Electric Water Heater Market : Top Players – Group Atlantic, Hubbell, Linuo Ritter International, Vaillant Group, American Standard Water Heaters, Havells India, Zenith Water Heater

How will rising prevalence of middle-class population expedite global electric water heater market forecast?

Rising urban migration, alongside high middle-class income population, is anticipated to give global electric water heater market size a substantial boost over the foreseeable future. The global market has been witnessing consistent development of various smart city construction projects as well as infrastructural advancements worldwide. The governments have also imposed strict regulatory norms and mandates to replace the existing systems with energy-efficient heating units, thus accelerating the rate of electric water heater installation.

Private sectors and government bodies are making significant investments in a plethora of product development activities. There have also been various projects to replace conventional storage units for both residential and commercial applications. These aforementioned factors, along with the availability of smart, economical, and low-power appliances, will augment the electric water heater market expansion in years ahead.

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Inadequate domestic heating sources and poor air quality have been observed in the countryside, especially in the Eastern-European region. With an aim to ensure environmental and economic sustainability, clean or electric water heating systems are gaining widespread adoption in rural settings. As per Global Market Insights, Inc. estimates, the global electric water heater market is expected to witness annual installation of nearly 99 million units by 2026.

Why will mounting product usage in remote off-grid regions boost electric water heater business landscape?

An upsurge of the industry is anticipated in the forthcoming years, on account of robust electric water heater consumption in the remote off-grid areas as well as commercial establishments such as hotels, resorts, and hospitals. Rapid construction of green buildings, service sector growth, surging product demand from emerging economies like India and China and rising disposable income will further amplify electric water heater industry expansion over the forecast spell.

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In terms of segmentation by product, the global electric water heater market from the storage segment is set to account for a major share in the coming years, which can be attributed to myriad usage advantages such as efficient heating, low operating costs, and increasing mass flow. The segmental growth will further be bolstered by the high spending of consumers in the real estate sector and the presence of favorable reimbursement policies for building infrastructures.

What will be the effect of government spending on commercial infrastructure on electric water heater market trends?

With regards to the application spectrum, the residential segment is poised to exhibit a high growth rate over the estimated timeline, due to the flexible product installation with the current electrical circuit as well as easy repair and maintenance services in this sector.
On the other hand, the commercial application segment is likely to hold a considerable share in years to come, which can be credited to the government incentive programs for commercial infrastructural construction activities consisting of educational institutions, hospitals, and airports.

The social and economic disruptions caused by the COVID-19 outbreak have been devastating. The pandemic has severely impacted multiple industries like component manufacturing and construction due to the shortage of product supply amid lockdowns. These challenges may also impede the growth of the global electric water heater market over the projected timeframe.

How will the presence of stringent norms to lower carbon emissions in Europe impel regional electric water heater industry?

From a regional perspective, the Europe electric water heater market will record considerable gains in the upcoming years, owing to the rising prevalence of strict norms and regulations to curb carbon emissions, alongside the abundant presence of gas resources in the region. As per the European Commission, the eco-design & labeling directives regulate the water level standards as well as the technological innovation to develop smart control heaters. Growing need for water heating units due to the extreme climatic conditions will further stimulate the regional industry outlook.

The competitive landscape of the electric water heater market comprises of companies such as Bosch, Whirlpool Corporation, Havells India, Rheem Manufacturing, Panasonic Corporation, and A.O. Smith, among others. These enterprises are focusing on varied initiatives like M&A, new product launches, and business expansions to gain a competitive edge over their rivals.

To illustrate, in May 2018, Rinnai Corporation announced the integration of Amazon Alexa in its electric tankless water heaters to enhance its Control-R 2.0 module, and enable on-demand activation of the recirculation via voice commands.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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.

This release was published on openPR.