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Electric Water Heater Market Expected To Observer Major Growth By 2025
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Global Electric Water Heater Market: Drivers & Restraints
The global electric water heater market is anticipated to witness growth owing to increasing number of residential housing and commercial projects worldwide. Growing demand for tankless water heaters and rise in disposable income is anticipated to fuel the global electric water heater market. Factors such as energy efficiency, improving environment sustainability and temperature control over the forecast period are anticipated to accelerate the global electric water heater market. Growing demand across wide in domestic application such as cooking, bathing and cleaning, as well as from commercial end use such as hospitals and hotels may boost electric water heaters market growth. Rising infrastructure investment in rural areas is expected to open window of opportunity for market players in global electric water heater market. Electricity shortages and fluctuation coupled with popularity of alternate fuels such as solar power and adoption of hybrid products may prove to be a restraint for global electric water heater market growth. Rising electricity prices, changes in government regulations, and volatile raw material prices are few other challenges faced by the global electric water heater market. Growth in solar water heater market is being propelled by government efforts and demand among consumers for energy efficient and eco-friendly products to be a major threat for global electric heater market over the forecast period.
Global Electric Water Heater: Segmentation
On the basis of product type, the global electric water heater market is segmented into
Storage Water Heaters
Non- storage / Tankless Water Heater
On the basis of end use, the global electric water heater market is segmented into
Residential
Commercial
Industrial
On the basis of capacity, the global electric water heater market is segmented into
Small water heater
Medium water heater
Large water heater
Global Electric Water Heater Market: Region-wise Outlook
In terms of geography, the global electric water heater market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global electric water heater market is expected to grow at a steady CAGR with high demand for storage and tankless water heaters globally. Asia Pacific is anticipated to dominate the global electric water heater market followed by North America. With increasing investment in infrastructure development, China and India are expected to be major contributors to drive the demand of electric water heater market in Asia Pacific region. Growing awareness for automated temperature control, energy efficiency and environmental sustainability is estimated to favour tankless heaters demand especially in developed economies. However, increasing government initiatives to improve rural infrastructure and rising awareness of uninterrupted electricity availability in these areas is expected to provide new opportunities to market growth in developing economies.
Global Electric Water Heater Market: Key Players
Key players in the global electric water heater market include A.O. Smith Corp, General Electric Co, Midea Group, Rheem Manufacturing Company and Siemens AG. Other prominent vendors are Ariston Thermo SpA and Hubbell Electric Heater Company.
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