Global Electric Water Heater Market to surpass $33.2bn by 2024
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.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/680
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.
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.
Browse key industry insights spread across 125 pages with 82 market data tables & 72 figures & charts from the report, Electric Water Heater Market in detail along with the table of contents:
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.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/680
Global Market Insights has segmented the electric water heaters industry on the basis of product, application, and region:
• Electric Water Heater Product Analysis (Volume, Million Units & Revenue, USD Million; 2013 - 2024)
• Electric Water Heater Application Analysis (Volume, Million Units & Revenue, USD Million; 2013 - 2024)
• Electric Water Heater Regional Analysis (Volume, Million Units & Revenue, USD Million; 2013 - 2024)
o North America
o Asia Pacific
o Latin America
Browse Related Reports:
• Household Vacuum Cleaners Market Size By Product (Upright, Canister, Central, Drum, Wet/Dry, Robotic), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, India, China, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
About Global Market Insights
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.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Electric Water Heater Market to surpass $33.2bn by 2024 here
News-ID: 520397 • Views: 413
More Releases from Global Market Insights, Inc.
Robotic Prosthesis Market Dynamics, Forecast, Analysis and Supply Demand 2019-20 …
Robotic prosthesis market size is expected to grow significantly from 2019 to 2025. Robotic prosthesis market is primarily driven by growing demand for prosthetic implants owing to due to rise in number of accidents, severe injuries, tumors as well as congenital anomalies. Growing investments in R&D to integrate intelligent mechatronics, advanced sensing and control for attaining higher order lost sensorimotor functions, have enabled introduction of advanced technology within the devices
Anal Fistula Surgical Treatment Market Growth, Opportunities, Industry Applicati …
Anal fistula surgical treatment size is expected to grow significantly from 2019 to 2025. The anal fistula surgical treatment market is projected to witness lucrative growth over the coming years due to the increasing prevalence of inflammatory bowel diseases. Inflammatory bowel disease (IBD) is a chronic inflammatory disorder of the gastrointestinal (GI) tract that includes both ulcerative colitis and crohn disease. Some of the symptoms of inflammatory bowel diseases are
Healthcare Fabrics Market Outlook 2019 - Growth Drivers, Opportunities and Forec …
Healthcare fabrics market size is expected to grow significantly from 2019 to 2025. The healthcare fabrics market is estimated to witness lucrative growth over the coming years owing to increasing consumer awareness regarding the usage of hygiene products along with the improved quality of healthcare fabrics. The fabrics play a vital role in the healthcare textile industry as they are used in various medical applications. With the changing lifestyle, personal
Veterinary Equipment and Disposables Market Growth, Opportunities, Industry Appl …
Veterinary Equipment and Disposables Market size is projected to experience significant growth from 2019 to 2025. The veterinary equipment and disposables market is estimated to witness considerable growth over the forth coming years. These equipments and disposables are intended for diagnosis, monitoring and treatment of various health conditions associated with animals. High growth is attributable to increasing prevalence of zoonotic diseases coupled with rising trend of pet adoption in both
More Releases for Electric
Global Electric Truck Market
Global Electric Truck Market – Industry Analysis and Forecast (2018-2026) – by Electric, Truck, Application Type and Region. Global Electric Truck Market was valued at US$ XXX Mn in 2017 and is expected to reach US$ XXX Mn by 2026, at a CAGR of XX% during a forecast period. Major driving factors of the Electric Truck Market the trucking industry is in the stages of a technological changes, with a particular focus
India pushes Electric Vehicles
The Indian government’s recent tweaking of the licensing policy for Electric Vehicles (EV) promises to address the infrastructure obstacle holding back the sector. The setting up of EV charging stations by the government would no longer require a license from the Ministry, paving the way for the faster construction of these stations. Earlier this year, Ola – the cab firm – initiated ‘Mission: Electric’ with plans to put 10,000 electric auto-rickshaws and
Folding Electric Bicycle
In this report, the global Folding Electric Bicycle market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Folding Electric Bicycle in these regions, from 2012 to 2022
Electric Vehicles Market
In this report, the global Electric Vehicles (On Road) market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Electric Vehicles (On Road) in these regions, from 2012
Global Quartz Heat Lamps Market 2017 : Indu Electric Gerber, Schneider Electric, …
The Market Research Store report offers majority of the latest and newest industry data that covers the overall market situation along with future prospects for Quartz Heat Lamps market around the globe. The research study includes significant data and also forecasts of the global market which makes the research report a helpful resource for marketing people, analysts, industry executives, consultants, sales and product managers, and other people who are in
Global Electric Fan Market Share 2017-2022: Panasonic, Emerson, Alfa Electric, C …
Global Electric Fan Market Research Report A market study based on the " Electric Fan Market " across the globe, recently added to the repository of Market Research, is titled ‘Global Electric Fan Market 2017’. The research report analyses the historical as well as present performance of the worldwide Electric Fan industry, and makes predictions on the future status of Electric Fan market on the basis of this analysis. Request For Sample