Sellbyville, DE -- (SBWIRE) -- 03/06/2019 -- Storage water heater marke t, fostered by rapid technological advancement in water heater manufacturing, has been witnessing a remarkable growth rate lately. Primarily augmented by the growing demand for effective heating solutions, conventional storage water heaters, even today, remain the most popular type of water heating systems for homes and business as they demand fuel from easily available sources such as natural gas and fuel oil. Storage Water Heater Market is set to exceed USD 13 billion by 2024.

The U.S. market is predicted to exceed USD 1 billion by 2024. As per the U.S. Environmental Protection Agency's (EPA) Energy Star reports, highly efficient water heaters use 10% to 50% less energy than standard water heater models, saving homeowners money on their utility bills. Although these numbers could vary based on heater location, family size, and the size and placement of water pipes, as far as energy efficiency parameters are considered, high efficiency storage water heaters can work in any climatic condition.

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Introduction of IoT across water heating industry coupled with growing adoption of unvented pre-plumbed systems primarily across construction sector will augment the electric water heater market growth. Growing adoption of highly efficient and convenient heating solutions along with consumer proclivity toward savings in energy bills will positively impact the business outlook. As per U.S. DoE, electric water heaters have the capability to provide 27% - 50% energy savings at each hot water outlet.

Technological integration toward hybrid and flexible heating systems along with sizeable investments toward the reinforcement of conventional infrastructure will stimulate the commercial water heater market. Increasing deployment of water heating systems across healthcare, hotels, offices, universities, shopping complexes and public buildings will propel the product penetration.

Increasing hot water demand coupled with the adoption of advanced technologies will stimulate the storage water heater market. Significant government investment toward the development of smart cities will enhance the industry outlook. The Government of Canada in 2017, developed the ecoENERGY program for facilitating the adoption of efficient heating systems. The authorities promoted the program by providing incentives for installation of appliances across commercial establishment and educational institutes.

Low cost and ease of installation with existing infrastructure will accelerate the electric storage water heater market growth. Low upfront cost along with development of sustainable models providing considerable energy savings and low power consumption will favor the product penetration. Limited standby losses when compared with its competitive counterparts coupled with easy integration as a backup unit in renewable heating systems will further encourage the product adoption.

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Quick recovery rate, mass flow and low operational cost when compared with its available counterparts will drive the natural gas water heater market growth. Deployment of gas variants results in cost saving owing to ease of accessibility across gas abundant regions. In addition, suitability for commercial application coupled with quick heating capability will enhance the industry outlook.

Key players across the global Storage water heater market are Vaillant Group, Viessmann, Ariston Thermo Group, Saudi Ceramics, Hubbell Incorporated, Rinnai America Corporation, A. O. Smith Corporation, Bradford White, Ferroli S.p.A.