Electric Water Heater Market Size By Product (Instant, Storage), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), By Application (Residential, Commercial [College/University, Offices, Government/Military, Others]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Dec 2020  |  Report ID: GMI680  |  Authors: Ankit Gupta, Srishti Agarwal

Report Format: PDF   |   Pages: 500   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Electric Water Heater Market size valued at USD 21 billion in 2019 and annual installation is anticipated to cross over 99 million units by 2026. Growing investments in research, design & development activities leading to product advancements comprising of communication and control features is set to influence the industry growth.
 

Electric Water Heater Market
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Growing industrialization across the emerging economies along with increasing urbanization on account of raised standard of living will spur the demand for electric water heater. Rapid expansion of commercial establishments combined with the upcoming trend of urban migration due to large-scale development of residential infrastructure is set to boost water heater installation. Shifting customer focus toward modern and efficient technologies owing to substantial reduction in the utility bills coupled with stringent norms and mandates toward adoption of energy efficient systems will augment the electric water heater market revenue.
 

The COVID-19 pandemic might affect the installation of water heaters as delay in construction projects. The demand for these units may witness a decline because of minimum on-site operations, lower availability of workforce and supply chain interruptions. Nevertheless, with the economies lifting lockdown and commencement of industrial and commercial activities is anticipated to strengthen the business outlook.
 

Robust investments toward infrastructure development will stimulate the commercial water heater industry statistics

The commercial water heater market demand is anticipated to grow at around 5% CAGR through 2026 impelled by continuous infrastructural development along with increasing deployment of energy efficient heating units. For instance, according to IBEF, in 2020, India requires an investment of about USD 777 billion by 2022. Increasing smart city development projects combined with strict building efficiency standards and codes will support the industry landscape. Ongoing expansion of high-rise buildings to new cities coupled with bolstering growth across the service sector will drive the market size. Additionally, development of establishments comprising shopping complexes, offices, hotels, and universities will strengthen the business outlook.
 

The domestic demand is projected to sustain the momentum driven by shifting customer focus toward advance digital technologies and new product developments. Continuous investments by both private companies & government organizations along with upcoming plans of set up of manufacturing units by key industry players is set to enhance the market growth.
 

Growing demand for on demand heating units

Rising usage of instant heating technologies propelled by key features including high supply output, low operational costs along with limited standby losses in comparison to traditional storage units will fuel the electric water heater market valuation. Enhanced utilization in residential applications including cooking, cleaning and personal hygiene by advanced communication & monitoring features combined with other benefits is set to impel the business outlook. For instance, A.O. Smith, in 2019, announced its iCOMM connectivity platform consisting of constant remote monitoring characteristics, informing customers regarding the fault histories along with the notifications.
 

Military & Government water heaters accounted for over 20% market revenue share in 2019

Surging demand for hot water across military and government facilities to cope up with the necessary hot water requirements is anticipated to positively impact the electric water heater market. Active investments by the government toward the infrastructure development of care centers and hospitals will accelerate the water heater deployments. However, growing installation of instant heating technology across offices along with ongoing technological product advancements will boost the demand.
 

Availability of wide-ranging capacity systems will foster the electric water heater industry

UK Electric Water Heater Market

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High application suitability across the commercial developments including hotels, healthcare, shopping complexes and government institutions will facilitate the adoption of 30-100 liters capacity units. Easy maintenance, low-cost installation, and repair along with availability of variety of models suitable for multiple application purposes will propel the electric water heater market scenario.
 

Rising deployment of low-capacity heating units primarily across the residential establishments along with robust rise in adoption of storage units will increase the adoption of below 30 liters water heaters. Moreover, refining product quality along with changing customer preference toward adoption of star rating, compact design and competent units will further catalyze the product demand.
 

Growing electrification rate across the Asian & African nations

Economic growth owing to availability of electricity across the remote areas along with ongoing rural electrification projects in the upcoming economies will accelerate the installation of new water heating units. Growing accessibility across the consumer end along with ongoing investments to develop the grid infrastructure will drive the electric water heater market. Furthermore, various countries comprising Morocco, Egypt, Libya, Tunisia among others have electrification rates greater than 90% while above 15 countries have access rates below 25%. For instance, according to IEA, in 2018, the electrification rate in the APAC region is projected to reach to 99% by 2030.
 

Technological advancement will spur business growth across the Latin America

Brazil electric water heater market will capture around 70% of the LATAM revenue share in 2019 due to increasing penetration of the tankless units and large commercial space. Key characteristic features comprising reduction in water wastage, low energy consumption, along with long product life is set to propel the business expansion. Moreover, ongoing replacement of the existing heaters with new system designs and high customer spending in modern & smart appliances will drive the industry.
 

Asia Pacific will dominate the market accounting for more than 20% share in 2019 followed by Latin America, and Europe. Large scale development of smart cities and green buildings coupled with strict regulatory & environmental norms concerning the carbon emissions from heating systems will intensify the business growth. In addition, rising tourism, strong GDP growth across emerging nations coupled with shifting focus toward advance water heating equipment will influence the market size.
 

Strategic alliances leading to international business expansions will strengthen the industry

Inorganic growth ventures comprising mergers & acquisitions, joint ventures, coupled with strategic partnerships with the leading companies is projected to accelerate the market growth. The industry manufacturers further engage in research activities to innovate the prevailing product line to augment the overall customer base.
 

The leading industry participants operating in the electric water heater market include Group Atlantic, Hubbell, Linuo Ritter International, Vaillant Group, American Standard Water Heaters, Havells India, Zenith Water Heater, Nihon Itomic, Westinghouse Electric Corporation, Stiebel Eltron, Viessmann Group and Watts Water Technologies.
 

The Covid-19 pandemic may affect the installation of hot water units as the delay in completion of the ongoing construction projects. Additionally, the demand for these systems may witness a decline on account of minimum on-site operations, lower availability of workforce and supply chain interruptions. However, with the nations lifting the lockdown along with the start of commercial and industrial activities with minimal operations, the industry is anticipated to witness an upsurge in the product installation.
 

This market research report on electric water heater includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

Market, By Product

  • Instant
  • Storage

Market, By Capacity

  • <30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • 250-400 Liters
  • >400 Liters

Market, By Application

  • Residential
  • Commercial
    • College/University
    • Offices
    • Government/Military
    • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherland
    • Denmark
    • Finland
    • Sweden
    • Norway
  • Eurasia
    • Russia
    • Belarus
    • Armenia
    • Kazakhstan
    • Kyrgyzstan
  • CIS
    • Azerbaijan
    • Moldova
    • Tajikistan
    • Turkmenistan
    • Ukraine
    • Uzbekistan
  • Asia Pacific
    • China
    • Australia
    • India
    • Myanmar
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
    • Vietnam
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Bahrain
    • Oman
    • Turkey
    • South Africa
    • Nigeria
    • Algeria
    • Egypt
    • Israel
    • Cyprus
    • Lebanon
    • Iraq
  • Latin America
    • Brazil
    • Argentina
    • Chile
    • Mexico

 

Frequently Asked Questions (FAQ) :

Electric water heater industry share was at USD 21 billion in 2019 and annual installation of the heaters is expected to surpass 99 million units by 2026.
Driven by continuous infrastructure development and increasing deployment of energy-efficient heating units, commercial application segment is poised to grow at nearly 5% CAGR through 2026.
The military & government application segment held 20% of electric water heater market share in 2019 and will expand owing to the rising demand for hot water in their facilities.
Asia Pacific market captured a 20% share in 2019 and will record significant growth with large scale development of green buildings and smart cities along with stringent environmental norms.

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Premium Report Details

  • Published Date: Dec 2020
  • Pages: 500
  • Tables: 1214
  • Charts / Figures: 40
  • Companies covered: 24
  • Countries covered: 7

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