Electric Water Heater Market Size worth over $19bn by 2026

Electric Water Heater Market size is set to exceed USD 19 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Rising number of smart city projects coupled with introduction of strict design requirements and guidelines for electrical appliances will drive the electric water heater market growth. Surging hot water demand on account of rapid population growth and increased urban migration will positively enhance the market outlook.

 

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As per world economic forum, the global urban population has increased by six times from 751 million in 1950 to about 4.2 billion in 2018. In addition, over one third of the upcoming urban growth is expected to come from India, China and Nigeria that could add about 416 million, 255 million and 189 million urban dwellers respectively, by 2050.
 

Growing infrastructural spending coupled with expansion of zero emission and green buildings will fuel the market share. The homeowners are adopting advanced heating technologies with inbuilt Wi-Fi and improved UI. In addition, use of thick PUF insulation and advanced communication and monitoring features will complement the market landscape.
 

Ongoing product innovations and investments in R&D will drive the storage water heater market growth

The storage electric water heater market size will witness strong growth through 2026 on account of key advantages including simple designs, flexible installation with existing electrical infrastructure and simple user interface.
 

The system comprises of an insulated steel tank that heats the water with an electric heating element. Introduction of smart or digital thermostats and sensors have significantly enhanced its performance resulting in surging the market demand. In addition, the manufacturers are further developing efficient models that can be easily integrated with central home heating platform for better heating and cost management.
 

Browse key industry insights spread across 590 pages with 1,196 market data tables & 37 figures & charts from the report, “Electric Water Heater Market Size By Product (Instant Water Heaters, Storage Water Heaters), 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 - 2026in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-water-heater-market
 

The 400 liters capacity electric water heater market revenue is anticipated to register over 4.5% gains till 2026

Growing demand for mass flow heating along with rising concerns for high electricity bills will facilitate the adoption of above 400 liters capacity water heaters. The manufacturers are developing new designs with improved performance and low power consumption that has significantly enhanced the industry outlook.
 

The key application areas include hotels, swimming pools, hot water jacuzzies and leisure centers. Furthermore, ongoing development of tourism sector coupled with growing expansion of commercial buildings will augment the market value.
 

Ongoing infrastructural development will stimulate the Asia Pacific market growth

Rapidly advancing economies coupled with strong growth in personal disposable income will escalate the electric water heater market demand across Asia Pacific region. The major growth is expected to come from China, India and Australia due to availability of low-cost labor and extensive lean manufacturing capabilities. In addition, dense population along with ongoing advancement and expansion of grid infrastructure will provide vast growth prospects for the manufacturers.
 

Key players operating across the market include Bosch Thermotechnology, Racold, A.O. Smith, General Electric Appliances, Ariston Thermo, Bradford White, Rheem Manufacturing, Haier Electronics, Rinnai Corporation, Whirlpool Corporation, State Water Heaters, Ferroli, Vaillant Group, Hubbell, Havells India, Viessmann Group, Watts Water Technologies, Nihon Itomic, Stiebel Eltron, American Standard Water Heaters, Westinghouse Electric Corporation, Zenith Water Heater, Groupe Atlantic and Linuo Ritter International.
 

The leading companies are focusing toward product innovation and strategic growth ventures including mergers & acquisitions to strengthen their position across the market.
 

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