Press release
Electric Water Heater Market By Analysis and Forecast Key Players: Haier Electronics, Ariston Thermo, Bradford White, A. O. Smith Corporation, Rheem Manufacturing
Global Market Insights
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.
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.
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Top Key Players: -
Companies operating in the electric water heater market include Haier Electronics, Ariston Thermo, Bradford White Corporation, A O Smith and Rheem Manufacturing Company.
Regional Segmentation's: -
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.
The presence of rapidly growing economies, huge market potential due to rising disposable income, and easy availability of the products through e-tailing websites are driving the Asia Pacific electric water heater industry. The adoption is also affected by the extent of electrification in the country and the continuous energy availability. The region possesses untapped growth potential owing to the increasing construction activities and huge population in the countries such as India and China.
Partial Chapter of the Table of Content
Chapter 4 Electric Water Heater Market, By Product
4.1 Global electric water heater market by product, 2016 & 2024
4.2 Storage
4.2.1 Market estimates and forecast, 2013-2024
4.2.2 Market estimates and forecast, by region, 2013-2024
4.3 Non-storage
4.3.1 Market estimates and forecast, 2013-2024
4.3.2 Market estimates and forecast, by region, 2013-2024
Chapter 5 Electric Water Heater Market, By Application
5.1 Global electric water heater market by application, 2016 & 2024
5.2 Residential
5.2.1 Market estimates and forecast, 2013-2024
5.2.2 Market estimates and forecast, by region, 2013-2024
5.3 Commercial
5.3.1 Market estimates and forecast, 2013-2024
5.3.2 Market estimates and forecast, by region, 2013-2024
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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.
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.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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