|09-25-2018 12:54 PM CET - Business, Economy, Finances, Banking & Insurance||
Global $31.36 Bn Electric Water Heaters Market Size | Major Eminent Players | AquaMax, A. O. Smith Corporation, Ariston Thermo (Racold), Bradford White Corporation, Bosch, Eemax, Rheem Manufacturing Company, General Electric, Zenith, and Havells
Press release from: Crystal Market Research
A Research Study Titled, “Electric water heaters Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the electric water heaters marketis projected to be around $31.36 billion by 2022.
The global electric water heaters market was evaluated around USD 14.67 billion in the 2012 and is expected to reach approximately USD 31.36 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 7.08% over the forecast period.
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Electric water heaters - Competitive Outlook and Trend Analysis:
Major market players in global electric water heaters market are AquaMax, A. O. Smith Corporation, Ariston Thermo (Racold), Bradford White Corporation, Bosch, Eemax, Rheem Manufacturing Company, General Electric, Zenith, and Havells. Global electric water heater industry share is widely fused and the three leading market players report for over 90% of the global market share. Midea Group, AO Smith, and Haier Appliances have considerable market share in Chinese market. In addition, there are several other state-owned and private companies present in China. Racold is probably the major player in India; it is followed by Bajaj, AO Smith, Venus, Haier, and Havells. Initiatives to invest more for R&D activities will allow market participants to present superior product features. Besides, key market players are also launching new processes and products in an attempt to achieve competitive benefit.
Electric water heaters are presently among the most preferred water heaters by consumers worldwide. Although the global electric water heater industry is actuating towards maturity, uninterrupted advancements on the part of producers are fueling the global electric water heater industry growth. Water heating involves commercial and residential hot water systems. Energy proficient technologies in water heating involve solar water heaters, condensing gas water heaters, combination space/water heaters, gas and electric tankless systems, and heat pump water heaters. Electric water heaters frequently surpass the energy consumption for household activities like lighting, refrigeration, and cooking. Generally, low earnings households choose coal, biofuel and other resources for heating water, but more well-to-do household utilize electricity. Hence, middle-income households are the top customers of electricity for heating water.
Electric water heaters - Product Outlook and Trend Analysis:
The global electric water heaters industry is progressively shifting towards tank less from storage products. Though, storage is still anticipated to be the major product section during the projected period. Electric water heaters with storage are growingly being utilized in regions where availability of electricity is inadequate, which facilitates uninterrupted hot water availability in these areas. Tank less water heaters do not have any storage space; they supply hot water on demand by heating water simultaneously. These tanks use attached water stream triggered switch that switches on the heating system that includes the heat exchanger.
The global electric water heaters market is segmented as follows :
Electric water heaters - By Product:
Electric water heaters - By Application:
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Electric water heaters - Application Outlook and Trend Analysis:
Residential applications segment involve bathing, cooking, cleaning, and space heating. The residential segment is expected to continue to be a major application during the forecast years. This section includes products that range from 120V to 240V. Single phase 120V water heater with 2.7 gallons of capacity is used commonly as under sink attachments for washing out sinks owing to low capacity necessities. The commercial water heaters are employed in places of apartment houses, business, hospitals, commercial buildings, and hotels. Rising commercial development like schools, hotels, restaurants, etc. might fuel the growth of the electric water heaters market.
Electric water heaters - By Region:
North America - U.S, Canada, Mexico
Europe - Germany, France, UK, Italy, Spain, Rest of Europe
Asia-Pacific - Japan, China, Australia, India, South Korea, Rest of Asia Pacific
Rest of the World - Brazil, South Africa, Saudi Arabia, United Arab Emirates, Others
Electric water heaters - Regional Outlook and Trend Analysis:
Asia Pacific region is expected to be the major regional market during the projected period due to developing markets like India and China. The North American electric water heaters regional market is likely to experience growth mainly owing to rising demand for replacement. The correction to the National Energy Conservation Act during April 2015 and strict energy efficiency standards might hamper the growth of North American market.
Electric water heaters - List of Tables:
Table 1.Global Electric Water Heaters Market, By Product, 2012-2022 ($Million)
Table 2.Storage Electric Water Heaters Market, By Region, 2012-2022 ($Million)
Table 3.Non-Storage Electric Water Heaters Market, By Region, 2012-2022 ($Million)
Table 4.Electric Water Heaters Market, By Application, 2012-2022 ($Million)
Electric water heaters - List of Figures:
Figure 1.Global Electric Water Heaters Market Share, By Product, 2016 & 2025
Figure 2.Global Electric Water Heaters Market, By Application, 2016, ($Million)
Figure 3.Global Electric Water Heaters Market, By Region, 2016, ($Million)
Figure 4.A.O. Smith: Net Revenues, 2014-2016 ($Million)
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Key findings of the Electric Water Heaters Market -
• The global market is distinguished by strong competition owing to the existence of innovative technologies, quality, product design, performance, and reliability.
• Storage-based products mostly have applications in the region which have inadequate electricity supply, as they facilitate continuous hot water accessibility in such cases.
• Asia Pacific regional electric water heater industry will grow at a compound annual growth rate of 10.7% over forecast years. These products are favored more than gas heaters around the region, with stable demand over the commercial as well as residential application fields.
• Key players in the market are; AquaMax, A. O. Smith Corporation, Ariston Thermo (Racold), Bradford White Corporation, Bosch, Eemax, Rheem Manufacturing Company, General Electric, Zenith, and Havells.
About Crystal Market Research:
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customised research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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