ENERGY

Traction battery market to be largely characterized by the expansion of the electric vehicles industry, U.S. to remain a major revenue pocket

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In line with the electrification trend in the automotive space, the global traction battery market seems to have carved out a rather pronounced growth path in the recent years. Changing consumer preferences toward utilization of clean energy and lowering the greenhouse emission is expected to have a greater impact on the deployment of electric vehicles on a global scale. Forming one of the most vital components of the automotive industry, the growth of the electric vehicle market has also inevitably gravitated much of the momentum in the electric vehicle batteries business sphere. According to estimates provided by the IEA, the global sales of new electric cars exceeded 1 million units in 2017 in terms of volume, and exhibited nearly 54% growth in comparison to the statistics of 2016.

North America Traction Battery Market Size, 2013 – 2024 (USD Billion)
North America Traction Battery Market Size, 2013 - 2024 (USD Billion)

The recent years also saw automakers making several major EV announcements, which have had a direct impact on the traction battery industry share. To name a few, General Motors announced plans for 20 new Electric Vehicles models by 2023, Toyota said it plans to electrify its entire lineup by 2025, Ford announced investment of USD 4.5 billion into 13 new EVs, while Volvo revealed that all the models launched after 2019 will be either all-electric or hybrid. Quite overtly, endorsed by such initiatives of the automotive giants, traction battery market is indeed on its way to emerge as nothing but a lucrative vertical for potential investors.

Enumerated below are some of the latest development underlining the expansion of traction battery market

Following its partnership in 2014 over the “Gigafactory”, Tesla and Panasonic have recently announced plans to expand its traction battery cell production by 30% by the end of 2018. The Gigafactory, for the record, is capable of producing more than 35 GWh of battery cells every year, which is not only likely to meet the global demand for traction batteries but is also expected to play an imperative role is making batteries energy efficient and cost-competitive.

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In yet another instance, Audi recently announced that its first all-electric SUV, dubbed as the e-tron, has commenced production at its Brussels facility. Reports reveal that the e-tron is powered by large battery pack that has a capacity to store 95 kWh of energy. The company claims that the large traction battery comes with a 150-kW high-power charging (HPC) station and can be recharged within just 30 minutes.

The above-mentioned instances also bear testimony to the fact that numerous automakers are spending billions of dollars on electric technologies as they rush to hold a significant stance on the biggest change that has recently hit the automotive industry. Reliable reports claim that in 2017, automakers spent USD 200 million on electrification & autonomous vehicle technologies and will spend approximately USD 250 billion in the research & development and capital expenditures on electric vehicles by 2023. Moreover, around 207 electric models are set to hit the market by 2022. The data goes on to validate that the extraordinary expansion of the electric vehicle industry will also lead to robust traction battery market demand.

U.S. to remain a lucrative investment hub for traction battery industry

In view of the expanding number of electric vehicles on road and the increasing demand for high quality batteries, the commercialization of worldwide traction battery industry is set to witness an all-time high. On the regional front, the traction battery market saw notable expansion in the U.S., with overall region contributing to a revenue share of USD 3 billion in 2017. The credit of the same can be attributed to the supportive Federal policies that includes tax credits and purchase incentives for EVs on one hand and stringent emission control targets on other. Reports claim that in U.S. alone, EV sales climbed 21% in 2017, and is expected to remain a lucrative hotspot for traction battery industry players in the ensuing years.

The robust efforts to bring EVs to the mainstream will thus be the principal driving force behind the progress of the global traction battery market.  According to a report by Global Market Insights, Inc., traction battery market will hit USD 65 billion by 2024 at a growth rate of 11% over 2018-2024.

Author Name :Ojaswita Kutepatil

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Gas-fired commercial boiler market to record a 3% CAGR over 2018-2024, energy efficiency trends to drive the product penetration

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Standing as one of the top-notch energy transition verticals, commercial boiler market is poised to amass substantial gains, with a global installation target of 300,000 units by 2024. Boiler efficiency has been touted as one of the foremost factors determining the overall efficiency of a central heating system. According to the U.S. DOE, commercial infrastructure consumes more than 7 trillion joules of site energy annually. The boiler efficiency also has a major impact on the carbon emissions and cost reduction, owing to which the demand for commercial boilers has observed a sharp uptick globally.

            U.S. Commercial Boiler Market Size, By Capacity, 2017 & 2024 (USD Million)       

     U.S. Commercial Boiler Market Size, By Capacity, 2017 & 2024 (USD Million)       

In context of energy efficiency, the ongoing renovation activities of inefficient building infrastructure is providing a substantial impetus to the commercial boiler industry trends. The fraternity has been witnessing a slew of product developments and technological proliferations to develop advanced, efficient, and sustainable equipment. In this regard, condensing boilers have registered a massive demand across the commercial sector, primarily driven by their emission reduction capabilities.

The stringent government regulations mandating the use of energy-efficient systems also bags a major growth credit. Europe, in this regard, has been at the forefront to implement these energy-efficient and sustainability standards. One of the significant measures along these lines have been the Energy Performance of Building Directive by the European Union, which aims to achieve zero carbon emissions from buildings by 2050. As yet another initiative, in 2017, the European Commission launched Voluntary Reporting Framework Level(s) to improve the building sustainability. Driven by such stringent regulations toward energy transition and infrastructural developments, Europe commercial boiler market is slated to witness appreciable proceeds over the coming years.

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Elaborating further on the regional trends, the contribution of the United States toward overall commercial boiler market demand has been rather huge. The nation’s proactiveness and awareness toward realizing an energy-efficient infrastructure in tandem with massive investments toward replacing conventional heating units have been cited as some of the pivotal regional growth drivers. The EPA’s National Emission Standards for Hazardous Air Pollutants (NESHAP) regulating the emissions from commercial and industrial centers in one such profound initiative undertaken by the US government. As per reliable estimates, US commercial boiler market size is slated to surpass an annual installation of 80,000 units by 2024.

It is imperative to mention that amidst the stringent regulatory backdrop, gas-fired commercial boiler industry has witnessed a massive penetration globally. Besides meeting the emission standards, these boilers also have lower maintenance and operational costs which is further fueling its deployment across the commercial sectors. In terms of commercialization, this segment is forecast to record a CAGR of 3% over the coming six years.

While the application landscape of global commercial boiler market is extensive, healthcare sector stands as one of the major contenders with reference to the growing demand for these equipment. Hospitals reportedly have some of the highest energy use ratings for mechanical and heat operations, which vividly indicates the demand portfolio of boilers in this sector.  As per reliable sources, healthcare sector accounts for using nearly 5% of the energy in commercial sector. Furthermore, hospitals spend billions of dollars annually as energy costs, which can be drastically improved with the upgradation of boilers. The rising government investments toward improving healthcare infrastructure, which involves the replacement of traditional boilers, will largely boost the deployment of these products, making the healthcare sector as one of the most lucrative application spheres for commercial boiler market.

All in all, with a rather expansive application spectrum and rising ecological needs of the industries, commercial boiler market is overt to record substantial demand in the coming years. In terms of profitability potential, Global Market Insights, Inc. forecasts the worldwide commercial boiler industry to surpass USD 15 billion by 2024.

Author NameKrithika Krishnan

Marine scrubber systems market to witness massive growth prospects in the U.S., regional demand to surpass 300 units by 2024

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Marine scrubber systems market has generated a substantial momentum over the recent years, amidst the backdrop of increasing concerns toward maritime pollution. The concern has been realized at global level and has led to continuous improvisations in international standards for marine fuels. As per the latest legislation by IMO, effective from 1st January 2020, the maximum limit of Sulphur in fuel oil used on board ships will be 0.50% m/m. For the record, the current global limit for Sulphur content in fuel oil for ships is 3.50% m/m. The organization has also established a maximum Sulphur limit of 0.10% m/m in SOx Emission Control Areas, since 1st January 2015. Not to mention, driven by this stringency in the overall regulatory terrain circumventing the shipping industry, marine scrubber systems industry is poised to witness a slew of opportunities in the coming years.

Europe Marine Scrubber Systems Market Size, by Application, 2017 & 2024 (USD Million)
Europe Marine Scrubber Systems Market Size, by Application, 2017 & 2024 (USD Million)

In the year 2017, the worldwide marine scrubber systems market generated a revenue more than USD 800 million. The scrubber devices are regarded as Sulphur abatement technologies that reportedly removes SO2 by 90% and particulate matters by over 70%. The business is expected to generate huge returns from the commercial as well as the recreational sectors. As per World Travel & Tourism Council, the marine tourism industry, in 2016 generated a revenue of $7.6 TN, and accounted for approximately 10.2% of the global GDP. Backed by the increasing investments in tourism sector and the upliftment in economic portfolio, the marine scrubber systems market from recreational applications will witness strong prospects in the short to medium run.

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Commercial sector, owing to the rapid industrialization activities, particularly in emerging economies, will also contribute massively to the overall marine scrubber systems market. As per a report by Global Market Insights, Inc. this segment is anticipated to procure 20% of the overall share by 2024. Speaking of the emerging economies, APAC reportedly holds 60% of the global shipbuilding industry, with China, South Korea, and Japan at the forefront. This has made the region a prominent avenue for marine trade activities, in turn providing substantial push to the marine scrubber systems market.

Not to mention, the region also stands as a prominent participant of the Sulphur and marine pollution abatement notion. In 2015, the Chinese Ministry of Transport, launched an implementation plan to curb the air pollution levels from ships, establishing new ECAs in China, including Bohai Bay, Yangtze River Delta, and Pearl River Delta.

Speaking of regional trends, U.S. is deemed to be another pivotal growth avenue for marine scrubber systems market, courtesy – the incessant efforts taken by the regional governments to limit the Sulphur emissions from ships coupled with the extensive R&D initiatives to bring on board sustainable solutions. In this year’s MEPC conference, the nation outlined its future strategies to curtail marine pollution and declared its aim to reduce ocean emission by 50% by 2050. Moreover, seawaters along the U.S. and the Canadian shorelines have been touted as North American ECAs (emission control areas), in a bid to significantly cut down on the Sulphur emissions. In terms of commercialization potential, U.S. marine scrubber systems industry is forecast to surpass 300 units by 2024.

Product innovations in compliance with the government regulations and research collaborations would continue to be the major growth strategies underlining the marine scrubber systems market in the coming years. Some of the renowned marine scrubber systems industry share contenders include Wärtsilä, Yara Marine, CR Ocean Engineering, VDL AEC Maritime B.V., DuPont, Mitsubishi, etc, With a rather dynamic competitive portfolio and a stringent regulatory landscape, the global marine scrubber systems market share is slated to surpass USD 8 billion by 2024.

Author NameSatarupa De

A brief overview of transformer oil market with regional frame of reference, global industry valuation to cross the 3 billion-dollar mark by 2024

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Transformer oil market has been following an upward growth trajectory owing to the rising demand for installation of new power grids equipped with large transmission capacities. As per reliable estimates, power transformers apportioned over 55% of the global transformer oil market share in 2017 demonstrating that the power sector will be a significant contributor for the growth of industry in the forthcoming years. This escalating demand puts emerging economies at the forefront as the leading consumers of transformer oil given that these nations have been focusing on building infrastructure to facilitate proper power supply to their rural and urban regions. This in turn has established Asian countries as among the largest consumers of transformer oils in the recent times.

Germany Transformer Oil Market Size, By Application, 2017 & 2024 (USD Million)
Germany Transformer Oil Market Size, By Application, 2017 & 2024 (USD Million)

A succinct outline of the transformer oil industry trends with reference to the regional landscape:

China:

The China transformer oil market was valued at about $250 million in 2017 and is estimated to register a 5% y-o-y growth rate over 2018-2024. The nation’s enormous population and sustained economic growth has exerted a considerable amount of stress upon its existing electric infrastructure. The need for keeping their transformers up and running to ensure a steady and uninterrupted power supply would propel the regional transformer oil industry in the upcoming years.

Testament to the aforementioned aspects is the 5-year plan announced by the National Energy Administration of China in 2015. The plan apparently intends to invest over $302 billion in electricity grid transformation and construction which would increase the reach of transmission lines in high and medium voltage sectors.

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United States:

US contributed to more than $200 million toward the total remuneration portfolio of the industry in 2017. The nation’s Department of Energy announced a Grid Modernization initiative with $220 million investment in 2016 to upgrade their existing transformer grid infrastructure.

The country also faces rising energy demands and is renowned to be the world’s largest consumer of energy. To fuel these demands various other clean energy initiatives have been rolled out by the government and private sector in the country ensuring a sustained demand for electricity which would impel the U.S. transformer oil industry.

Other North American counterparts don’t lag much behind with Mexico’s clean energy auctions garnering global attention from investors including that of various Canadian power companies like Canadian Solar. who have increasingly begun investing in the continent’s clean energy sector.

United Kingdom:

The UK faces the same issues faced by other developed economies viz. difficulty in maintaining and upgrading their power infrastructure. According to reliable sources, the ageing electrical infrastructure in the UK is operating at its peak capacity and is often over exerted, yet it barely keeps up with the increased demand for electricity. According to Agora Energiewende, the electricity consumption in the continent increased by 0.7% in 2017, which also marked a consecutive increase for the third year. This rapid progression in electricity consumption would, in turn, open up numerous opportunities for the firms Europe transformer oil industry players.

Recent weather anomalies like heat waves, thunder storms and floods have further pushed the power infrastructure to the brink as energy consumption rates either rise or completely crash during events such as flooding with significant damages that require repair. This has consequentially established UK an ideal investment ground to fund the development and maintenance of electrical grid infrastructures – a factor that would boost the UK transformer oil industry in the years ahead. In fact, the UK transformer oil market is projected to record a CAGR of 6% over 2018-2024, as per a report compiled by Global Market Insights, Inc.

With a slew of electric infrastructure upgradation projects in pipeline, transformer oil market is poised to witness remarkable growth in the ensuing years. Holding a global consumption target of 2,000 million litres by 2024, the industry’s competitive landscape is replete with players like Cargill, Calumet, Nynas, APAR Industries, Hydrodec, DOW Chemical, Valvoline, Engen, Clearco, and Electrical Oil Services.

Author NameAkshay Kedari

Lead acid battery market to garner massive remuneration from the automobile segment, applications in renewable energy storage to boost the industry progression

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Owing to the tremendous growth of the transportation sector, the lead acid battery market has continued to gain a remarkable traction despite the technology being in existence for more than 150 years. With advancements in the packaging of batteries and their construction, the durability and storage capacities have been consistently improved which in turn have presented opportunities for numerous beneficial uses. The application scope for the lead acid battery industry is vastly extended in to the automobile segment, from allowing the most basic features like lighting and engine start/ stop function to powering the entertainment system and a host of inbuilt luxury facilities. These batteries also enable commercial and heavy gross weight vehicles to perform industrial tasks such as operating lifts for loading or unloading goods.

U.S. Lead Acid Battery Market Size, By Application, 2017 & 2024 (USD Billion)
 U.S. Lead Acid Battery Market Size, By Application, 2017 & 2024 (USD Billion)

Resulting from a proven chemistry arrangement for reliable and low-cost energy storage that permits a wide range of automotive and heavy duty applications, the global lead acid battery market accrued revenues of more than USD 50 billion in 2017. The growth trajectory of the lead acid battery industry can be understood for the statistics disclosed by the OICA, which show that in 2017 approximately 73.5 million cars and 23.8 million commercial vehicles were manufactured, till date the highest production numbers for a single year. The robust built of these batteries and availability in different sizes has further contributed to their adoption in micro-hybrid vehicles, ebikes and electric cars.

With the ability to provide continuous power in locomotives and submarines, the growing investments in public transport vehicles and defense infrastructure has considerably increased the production of enhanced motive batteries, boosting the lead acid battery industry. However, it must be noted that lead acid batteries are also being increasingly utilized in few other emerging sectors, particularly in the renewable energy domain. As of now, the storage of energy obtained from renewable sources like wind and solar have demonstrated a highly lucrative future for the lead acid battery market. Stationary lead acid batteries are suitable for installations in offshore and onshore platforms to store, supply and direct electric power when required.

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Referring to a recent event which signifies the contribution of the lead acid battery industry in sustainable energy initiatives, Japan-based Eco Marine Power (EMP) released two UB-50-12 hybrid battery packs in June 2018, in association with Teramoto Iron Works and Furukawa Battery Company. UB-50-12 belongs to a series of valve regulated lead acid (VRLA) batteries that are known to be maintenance free batteries. The new battery packs from EMP are specifically designed for ship, land and offshore-based renewable energy projects. The company claims that these hybrid packs are safe, reliable and allow for multiple battery packs to be clubbed together for providing sufficient energy storage from small-scale to large-scale energy generation platforms, additionally valuable in smart gird integration.

Elaborating further, the new hybrid battery packs based on Furukawa Battery’s UltraBattery® (UB) technology, represent a big step towards aligning the lead acid battery market with worldwide shift in energy generation trends.  EMP has committed to making the UB-50-12 VRLA batteries the standard solution for its Aquarius Marine Solar Power project and will even offer them as stand-alone configurations to other companies. Similarly, other companies are launching VRLA batteries for renewable energy firms and delivering a number of options depending on the storage requirements. Hitachi Chemical Co Ltd, for instance, offers VRLA batteries appropriate for power storage and compensation use on wind, solar and any other renewable energy plants, invariably minimizing power wastage and reducing CO2 emissions.

The anticipated rise in the adoption of VRLA batteries for storing renewable energy and the subsequent push by relevant companies to gain competitive advantage has invigorated the lead acid battery market with a renewed dynamism. Besides their capacity to provide effective power-backup and uninterrupted electricity supply, disposal of batteries is also given priority considerations. A key aspect that has sustained the growth of the lead acid battery market is that these batteries are recyclable. Lead acid batteries are crushed into small pieces during recycling process and components are separated in a vat, with the plastic floating while lead and other heavy metals dropping to the bottom. Plastic pellets and recycled lead obtained from recycling are again transported to companies to manufacture new batteries.

It is estimated that in the U.S. nearly 98% of all lead acid batteries are recycled, mostly inspired by the automotive industry. All in all, the ability to be recycled, combined with the growing number of vehicles being produced and increasing application in renewable energy systems will significantly propel the lead acid battery market, expected to cross 800 million units in sales by 2024. Johnson Controls, Enersys, Furukawa, Amara Raja, NorthStar Battery Company, East Penn Manufacturing Company, MEBCO and Fengfan are some of the major industry contenders.

Author NamePankaj Singh

Europe oil filled distribution transformer market to surpass the billion-dollar frontier by 2024, ambitious energy efficiency targets to boost product demand

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Europe oil filled distribution transformer market has observed a dramatic surge in the recent years. The chief factors to have propelled the regional industry growth are the regulatory inclinations toward network expansion and the appreciable financial backing to support such projects. Citing a relevant instance – The European Investment Bank in 2017 announced an investment of USD 5 billion for upgradation of distribution networks and renewable energy integration. Add to this, in 2016, ENTSO-E in its 10-year network development plan, assigned around 150 billion dollars toward refurbishing T&D networks. As inferred from the industry trends, such investments are projected to be one of the highly implemented strategies in Europe oil filled distribution transformer market.

Europe Oil Filled Distribution Transformer Market Size, 2017 & 2024 (USD Million)
Europe Oil Filled Distribution Transformer Market

Not to mention, the investments come on the heels of the sustainability and clean energy trends, of which Europe is a major beneficiary. Speaking of the industry verticals swayed by this carbon-free environment drive, power sector tops the list. The stringent energy efficiency norms across the region have fortified the demand for replacement of existing electric grid with energy efficient systems. With European sub-continents realizing the crucial role that energy efficient T&D systems play in lowering GHG emissions and climate change mitigation, the demand for oil filled distribution transformer is certain to escalate. In the year 2017, Europe oil filled distribution transformer industry registered a valuation of USD 1,100 million.

The modernizing of aging electric structure and deployment of new power infrastructure in the economically matured regions such as Germany, Italy, France, and Spain have set the ground lucrative for potential stakeholders to make massive investments in these geographies. Reports, in fact claim that the positive outlook toward energy conservation will be the leading factor stimulating the regional landscape of Europe oil filled distribution transformer industry in the years ahead. Enumerated below is a brief outline of how the regional trends will be faring in the ensuing years.

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  • Massive proliferation of renewable energy in tandem with decentralized generation technologies have magnetized commendable growth avenues for Germany oil filled distribution transformer industry. Reportedly, the ambition goals of energy transformation laid by the Energiewende has made Germany one of the most significant leaders in harnessing renewable energy sources. For the record, Energiewende, Germany’s energy policy aims to integrate renewable energy across 50% of all the electricity supply network and make a shift from coal & nuclear toward green power sources.
  • France is another prominent region fueling Europe oil filled distribution transformer market growth, with rapid expansion of smart & microgrid networks. Reports claim that initiatives toward substituting overhead electric lines with underground network and aerial bunched cables is likely to augment product demand. In terms of profitability potential, France oil filled distribution transformer industry is projected to be worth USD 200 million by the year 2024.
  • Similar scenario is also observed across Italy, where the regional government has laid favorable grounds for the massive proliferation of energy efficient networks. With annual installations anticipated to exceed 20,000 units by 2024, Italy oil immersed distribution transformer market is expected to have a rather considerable impact on the overall Europe oil filled distribution transformer industry share.

ABB’s preeminence in Europe oil filled distribution transformer industry

ABB, being a leading company in the distribution transformer industry, has made significant investments pertaining to its production plants located in Europe. Recently in 2016, the company announced to expand its transformer production facilities both in terms of scope and capacity in Poland. Reports reveal that ABB’s 10,000 sqm manufacturing plant in Lodz produces components for power & distribution transformer. The units manufacture power transformers of up to 300 megavolt amperes with 500 kilovolts voltages and oil filled distribution transformer of range 30 to 2,300 kVA. Following the construction of factories, reports claim that this has been ABB’s third investment in Poland in the recent years.

Analyzing these investment trends, experts believe that ABB’s factories upgradation and production units with myriad range of products will serve largely to the Europe oil filled distribution transformer industry. In fact, similar trends and growth strategies adopted by other emerging leaders in the region such as SGB-SMIT, Eaton, Mitsubishi, and Crompton Greaves are likely to strengthen their stance in the rapidly expanding Europe oil filled distribution transformer market. With these aforementioned trends analyzed to be more enduring in coming years, it won’t be wrong to quote that Europe oil filled distribution transformer market will emerge as one of the most momentous verticals of the energy domain. A presumption validating the same is of Global Market Insights, Inc., that claims Europe oil filled distribution transformer market to be a 1.4-billion-dollar industry by 2024.

Author NameOjaswita Kutepatil

Middle East water heater market to surpass the billion-dollar benchmark by 2024, Kuwait to emerge as major revenue pocket

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Harnessing the global trend of energy efficiency and optimized space heating, Middle East water heater market is emerging as one of the most profitable investment grounds in the global energy space. Given the region’s effective geographical positioning for harnessing solar & wind energy, the countries across this belt have been trying to make significant investments away from their dominant O&G-derived ones. The countries across the Middle East are also witnessing rapid urbanization and transformation in their economic growth in the recent years which have propelled the growth of Middle East water heater industry.

UAE Water Heater Market Size, By Application, 2017 & 2024 (USD Million)
 UAE Water Heater Market Size, By Application, 2017 & 2024 (USD Million)

The recent instance of Ariston Thermo, an Italian company producing heating systems, that has inaugurated its very first water heater manufacturing plant in the Middle East, validates the popularity of this belt as a viable region for investments. According to reports, the water heater production facility located in the Bahrain International Investment Park (BIIP) will have a production capacity of 250,000 electric water heaters every year. The company has further unveiled that the water heaters that will be manufactured at the plant will be chiefly marketed in the Middle East and North Africa.

If industry analysts are to be believed, the company’s decision in establishing a manufacturing plant in BIIP throws light on the fact that Middle East water heater industry is not only exhibiting robust product demand but is also tendering the competitive advantage the region has to offer to the global companies. The plant’s opening further reinforces the region’s position as the ideal hub to serve the growing demand for water heaters.

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Speaking of the regional demand, the World Bank claims that more that 64% of the population in the Middle East will be migrating and residing in urban areas by 2020. The rising construction spending across the Middle East countries to develop commercial establishments such as stadiums, hotels, shopping malls, commercial spaces, and hospitals will significantly drive the regional industry growth. The construction output of Saudi Arabia, one of the largest countries in the Middle East, amounted to over USD 40 billion in 2015, according to Statista. UAE construction output, with Dubai at its forefront further accounted for USD 36 billion for the same year.

It has also been reported that the UAE government is expected to invest USD 8.4 billion toward the development of hotels across the nations. The data significantly highlights that the surge in construction spending and development of smart cities has necessitated that adoption of necessary appliances, in turn having a positive impact on the commercial Middle East water heater market outlook.

Kuwait is another eminent region of the Middle East water heater market that is poised to witness significant investment potential for global companies. According to the estimates provided by the World Population Review, in 2018, around 98% of the population in the region is urbanized with a remarkable urbanization rate of 2.1% per year. Infrastructure development, rise in disposable incomes, and improvement in standard of living have indeed complemented the product demand. The Kuwait government is also investing USD 160 billion in the island development project over the next two decades that will encompass the construction of hotels, new amusement parks, shopping & business centers. Estimates claim that Kuwait being a key region of Middle East water heater market, will exceed the deployment of 750,000 units by 2024.

The robust product demand across the Middle East has also impelled the industry players to bring about a pathbreaking innovation in water heater mechanism and sustainability credentials. The regional governments are further supporting the green growth strategies that is fueling the demand for solar water heaters in the Middle East. ECOTHERM, Emitech, Linuo Ritter, Rheem Manufacturing, Hubbell, and Himin Solar among others are some of the prominent Middle East water heater industry players that have taken note of the sustainable energy shift and are upgrading water heaters technology. Characterized by such competitive scenario the Middle East water heater market is anticipated to surpass valuation of USD 1.5 billion in 2024, with annual deployment slated to surpass 9 million units in the coming seven years.

Author NameOjaswita Kutepatil