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Electric Water Heater Market Analysis

  • Report ID: GMI680
  • Published Date: Oct 2023
  • Report Format: PDF

Electric Water Heater Market Analysis

 Electric Water Heater Market Size, By Product, 2021 - 2032 (USD Million)

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Based on product, the storage segment accounted for USD 12.4 billion in 2022. Key features including smart technological features resulting in reduced energy consumption and lower utility bills in line with surge in number of multi-family & single family apartments will foster the product demand. Additionally, rising use of hot water for various household activities comprising cleaning & cooking among others along with requirement of hot water for personal hygiene will accelerate the business landscape.

>400 liters market is anticipated to register around 6% growth rate during 2023 and 2032, owing to requirement of high-capacity water heaters along with ongoing refurbishment and revamp of the existing buildings. Numerous manufacturers offering product customization across various commercial and industrial applications coupled with growing requirement for on- demand hot water particularly across institutes comprising hotels, restaurants, and hospitals will fuel the product potential.

 Electric Water Heater Market Revenue Share, By Application, 2022

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Based on application, the residential electric water heater market will cross USD 23.9 billion by 2032. Businesses expansion across remote or underserved regions along with rapid expansion of the existing grid networks will enhance the industry scenario. Ongoing introduction of sustainable building energy standards coupled with rising investments by major players toward innovations for enhanced efficiency and energy savings is set to fuel the storage market size.

Asia Pacific Electric Water Heater Market Size, 2021 - 2032 (USD Billion)

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Asia Pacific electric water heater market is projected to showcase about 5.5% CAGR through 2032. Increasing investments toward infrastructure development along with ongoing government mandates to reduce the carbon emissions will influence the product adoption. For instance, the South Australia’s Water Heater Installation Requirement initially introduced in 2008 and effective by 2009 requires the plumbers to deploy low-emission water heaters, including high efficiency solar, gas or electric heat pump systems. The provisions are applicable on both new and existing homes. Furthermore, continuous development of zero emission green building projects coupled with growing awareness of smart appliances to reduce the increasing carbon footprint will complement the industry landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electric water heater was exceeded USD 22.1 billion in 2022 and is anticipated to cross over USD 33.8 billion by 2032, driven by rising adoption to heat water for various domestic purposes, primarily for bathing, washing, and cleaning.

Demand for storage electric water heaters reached USD 12.4 billion in 2022, proplled by the surge in the number of multi-family & single-family apartments.

residential electric water heater market valuation is projected to surpass USD 23.9 billion by 2032, due to the rapid expansion of the existing grid networks.

Asia Pacific market for electric water heater is expected to witness more than 5.5% from 2023 to 2032, due to the increasing investments toward infrastructure development along with ongoing government mandates to reduce the carbon emissions.

Electric Water Heater Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 27
  • Tables & Figures: 1411
  • Countries covered: 50
  • Pages: 900
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