Electric Water Heater Market By Product, Application, Region - Forecast 2024

Non-residential or commercial segment is anticipated to dominate the electric water heater market over the forecast timeline. This is attributed to the rising adoption of water heaters by commercial establishments assisting in production as well as for the staffs in office spaces. Stringent government regulations associated with energy saving, manufacturers are adhering to the regulations acquiring a significant share of the commercial segment. In addition, cost-effectiveness of these products is further expected to create more demand.

Electric Water Heater Market is expected to reach USD 30 billion by 2024. Increasing residential and commercial infrastructure spending across various regions will drive the electric water heater market growth over the forecast timeline. This growth can be attributed to the increasing disposable income and upgraded living standard of individuals in the growing economies coupled with the growing demand for replacing older products with newer ones. Increasing electricity consumption can be credited to the growing usage of electronic appliances by households as well as commercial establishments.

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Reduced space requirement followed by the increased energy efficiency of the equipment is expected to provide impetus to the electric water heater market growth. Growing demand from commercial establishments such as hotels, offices, amusement parks and hospitals also contribute to the industry demand. Growth in commercial construction coupled with the increased government as well as consumer spending will have a positive impact on the electric water heater market.

The development of diversified products by manufacturers with advanced technological features such as energy efficiency, environmental sustainability and temperature control will accelerate the growth of such products. Factors such as rising electricity prices coupled with the shortage of electricity might limit the industry demand. Presence of alternatives such as energy efficient and more environment friendly hybrid and solar powered products also pose a challenge to the market growth.

Increasing adoption of energy efficient products coupled with the rising spending capacity of the consumers to purchase such products will drive the electric water heater market growth. Instant on-demand heating are offered by products with ohmic array technology. These products eliminate the possibility of scaling, plating and corrosion resulting in increased longevity and low maintenance. However, tankless products have lower energy, operating costs and offer hot water whenever it is required thus reducing the standby energy losses.

Europe electric water heater market is predicted to witness significant growth over the forecast timeline. This is attributed to the increasing use of renewable energy along with energy efficiency and emission control regulations. Increasing purchasing power of consumers in the growing economies provides huge potential for the market growth. In addition, Asia Pacific market is driven by factors such as increasing infrastructure development with growing population in China & India.

Companies operating in the electric water heater market include Haier Electronics, Ariston Thermo, Bradford White Corporation, A O Smith and Rheem Manufacturing Company. These players dominate the industry with established sales & distribution channel covering majority of the regions. Also, the industry players are increasingly focusing on continuous development of high quality products as well as expanding business to potential markets.

Browse key industry insights spread across 125 pages with 82 market data tables & 72 figures & charts from the report, “Electric Water Heater Market Size By Application (Residential, Commercial), By Product (Storage, Non-storage/Tankless/Instantaneous), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, India, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/electric-water-heater-market

Chapter 2 Executive Summary

2.1 Electric water heater industry 3600 synopsis, 2013 - 2024

2.1.1 Business trends

2.1.2 Regional trends

2.1.3 Product trends

2.1.4 Application trends

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