Electric Water Heater Market Analysis

Electric Water Heater Market Analysis

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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.
 

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 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.