Electric Water Heater Market size worth over $22bn by 2026
Published Date: December 11, 2020 Authors: Ankit Gupta, Srishti Agarwal
Electric Water Heater Market size is set to surpass USD 22 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Increasing urban migration on account of growing disposable income along with significant improvements in living standards will influence the market growth. Shifting consumer trends toward luxurious and compact heating equipment designs coupled with introduction of innovative product advancements including communication and monitoring features will boost the business landscape. Rising R&D activities and product customizations by the manufacturers have led to the introduction of various energy efficient models. Furthermore, strict government regulations toward the usage of smart heating appliances across both commercial and residential establishments will enhance the product adoption.
Surging economic growth owing to ongoing infrastructure development of the commercial buildings specifically across the evolving economies will drive the electric water heater market expansion. Increasing smart city construction projects along with rising investments for construction of zero emission buildings will further encourage the product acceptance.
Product innovation and technological advancements will fuel the demand for storage water heaters
Storage segment in the electric water heater market is expected to witness around 3% growth rate till 2026. Key features including easy maintenance & repair, simple & compact designs and low operating costs will enhance the product usage. Widespread availability of the ready to install designs along with multiple capacity ranges is set to influence the industry landscape. Increasing demand for high-capacity units including above 400 liters and 250-400 liters products across the commercial applications will accelerate the market revenue. Additionally, product innovations comprising corrosion resistance, communication, and monitoring features, Wi-fi connectivity along with advance leakage detection solutions will positively augment the product demand.
Browse key industry insights spread across 550 pages with 1,214 market data tables & 40 figures & charts from the report, “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, Office, Government/Military]), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026”in detail along with the table of contents:
College and university end-use segment will observe substantial growth
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College and university segment held for more than 20% of revenue share in 2019. Ongoing construction of key commercial establishments comprising hospitals, hotels, colleges & universities, and shopping complexes by government supported funds will propel the commercial water heater market size. Robust development in the tourism business primarily in the south east Asian countries along with rising hot water demand from resorts and hotels will enable mass product deployments. Stringent norms and mandates associated with the installation of advance heating systems across the federal buildings will strengthen the business landscape. In addition, ongoing expansion of office buildings combined with rising hot water consumption specifically across multistory apartments is anticipated to enhance the industry outlook.
Rising trend toward emission reduction along with growing urbanization is set to spur the growth for APAC region
Australia, China, and India are the major economies that propel the Asia Pacific water heater demand, covering more than 60% of the electric water heater market share of the region. Strict government regulations toward the reduction of carbon emissions coupled with prevailing technological advancements owing to increasing product innovations will propel the market value. Widespread penetration of electric water heaters along with growing investments by government and private organizations in infrastructure development will further enhance the market revenue. Prospering manufacturing sectors along with easy availability of low-cost labor is set to support many key investors.
Eminent players functioning across the electric water heater market comprise of A.O. Smith, Bosch Thermotechnology, General Electric Appliances, Racold, Ariston Thermo, Rheem Manufacturing, Bradford White, Haier Electronics, Whirlpool Corporation, Rinnai Corporation, State Water Heaters, Vaillant Group, Ferroli, Hubbell, Viessmann Group, Havells India, Watts Water Technologies, Stiebel Eltron, Nihon Itomic, American Standard Water Heaters, Zenith Water Heater, Westinghouse Electric Corporation, Linuo Ritter International and Groupe Atlantic among others. The prominent companies are focusing on strategic growth ventures comprising of acquisitions & mergers along with new product introductions to strengthen their market position.