3rd December 2019 – The global electric
water heaters market size is expected to value at USD 29.32 billion by
2022. The market is subject to witness a substantial growth due to the growing
number of residential housing projects across the globe. Factors responsible
for the robust growth of electric water heaters industry, in the recent years,
include increasing popularity of tank less water heaters and rising per capita
income in both developed and developing economies worldwide.
The electric water heaters offer
advantages such as better energy efficiency, environment-friendly capabilities
and advanced temperature control for long duration of time. These factors are
predicted to fuel the market demand for electric water heaters in the upcoming
period. Globally, electric water heaters market is predicted to grow at CAGR of
6.9% in forecast period, providing numerous opportunities for market players to
invest in research and development of these products.
The electric water heater is capable of
performing day-to-day applications such as cooking, cleaning, and bathing.
While, increasing adoption of electric water heaters in commercial applications
involving hospital and hotels are expected to stimulate market progress over
the forecast period as well.
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Increasing penetration of electric water
heaters in rural areas in both developing and underdeveloped economies coupled
with lowered cost are anticipated to boost market performance for electric
water heater industry, in the near future. Additionally, easy availability of
electric water heaters due to presence of supermarkets, hypermarkets, retail
stores and e-commerce retail chains is positively affecting market growth.
The recent technological advancements
coupled with development of novel products has led to soaring demand for
electric water heater market from Asia Pacific region. Stringent laws and
regulations placed by regional governments across the globe has led to the
shifting focus towards adoption of safety awareness protocols, improved quality
standards, and energy efficiency by industry players. These factors are expected
to drive the growth of the market over the forecast period.
However, less availability of
electricity and shortages are limiting market growth to a certain extent.
Additionally, latest trends involving increasing adoption of solar powered
water heaters and adoption of hybrid products are expected to restrain market
growth in the upcoming years. Growing popularity of the hybrid water heater
among consumers is credited to its capability to operate on more than two
energy sources. Furthermore, changing electricity prices, stringent
environmental laws and regulations, and volatile raw material prices are
projected to hamper market demand for electric water heaters.
The market is broadly categorized into
three major types based on end-user application such as residential, industrial
and commercial electric water heaters. The residential electric water heaters
is considered as one of the fastest growing segment in the electric water
heaters industry with substantial revenue generation in the last couple of years.
Growing demand for residential electric
water heater is attributed wide range of end-user application such as cooking,
bathing, space heating, and cleaning. Commercial water heater segment has also
displayed massive growth, in the recent years, owing to the increasing demand
from commercial places such as business, apartment houses, commercial
buildings, hotels, and hospitals. Growing demand from restaurants, schools, and
hotels is expected to foster market growth of commercial water heater segment.
The electric water heaters market is
divided by region as North America, Europe, Asia-Pacific, Latin America and
Africa. North America has shown major growth in recent years owing to the rise
in the implementation of latest technologies, lower cost of electricity, and
existence of well-established manufacturing sector.
Asia-Pacific region is predicted to hold
major market share in electric water heaters with massive growth in forecast
period. Countries such as India and China are leading the Asia-Pacific market
with improved standard of living, rising per capita income, shifting trend
towards automated temperature control, energy efficient solutions and
environmental sustainability, and significant investment by leading industry
players considering potential growth opportunities in the region. The key
players in the electric water heaters industry are A.O. Smith Co., General
Electric Company, Inc., Rheem Manufacturing Co., Ariston Thermo SpA, Hubbell
Electric Heater Co., and Siemens AG.
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