and the global supply chain was affected, this decreased the demand for the storage water heater market.
- The storage water heater market faced a downfall of revenue due to the COVID-19 pandemic.
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Key Benefits of the Report
This study presents the analytical depiction of the storage water heater industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the storage water heater market share.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the storage water heater market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed storage water heater market analysis based on competitive intensity and how the competition will take shape in the coming years
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