Electric Water Heater Market Is Predicted to Reach Over USD 19 Billion By 2024 | Rinnai Corporation, Bradford White, Groupe Atlantic, Zenith, A.O Smith, Bosch Thermotechnology, Nihon Itomic

Worldwide Electric Water Heater Market was valued USD 16 billion in 2018 and will surpass a revenue collection of USD 19 billion by 2024.
Electric water heater market size has witnessed a massive upsurge in the recent times owing to the consistent product upgradation and business expansion approaches adopted by the major market players, coupled with rising disposable income of households, increasing electrification in the developing nations and rigorous energy-efficient regulations being prescribed by governments across the globe. The ever-evolving consumer behavior and altering purchase patterns have further fueled the growth of electric water heater industry.

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With rising consumer education regarding water-heater performance and energy efficiency, the manufacturers have been compelled to rethink about the current designs of electric water heaters and enhance the existing technologies. To cite a noteworthy instance, one of the global industry leaders partaking in electric water heater industry, Bradford Corporation, has recently launched its eF series water heaters equipped with a thermal efficiency of 90% and a higher hot-water retrieval.

Furthermore, citing an instance of robust partnerships, U.S. based water heating systems provider, Aquanta Inc., recently announced its alliance with the leading electric utility and energy solutions provider in the U.S., NRTC to build a strong distribution framework to supply its smart water heater controller in the U.S. market. Similar moves are likely to materialize over the next few years, in turn, boosting the electric water heater market growth.

Electric water heater industry is poised to witness great demand for energy efficient products, especially against the backdrop of escalating electricity tariffs and growing governmental emphasis on conserving energy. The magnitude of expansion of electric water heater market in terms of the product spectrum, that essentially comprises instant and storage based electric water heaters has indeed been immense. Of these, instant electric water heaters minimize standby energy losses and last longer. In addition, they have been evolving with the upcoming market players conjoining the already popular water heater with ohmic array technology.

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With a sturdy and well-established distribution and sales channel spanning across majority of the regions across the globe, prominent industry players such as Bradford White Corporation, A.O. Smith, Rheem Manufacturing Company, Haier Electronics and Ariston Thermo have a firm footprint in the electric water heater market. The electric water heater industry, owing to aforementioned factors, is considered a combative and saturated industry with upcoming players trying to gain consumer loyalty through discounts and promotional activities. A recent report on electric water heater market, composed by Global Market Insights Inc., has forecast the market valuation to surpass USD 19 billion by 2024.

The U.S. electric water heater market will surpass USD 1 billion by 2024. Rapid growth across service sector coupled with effective regulatory regime toward the deployment of efficient electrical appliances will augment the industry outlook. Government inclination toward the adoption of energy efficient systems along with upgradation and replacement of existing models with advanced and compact systems will propel the product demand.

Consumer inclination toward energy saving along with growing adoption of highly convenient and efficient heating solutions will positively influence the electric water heater market. For instance, the U.S. Department of Energy has stated that electric water heaters are capable to provide energy savings of 27-50% across each hot water outlet.
Key industry players operating in the electric water heater market includes Rinnai Corporation, Bradford White, Groupe Atlantic, Zenith, A.O Smith, Bosch Thermotechnology, Nihon Itomic, Saudi Ceramics, Haier, Hubbell, Jaquar, Ariston Thermo, Whirlpool, Viessmann and Vaillant.

Glimpse of Table of Content (ToC)
Chapter 5 Electric Water Heater Market, By Capacity
5.1 Electric water heater industry share by capacity, 2017 & 2024
5.2 400 liters, by region, 2013 – 2024

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