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(Transportation-News.com, November 01, 2023 ) As per Maximize Market research, the Storage Water Heater Market was USD 19.1 Bn in 2022 and is expected to grow at a CAGR of 4.8 percent over the forecast period to reach USD 26.52 Bn by 2029.
Storage Water Heater Market Report Scope and Research Methodology
This report for the Storage Water Heater Market offers valuable insights into its competitive landscape and segmenting it based on Capacity and End-User. It presents a comprehensive market overview, shedding light on prevailing trends, key drivers, obstacles, opportunities, and challenges. Market size and trends are given by integrating primary and secondary data sources. Notably, the report is filled with information after conducting a SWOT analysis enriching the understanding of market dynamics. Additionally, the report includes of PESTLE and Porter's analyses aid in evaluating the operating environment and the factors that directly influence market profitability.
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Storage Water Heater Market Dynamics
The growing need for hot water, driven by factors like population growth and urbanization, is a key factor for the storage water heater market's expansion. Moreover, their integration of energy-efficient technologies and smart features enhances convenience and energy savings, further boosting market growth. Increasing awareness of energy efficiency aligns with the trend of eco-friendly living, promoting the adoption of these heaters. Smart technology integration, enabling remote control and energy optimization, is also on the rise to meet consumer demands for connected and sustainable homes.
Storage Water Heater Market Regional Insights
Asia Pacific region has dominated the market in the year 2022 in terms of revenue and is expected to dominate the market during the forecast period. Storage Water Heater has a huge demand in this region due to the growing middle class and their increasing standards of living.
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Storage Water Heater Market Segmentation
By Capacity
less than 100 litters
100-400 litters
More than 400 litters
By End User
Industrial
Commercial
Residential
Storage Water Heater Key Competitors include
Saudi Ceramics
Viessmann Group
O. Smith
General Electric Appliances
Whirlpool Corporation
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Maximize Market Research is leading Consumer Goods and services research firm, has also published the following reports:
Tankless Water Heater Market - The market size is expected to reach USD 6.65 Billion by 2029 at a CAGR of 8.7 percent during the forecast period.
Water Bath Heater Market - The Market size is expected to reach USD 176.54 Mn by 2029 at a CAGR of 4.6 percent during the forecast period.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 6,500 high-growth emerging opportunities and technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics and communications, Internet of Things, Food and Beverages, Aerospace and defense, and other manufacturing sectors.
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