Press release
Electric Water Heater Market Size likely to exceed revenue of USD 33.22 billion by 2023
Electric Water Heater Market size was USD 17.5 billion in 2015, and is anticipated to grow at 7.5% CAGR from 2016 to 2024; according to a new research report by Global Market Insights, Inc.Developments in new energy saving technologies, enhanced comfort algorithms and improved display technology will drive growth. Demographic shifts such as numerous small households and surging disposable income will prove beneficial for replacement demand on a global scale. Increasing consumption from hospitals and hotels will fuel commercial electric water heater market size. These products need to ensure higher degree of efficiency and durability as compared to their residential counterparts. They can be glass lined, stainless steel lined, cement and hydrastine cement lined. The segment was valued at nearly USD 6 billion in 2015, with growth projected to outperform the global CAGR in the coming years.
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Residential electric water heater market share was over 85% of the overall volume, and is projected to remain robust over the forecast timeframe, primarily due to considerable product development and innovation. Vendor focus lies on ensuring quality control, improving lead time and productivity, employing ecofriendly materials, and maintaining customer satisfaction. Consumer preferences have shifted towards demand for high-end devices as a direct result of higher purchasing power and evolving lifestyle.
Key insights from the report include:
• Electric water heater industry is poised to exceed 130 million units by 2024, at 7.0% CAGR from 2016 to 2024.
• Tankless electric water heater market share is forecast to grow at 8.7% CAGR over the forecast timeline. They instantly heat water flowing through the device, without retaining any water internally except for what is required by the heat exchanger coil. Point-of-use tankless heaters are small and can fit inside a cabinet under or in a closet. They are generally employed for single purposes such as for a sink or shower. Whole house units have high flow rate and can handle demand from several sources simultaneously.
• Storage-based products mainly find application in regions that have limited electricity supply, since they enable continued hot water availability in such cases.
• U.S. electric water heater market size will surpass USD 5.5 billion by 2024, and represents the majority of North America revenue generation. According to the DOE, the maximum possible temperature rise at a given flow rate decides the rating of the device.
• Asia Pacific electric water heater market share will grow at 10.7% CAGR estimations from 2016 to 2024. These products are preferred over gas heaters across the region, with steady demand across the residential as well as commercial application areas.
• The industry is characterized by intense competition due to the presence of advanced technologies, product design, reliability, performance, and quality based initiatives. Incumbent players need to ensure high level of technical knowledge, capital expenditure and R&D investment in order to establish strong presence.
• Major companies operating in the industry are AO Smith, Rheem, Bradford White, Haier, Midea Group, Racold, etc. Growth strategies center around development of new products in order to reach a wider customer base and to ensure considerable portfolio.
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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