Press release
Electric Water Heater Market to Soar at a CAGR of 6% to 2024
Rising disposable income has resulted in increasing use of electronic appliances by households, which has resulted in increasing electricity consumption. With the rising disposable income and enhanced living standards, households generally tend to progress in the energy ladder in terms of cost, quality, and convenience.
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Electric Water Heater Market will cross USD 30 billion by 2024, with global shipments set to grow at over 6%; according to a new research report by Global Market Insights, Inc.
Innovative designs, increased energy efficiency, reduced space requirement, and replacement & the need for upgrading water heaters are stimulating the growth of residential segment. The increasing demand is also attributed to rising disposable income in the developing countries and increasing electrification in the region. This segment is estimated to further grow owing to changing consumer preferences and manufacturers developing products that comply with stringent energy-efficiency regulations.
The demand in the commercial segment is due to the increased requirements for large process portable water heaters. The commercial electric water heater market is affected by organizations preferring solar-powered products due to their advantages in the long run. These applications will grow at over 7% CAGR estimation from 2017 to 2024 to exceed 18 million units.
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The regulatory standards established for the electric water heater market followed by the system vendors may vary as per the region. For instance, National Appliance Energy Conservation Act (NAECA) in the U.S. makes suitable efficiency standards for various household appliances such as dishwashers, refrigerators, water heaters, dryers, and washing machines. NAECA mandates high-energy efficiencies periodically as per energy factor ratings on all residential electric, oil, gas, and tankless water heaters to effectively decrease energy consumption in home appliances.
Products with ohmic array technology offer instant on-demand heating with no heating elements. This technology includes graphite electrodes instead of metal heating elements, which eliminate chances of corrosion, plating, and scaling, offering a longer lifespan and low maintenance. This technology helps in saving time, conserves water & energy, and uses naturally occurring minerals to heat water. With this new technology, water is heated instantly by the direct transfer of energy. Water is the only element that gets hot inside as there is no heating element and thus the surface of the heater does not become hotter than water.
Ohmic heating eliminates the formation of steam bubbles throughout the heating cycle and results in a virtually silent heating operation. There is no heating element, so precipitation of minerals and chemicals dissolved in water can be avoided as precipitates around the heating element and in the bottom of the heating kettle can reduce the heating efficiency. These precipitates can further find their way into the drinks and food, which are prepared using the hot water.
The electric water heater market is projected to remain competitive in the coming years. Incumbent players focus on product development and innovation measures to stay relevant in the industry and gain market share.
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Related Reports: -
Global (North America, Europe and Asia-Pacific, South America, Middle East and Africa) Tankless Electric Water Heater Market 2017 Forecast to 2022
Tankless water heaters, also known as instantaneous or on-demand water heaters, provide hot water without using a storage tank. Like tank water heaters, tankless water heaters use either gas or electr...
https://www.marketstudyreport.com/reports/global-north-america-europe-and-asia-pacific-south-america-middle-east-and-africa-tankless-electric-water-heater-market-2017-forecast-to-2022/?utm_source=RR-SK
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