Unveiling aerial work platforms market from the application spectrum: escalating product demand from the construction sector to augment the industry landscape
The global aerial work platforms market has lately been experiencing remarkable growth on account of the integration of advanced technical features like telematics, sensors, and CAN bus, as these technologies provide better safety parameters compared to the traditional platforms. The machines leverage the integration of different sensors and controllers, with the incorporation of the CAN bus technology, to offer new operational features for the workers. An influx in enhancements of new operational features coupled with the technological advancements will drive the demand for this industry in the years to come.
Germany Aerial Work Platforms Market, by application, 2019 & 2025 (USD Million)
The emergence of self-propelled access platforms has brought about quite a transformation in the aerial work platforms market. These platforms help in delivering increased security, stability, and flexibility to the users. Easy operations and transportation of the self-propelled machinery are reinforcing the product utilization across varied application sectors such as oil & gas and energy for maintenance purposes. The huge benefits of self-propelled access platforms will result in an acceleration in the growth of aerial work platforms market in the forthcoming years.
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Governments across the globe have been striving for the utilization of newly manufactured products equipped with safety parameters, with the goal of reducing worker accidents. Governmental projects are majorly focused towards deploying efficient machines & platforms for reducing the load on human workers and providing enhanced safety. Increasing awareness in the South-East Asian nations, along with other developing nations regarding machinery and time-saving benefits has led to an upsurge in the demand for technically-advanced platforms, specifically in the construction industry.
Such initiatives from governments across various nations would positively impact the overall aerial work platforms market in the upcoming time. The paragraphs below provide a precise gist of the application landscape of the aerial work platforms market:
Unveiling aerial work platforms trends from construction & mining applications:
The construction & mining industry is anticipated to emerge as one of the most profitable application avenues for the APAC material handling equipment market. In the past few months, there had been a robust acceleration of construction-related projects globally, a large proportion of which are currently underway. The rising demand for aerial work platforms across the global construction sector is anticipated to fuel the industry trends in the years ahead.
The mining industry offers a significant support to the economy and is of strategic importance to any nation. For instance, the Indian mining sector has reached a high level of development, however, it still has a massive unrealized potential. With a view of encouraging initiatives and making this sector more competitive, the Indian government has opened up mining opportunities for the private players. Such initiatives and advancements in the mining industry are bound to augment the aerial work platforms market size in the years ahead.
As per estimates, AWP market share from construction & mining applications stood at USD 3 billion in 2018. The industry is expected to register commendable growth in the years ahead driven by the extensive product deployment in complex buildings and infrastructural projects across the globe.
Unveiling aerial work platforms trends from transportation & logistics applications:
According to reliable reports, the transportation & logistics market is predicted to depict a highly commendable growth rate in the near future. With the increasing populace across the globe and the subsequently rising demand for mobility, not to mention, the ongoing trend of globalization, the transportation industry is all set to accelerate in the years ahead. This would consequently have a major impact on the global aerial work platforms market size, given the demand for these products across this sector.
Furthermore, the growing customer expectations regarding the costs, speed and quality, coupled with the technological developments like autonomous vehicles, robotization as well as big data analytics will propel the growth of aerial work platforms market size from transportation & logistics applications. Moreover, with the cooperation as well as sharing facilities and volumes among parties in the chain, along with the new entrants with radically different business models, it is rather overt that the aerial work platforms market will depict an upsurge from the transportation & logistics applications.
Endorsed by a broad spread application terrain, the aerial work platforms market is estimated to depict a significantly lucrative remuneration graph in the upcoming years. According to estimates, the valuation of aerial work platforms market would cross USD 16 billion by the end of 2025.
Author Name : Saurav Kumar
China electrical steel market to witness accelerated demand by 2025, escalating requirement of grain-oriented products to impel the regional expansion
With the rising shift towards renewable power generation systems and growing adoption of zero-emission EVs, electrical steel market has garnered renewed momentum in recent years. Electrical steel is basically an iron alloy tailored to generate specific magnetic properties for various industrial and commercial applications. The product is particularly used for making power transformer and has found long-term application in the EV industry for making efficient, high-speed electric motors owing to its ability to reduce energy loss, improve efficiency, lower CO2 emissions and hysteresis loss. The rising demand for high-torque electric motors in the shipping and construction industry has further propelled the growth of the electrical steel industry.
U.S. Grain Oriented Electrical Steel Market Size, By, 2018 & 2025, (Million tons)
How will the energy sector turn out to be a revolutionary driving force for the global electrical steel market?
The ever-increasing global demand for reliable and environmentally friendly energy sources has pressurized the solar PV sector since the last few years. Solar PV panels basically convert sunlight into electricity, however, due to its output’s DC nature and low current offering these power stations require efficient distribution or static converter transformers to step-up the electricity to drive high-voltage AC applications.
The rising focus on curbing global CO2 emission has also encouraged construction of zero-emission solar PV power stations. For instance, reports from Solar Energy Industries Association (SEIA) claim that around 10.6 GW of solar PV capacity was installed in the U.S. in 2018, reaching a 64.2 GW of total installed capacity, enough to power 12.3 million U.S. homes. Reports further suggest that the region’s total installed solar PV capacity is expected to go over double by 2024. As the demand for renewable surges, the requirement of transformers at solar PV power stations and similar establishments is bound to increase, thereby propelling the electrical steel industry trends.
The extensive expansion of the global EV industry is likely to have an impact on the electrical steel market trends, given that the material is widely used in manufacturing high-speed, power-efficient motors, a primary component of any electric vehicle. Rapid technological developments in motor technology has also propelled the industry growth. It is thus certain that the rising investments in motor manufacturing will boost the electrical steel market share in the coming years.
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Citing an instance to back the aforesaid, in 2018, electric supercar maker Rimac Automobili announced its investment of around EUR 5 million (USD 6 million) for setting up a new manufacturing facility in Xiangyang, China to solely produce electric motors and batteries for its EV segment as to meet production capacity of 50,000 units/year. As is observed, major companies have been making extensive investments to up their EV manufacturing graph, that is bound to lead to an augmented growth depiction for the electrical steel market.
Unveiling China electrical steel market trends:
China is anticipated to emerge as a highly lucrative revenue pocket for the global electrical steel market. One of the primary reasons for the region to depict an incline in the growth potential is the extensive deployment of grain oriented electrical steel. Indeed, these products are known to convert energy into power voltages to be deployed across various power generation systems. In China specifically, these products are extensively used in household appliances and rural and urban networks, that has helped accelerate their demand in the nation. As a matter of fact, China grain oriented electrical steel market size from household appliances will be pegged at over USD 95M by 2025, driven by the spate of novel innovations in household appliance manufacturing.
The China electrical steel market is also expected to witness momentum from the rising standards of living and the increasing per capita income of consumers that has led to escalating power distribution network in the region. Moreover, the focus of several electric automakers to set up manufacturing facilities in the region owing to its vast technological know-how will accelerate the electrical steel market growth. For instance, global EV giant, Tesla, Inc. has started constructing its Gigafactory 3 in Shanghai which would make electric motors and battery packs for its current and upcoming segments by 2020, in turn supplementing the electrical steel market.
Primarily used to produce cores of transformers, motors and generators, electrical steel helps enhance permeability, magnetic flux density, and minimize energy loss, on the grounds of which it is extensively used in the energy, manufacturing and automotive industries. Reports from Global Market Insights, Inc., claim that the electrical steel market size is estimated to surpass $22.5 billion by 2025.
Author Name : Mateen Dalal
An overview of the global polycarbonate composites market in terms of the end-user spectrum: escalating demand for automotive plastics to augment the industry landscape by 2025
The global polycarbonate composites market is slated to emerge as one of the most lucrative investment avenues over the forthcoming years, given the product’s deployment in numerous industrial sectors. An unfilled polycarbonate is an extremely durable and transparent engineering plastic with its properties ranging from immense impact strength to a significant modulus of elasticity. Moreover, the material is also extremely resistant to moisture, possesses a high heat-deflection temperature and high voltage & low frequency insulating characteristics, making them ideal to be used for making electrical & electronic components.
U.S. polycarbonate composites market, by end-user, 2014 – 2025 (USD Million)
Meanwhile, its transparency, elasticity & high impact resistance also make it a prime material for numerous transparent structural applications. These properties ensure a sustained & significant demand for the material from several industrial domains, which would be responsible for fueling the polycarbonate composites market share in the coming years.
Polycarbonates are also highly versatile, in the sense that they can be mixed with other materials to accentuate certain properties. For instance, polycarbonates mixed with varying amounts of glass fibers results in a material that has an increased level of tensile & compressive strength as well as overall stiffness. These hybrid composites could be used anywhere between to make race car or fighter jet windshields. This versatility opens up a plethora of application avenues for the product, thereby fueling polycarbonate composites industry trends.
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Global polycarbonate composites market | Impact of the demand from automotive plastic manufacturers
It is a well-known fact that the level of fuel consumption in an automobile is directly linked to its weight. Higher the weight, higher the energy required to get the vehicle moving. In an effort to make vehicles more energy efficient, car designers across the world, while constantly seeking new ways to further enhance their vehicle’s fuel efficiency, place a significant amount of emphasis on eliminating this weight while keeping the vehicle’s structural integrity intact. This requirement has steered the global automotive industry to turn to polycarbonates as an extremely viable alternative for glass & metal.
Significantly lighter, yet just as strong, polycarbonates today play a crucial role in the automotive industry by improving fuel economy & reducing carbon emissions. Moreover, the lighter a vehicle gets the easier & quicker it can brake, which during an imminent collision leads to a significantly reduced collision impact. This promotes a safer & better driving experience, further positioning the polycarbonate composites demand graph in an exponential position in the automotive industry.
According to the European Polycarbonate Sheet Extruders, a typical automobile body incorporates over 10Kg of polycarbonates in numerous forms, with injection molded polycarbonate making up the displaced glass & headlights, an ABS & PBT polymers’ blend used for under-the-bonnet components & vehicle interiors and PC/ABS polycarbonate blend facilitating advantages in scratch resistance, vehicle aesthetics & dimensional stability. These applications are further going to grow with improving economic conditions globally, ensuring a rise in automobile sales. As a matter of fact, polycarbonate composites market share from automotive plastics is projected to grow at a 6% CAGR over 2019-2025.
Global polycarbonate composites market | Impact of the expanding smartphone sales
According to the International Monetary Fund, the immense global smartphone demand has been the primary factor behind the generation of a new tech cycle around the globe. In fact, back in 2016, smartphone sales across the world reached the 1.5 billion unit mark – around one smartphone for every fifth individual in the world. This trend has engendered evolving & complex supply chains throughout the globe, especially Asia. The polycarbonate composites market has been estimated to be one such industry that is witnessing significant demands from the rising smartphone sales.
While, some smartphone manufacturers prefer to make the bodies of their smartphones completely out of metal or glass, a majority of them tend to lead more towards the lightweight yet durable plastics made out of polycarbonate composites. One factor that puts forth a strong case towards the use of polycarbonate is the issue of network reception; as metals & some formulations of glass constantly interfere with the mobile device’s internal antenna, leading to frequent signal & call problems. This issue is virtually nonexistent inside handsets made out of polycarbonate exteriors.
According to the GSMA Intelligence, the total number of unique mobile users surpassed the 5 billion mark back in 2017. The mobile industry across the world is projected to accomplish a further milestone by 2025, wherein the unique mobile user numbers would be reaching the 5.9 billion mark, which is equivalent to approximately 71% of the world’s population. This growth is expected to maintain a healthy demand for polycarbonate composites, further fueling the overall growth of the polycarbonate composites market from consumer electronics applications.
Owing to the massive product demand from some of the most expansive industry verticals, it is quite clear, that the global polycarbonate composites market would be experiencing significant growth prospects over the forthcoming tears. In fact, according to Global Market Insights, Inc., the overall polycarbonate composites market size is projected to surpass the $3.2 billion renumeration mark by 2025.
Author Name : Akshay Kedari
China long fiber thermoplastics market to garner commendable revenue by 2025, escalating demand from the automotive sector to augment the regional industry
The rising focus on the adoption of lightweight material in the automotive & aerospace sectors has accelerated the long fiber thermoplastics market growth in recent years, given the need to attain high fuel efficiency. Long fiber thermoplastics (LFT) help in sustainable development of automotive structures and robust, lightweight aircraft components as well. Indeed, by adopting LFT, automakers and aircraft manufacturers have been able to lower manufacturing cost, reduce installation time, and deliver lightweight components that provide high level of productivity and recycling potential, supplementing LFT market growth.
U.S. Long Glass Fiber Thermoplastics Market Size, By Application, 2018 & 2025, (Kilo Tons)
The automotive industry will majorly drive the long fiber thermoplastic market growth over the years to come. The material’s high performance in terms of mechanical properties, low cost, processing advantages and low density has led to its application in the automotive industry for making front end modules, bumper beams, instrumental panel career, doors and underbody shields. The product has an edge over conventional materials like aluminum due to its high specific strength, simple manufacturing process, recyclability, good damping capacity, and corrosion resistance has encouraged manufacturers to implement it in their vehicle segments. Moreover, rising customer demand for fuel-efficient vehicles has also propelled the long fiber thermoplastic industry trends.
With increasing emission levels in urban areas along with increased cases of obesity, people are constantly shifting towards cycling to commute in the city, which may in turn increase long fiber thermoplastics market demand. LFT has found application in manufacturing bicycles as it offers frothy properties which ensure better durability, handling and rideability to users. Moreover, as car traffic and commute times at an all-time high, more people are considering cycling as a more efficient and sustainable means for transport. Bike-sharing companies like Lime Bike, Mobike and Jump have recently gained demand from city commuters, generating huge opportunities in the bike manufacturing sector, further augmenting LFT market growth.
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Long fiber thermoplastics market outlook from the expanding aerospace sector
LFT is rapidly being deployed in the aerospace, aviation and missile/defense applications. The material offers lightweight advantages, design flexibility, high specific modulus and strength, ease of installing, and recyclability. Aerospace components featuring LFT mainly comprise of complex-shaped baseplates for electronic housings, stowage doors, structural load-bearing member and more. These products are utilized for making aeronautic equipments that reduce the weight and bulkiness of an aircraft, eventually making air travel more fuel-efficient and safe.
Given the expansive usage of the material in the aerospace & automotive sectors, it is prudent to mention that the Asia Pacific long fiber thermoplastics market, led by South Korea, India, China, and Japan, will accumulate commendable returns in the years to come. China specifically, is predicted to emerge as one of the most lucrative avenues of the regional industry. Since LFT finds long-term applications in the automotive interior manufacturing sector and in the construction of waste treatment plants as well, given its chemical and thermal resistance, China will come up to be one of the most profitable regional grounds for the long fiber thermoplastic industry. As per estimates, China long fiber thermoplastics industry size is likely to record a CAGR of 10.5% over 2019-2025.
Another regional ground that is primed to be rather lucrative for the long fiber thermoplastics market is Europe, led by the countries of France, Italy, Germany and the U.K. The region’s automobile industry has evolved rapidly as it comprises renowned auto giant’s like Volkswagen, Mercedes-Benz, Audi and more that offer sales worldwide. The LFT market will also witness significant gains as carbon reinforced thermoplastics are used in the manufacturing of vehicles to reduce kerb weight which makes vehicles more fuel efficient.
These thermal & heat resistant components which are largely used in automotive, aerospace and electrical & electronic industries, are lately being amalgamated with carbon and glass fibers to form structures which increase the robustness of a product. This would indeed, give rise to a spate of new growth avenues in the years to come. According to Global Market Insights, Inc., the long fiber thermoplastics market size will surpass $3 billion by 2025.
Author Name : Mateen Dalal
How will the waste heat recovery system market outlook change over 2019-2025 with the enforcement of favorable regulations and legislative initiatives undertaken across diverse geographies?
The waste heat recovery system market has shown immense potential lately, in light of the fact that authorities the world over are increasing their efforts in reversing the effects of global warming and therefore focusing on the use of renewable energy sources. For instance, the central government of India recently announced that cement plants, integrated steel plants, metallurgical industries, thermal power plants and other industries with potential to recover heat and that use waste heat recovery boilers without any auxiliary fuel do not require to get environmental clearance before setting up or expansion. The exemption is apparently to promote energy conservation and benefit industries given that they would be able to implement such energy conservations systems internally without having to go through a lengthy process of receiving environmental clearance.
China Waste Heat Recovery System Market, By Temperature, 2018 & 2025 (USD Million)
Considering that India is a country where industrialization and urbanization have recorded some of the highest growth rate in the world, the move has been considered exceptionally optimal for the regional waste heat recovery system industry. As such initiatives continue to be undertaken by various countries looking to promote rapid industrialization, the waste heat recovery system market will undeniably receive massive stimulus.
The reason that waste heat recovery has received so much attention is because enhanced energy efficiency requirements pose a constant challenge for all industries and since price for traditional sources of energy are rising globally, there is an urgent need to reduce fuel bills to remain competitive. The general consensus on global warming says that if action is not taken now the situation may be irreversible as soon as 2020. The European Union 2020 energy package was designed to mean that EU meets its climate and energy targets for the year 2020 which included 20% cut in greenhouse gas emissions, 20% of EU energy from renewables and 20% improvement in energy efficiency. Actions that were taken to meet such goals are also partly responsible for the growth of the waste heat recovery system market.
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Legislative actions are possibly the most important actions taken that have the potential to drive the waste heat recovery system market as the government of any nation can add incentives or levy punitive taxes on industries for their use of energy and can therefore determine whether industries would be more responsible about the way they use their resources. For instance, the Chinese government recognizes the importance of industrial waste heat recovery and has amended the Energy Conservation Law of China in 2008 to boost adoption of waste heat utilization in industrial companies.
The importance of waste heat recovery has been recognized through various national legislations. For instance in 2008, Energy Conservation Law of China encouraged the adoption of waste heat utilization in industrial businesses while China’s Circular Economy Promotion Law mandated that companies need to comprehensively utilize waste gas by following national requirements. China’s 11th and 12th Five-Year Plans both emphasized waste heat utilization to be one of the Key Energy-Saving Projects, for the improvement of thermal energy efficiency in industrial boilers and furnaces as well as encouraging the adoption of waste heat to power generation technologies in energy-intensive industrial sectors.
Long term benefits of decarbonization and increasing energy efficiency of the industrial sector has also been recognized by the BEIS of UK that has launched an Industrial Heat Recovery Support Program to promote waste heat recovery. This could conveniently be one of the pivotal driving factors for the UK waste heat recovery system market which is expected to witness 7% CAGR over 2019-2025. The Industrial Heat Recovery Support Program aims at increasing industry confidence in the identification and investment in opportunities designed for recovering heat from industrial processes and increase the deployment of the technologies needed to do it in England and Wales. The program is expected to promote industrial energy bill savings of around £500 million and carbon savings of approximately 6 million tons over the course of its lifetime.
With such endeavors by governments in various nations becoming more supportive of renewable energy resources, the waste heat recovery system market is expected to gain greater traction in the years to come. As per reliable estimates, the global waste heat recovery system market is anticipated to surpass a valuation of $80 billion by 2025.
Author Name : Paroma Bhattacharya
Smart thermostat market to garner extensive momentum by 2025, U.S. to emerge as a prominent revenue ground
The escalating development of sustainable codes and standards across residential and industrial buildings is bound to majorly propel the thermostat market growth. Not to mention, this industry has also been receiving momentum from the rapid advancements in heating and cooling technologies, that are being installed in most modern homes and buildings lately, to offer added comfort to residents, specifically in regions experiencing extreme cold or heat waves. Indeed, thermostats play a key role in the functioning of these systems as they offer efficient monitoring and control over temperature.
Japan Thermostat Market Size, By Product, 2018 & 2025 (USD Million)
Advancements in energy-efficient temperature systems and smart home automation devices will thus positively influence the demand for this product, propelling thermostat industry growth. Another pivotal factor that would augment the market trends is the growing customer concern regarding climate change along with the rapid proliferation of IoT.
Speaking of the various products disrupting the market, it is prudent to mention smart thermostats – these are likely to gain mainstream attention in the years to come on account of the rising adoption of IoT and cloud technology along with their compatibility with various smart home assistants like Google Home & Amazon Echo. Coupled with a Wi-Fi module, a smart thermostat system can connect to the user’s home or office network to offer interface via the cloud, thereby allowing remote temperature control and monitoring over the unit.
The product also allows users to vary temperature parameters using a smart thermostat dedicated mobile app, and to collect useful insights regarding the device that would certainly improve the user’s quality of living. The product has seemingly found long-term application in heating and cooling appliances like HVAC, water heater systems and more, that has helped augment the smart thermostat industry growth.
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The residential sector is likely to emerge as a pivotal growth avenue for the global thermostat market in the ensuing years, driven by the rising implementation of energy-efficient small-scale heating and cooling systems. According to the U.S. Energy Information Administration (EIA) reports, in 2018, the use of electricity for space cooling in the residential sector was about 214 billion kWh, which is equal to about 15% of total residential sector electricity consumption and 5% of total U.S. electricity consumption. These figures can be appreciable lowered by adopting smart thermostats which help reduce energy consumption while increasing the efficiency of household products. The smart thermostat also regulates the temperature in buildings in a smarter way than conventional thermostats and further offers added savings in customers’ electric bills.
The increasing adoption of smart home automation systems has also led industry participants & core manufacturers to shift their focus toward the expansion and innovation of advanced devices. The development of advanced techniques, such as speech recognition, machine learning and motion detection, indicate lucrative opportunities for thermostat applications across the residential sector. The advent of cost-effective products coupled with growing investments toward smart homes will positively influence the overall thermostat industry trends.
One of the most remunerative markets for thermostat industry is the United States. Irrefutably, the regional market has been gaining momentum on account of the ever-rising expenditure toward infrastructure in tandem with the investments in renovation and refurbishment projects. As a matter of fact, the Building Technologies Office (BTO) estimated that over 70% of U.S. buildings, by the year 2035, will either be new ones or renovated by 2035. Powered by the growing number of renovation projects and the rising penetration of home automation systems, not to mention, the frequent occurrence of weather-related disasters, the U.S. thermostat market size will hit 24 million units in terms of volume by 2025.
Lately, smart thermostats have been found to come with Wi-Fi and cloud connectivity which delivers remote controlling features and data insights to users on mobile via an app. The product is mostly used for space heating and cooling controls, and is extremely ideal for central air conditioners & HVAC systems. Powered by the extensive deployment of smart home automation systems and the rising acceptance of advanced IoT solutions, the thermostat market size is expected to surpass $6 billion by 2025, according to Global Market Insights, Inc.
Author Name : Mateen Dalal
U.S. commercial water heater market to accrue extensive proceeds from the North East central zone, escalating number of facility expansions to expedite the regional landscape over 2019-2025
In an era encumbered with unpredictable weather conditions, the U.S. commercial water heater market has managed to chart out a lucrative growth map for itself, driven by the escalating product demand across freezing zones. These water heaters indeed, account for one of the topmost energy expenses in the commercial sector. These technologies also find use in cooling and dehumidification applications and possess the potential to minimize energy consumption, that has essentially been the mantra for energy companies and government bodies across the United States.
U.S. Commercial Water Heater Market Size, By Energy Source, 2018 & 2025 (USD Million)
One of the primary factors that’s driving the U.S commercial water heaters market is the collective adoption of renewable energies by several industries across the nation. The country’s latest push toward a 100% renewable future ‘Green New Deal’ also urges the government led efforts to focus more on the causes of climate change and to fund projects that will help communities fight its damaging effects. If the deal happens to pass, its successful implementation would call for the deployment of cleaner energy technologies, investments in energy innovations and access to low carbon energy technologies.
Robust sustainable energy deployment aside, the U.S. commercial water heater market has received rapid momentum from the massive expansion of manufacturing facilities in the region, given the extensive product installation across such units. With the U.S. service industry depicting substantial growth by the day, the number of manufacturing and production facilities in the country is only bound to escalate, which would prove rather beneficial for augmenting the U.S. commercial water heater market trends.
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Citing an instance validating the aforementioned fact, Chemesis International Inc., recently declared that it plans to add an extra 25,000 square feet of manufacturing in Cathedral City, California, which the company aims to complete by Q2 2019. The expansion is likely to demand the installation of several water heaters for industrial purposes, that would majorly contribute toward the growth of the U.S. commercial water heater industry.
Speaking of the regional landscape, it is pivotal to mention that the U.S. commercial water heater market will receive commendable traction from the East North Central zone comprising states such as Indiana, Ohio, Illinois, Wisconsin, and Michigan. This may be majorly attributed to the efforts of the regional government aiming to upscale the businesses across these zones, alongside the expansion of the existing businesses, specifically in the state of Michigan.
Citing an instance of how even companies have been striving to upsurge the potential of the regional commercial water heater market, Fiat Chrysler recently made it to the headlines for having announced that it plans to undertake a major manufacturing expansion in Detroit, converting the Mack Avenue Engine factory to an assembly plant for a new Jeep SUV and the next-gen Jeep Grand Cherokee. The plan, a part of a manufacturing expansion in southeast Michigan worth USD 4.5 billion, aims to add production at five factories in Detroit and nearly 6,500 new jobs. The expansion would generate substantial jobs and pave the way ahead for the installation of water heaters, thereby driving U.S. commercial water heater market from the North East Central zone.
According to the ENERGY STAR summary (water heater programs), 2018, the state of Illinois was known to have registered the maximum budget for water heater programs across the region – estimated to more than USD 10 million to USD 25 million. That said, the support from municipal utilities as well as small-scale cooperatives will also serve to impel U.S. commercial water heater industry share from the North east Central region.
Armed with a fierce competitive spectrum, spanning companies such as Haier Electronics, Rheem Manufacturing, Bradford White, Rinnai Corporation, Havells India Limited, General Electric Appliances, Bosch Thermotechnology, and A.O Smith, the U.S. commercial water heater market is all set for a major upheaval in the years ahead. As per estimates, the U.S. commercial water heater industry size is likely to surpass USD 750M by the year 2025.
Author Name : Krithika Krishnan