Press release
Electric Water Heater Market Key Driver Analysis By MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence, Lockheed Martin Corporation
Electric Water Heater Market, Electric Water Heater Market Study, Electric Water Heater Market Size, Electric Water Heater Market
Electric Water Heater Market will cross USD 30 billion by 2024, with global shipments set to grow at over 6%
Description: The electric water heater market is projected to remain competitive in the coming years. Incumbent players focus on product development and innovation measures to stay relevant in the industry and gain market share. Electric water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in unit shipments and revenue in USD from 2013 to 2024, for the following segments:
This report focuses on the top Manufacturers and players in global market are given bellow:-
Bionik Laboratories Corp., 20 Knots Plus, Activelink Co., Ltd., Hocoma, Ekso Bionics, CYBERDYNE, Inc., MedEXO Robotics, Mitsubishi Heavy Industries, Noonee, Fourier Intelligence, Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corporation and Revision Military.
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Innovative designs, increased energy efficiency, reduced space requirement, and replacement & the need for upgrading water heaters are stimulating the growth of residential segment. The increasing demand is also attributed to rising disposable income in the developing countries and increasing electrification in the region. This segment is estimated to further grow owing to changing consumer preferences and manufacturers developing products that comply with stringent energy-efficiency regulations.
The demand in the commercial segment is due to the increased requirements for large process portable water heaters. The commercial electric water heater market is affected by organizations preferring solar-powered products due to their advantages in the long run. These applications will grow at over 7% CAGR estimation from 2017 to 2024 to exceed 18 million units.
The regulatory standards established for the electric water heater market followed by the system vendors may vary as per the region. For instance, National Appliance Energy Conservation Act (NAECA) in the U.S. makes suitable efficiency standards for various household appliances such as dishwashers, refrigerators, water heaters, dryers, and washing machines. NAECA mandates high-energy efficiencies periodically as per energy factor ratings on all residential electric, oil, gas, and tankless water heaters to effectively decrease energy consumption in home appliances.
Products with ohmic array technology offer instant on-demand heating with no heating elements. This technology includes graphite electrodes instead of metal heating elements, which eliminate chances of corrosion, plating, and scaling, offering a longer lifespan and low maintenance. This technology helps in saving time, conserves water & energy, and uses naturally occurring minerals to heat water. With this new technology, water is heated instantly by the direct transfer of energy. Water is the only element that gets hot inside as there is no heating element and thus the surface of the heater does not become hotter than water.
Electric Water Heater Market Size By Application
Residential, Commercial
By Product
Storage, Non-storage
Industry Analysis Report, Regional Outlook
U.S., Canada, Denmark, UK, Germany, Netherlands, Sweden, Italy, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Chile, Saudi Arabia, UAE, South Africa
Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024
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