Electric Water Heater Market size is set to surpass USD 65 billion by 2030, according to a new research report by Global Market Insights Inc.
Rising smart city projects coupled with the introduction of strict design requirements & guidelines for electrical appliances will drive the market growth. Surging hot water demand on account of the rapid population growth and increased urban migration will positively enhance the business outlook.
Expansion of zero-emission & green buildings combined with growing infrastructural spending will accelerate the electric water heater market share. Homeowners are adopting advanced heating technologies with inbuilt Wi-Fi and improved UI. Increasing use of thick PUF insulation, advanced communication, and monitoring features will complement the sector. The ongoing construction of commercial buildings including hospitals, offices, airports, and others will further augment the industry growth.
Ongoing product innovations and investments in R&D will spur the market demand
The storage electric water heater market will witness strong growth driven by the key advantages including simple designs, flexible installation in the existing electrical infrastructure, and a simple user interface. The system comprises an insulated steel tank that heats the water with an electric heating element. The introduction of smart or digital thermostats and sensors has significantly enhanced heater performance, resulting in the surging product demand. In addition, manufacturers are further developing efficient models that can be easily integrated with central home heating platforms for better heating and cost management.
Browse key industry insights spread across 800 pages with 1657 market data tables & 35 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]), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”in detail along with the table of contents:
Advanced product developments along with rising demand for mass heating will escalate the market revenue
The >400 liters water heaters are estimated to attain a 5% growth rate through 2030 owing to growing concerns about high electricity bills across various commercial and industrial establishments. Manufacturers are developing new designs with improved performance and low power consumption that have significantly enhanced the industry outlook. The key application areas include hotels, swimming pools, hot water jacuzzies, and leisure centers. Moreover, constant development in the tourism sector together with the expansion and refurbishment of the existing commercial buildings will foster the global market.
Ongoing infrastructural developments with urbanization & industrialization will stimulate the market expansion
Rapidly developing economies merged with strong growth in disposable incomes will boost the demand for electric water heaters across the Asia Pacific region. China, India, and Australia are anticipated to propel due to the availability of low-cost labor and extensive lean manufacturing capabilities. Additionally, the increasing population, changing consumer trends and continuous advancements & expansion of the grid infrastructure will expand the market prospects for the manufacturing companies.
Major participants operating in the electric water heater market are Bosch Thermotechnology, Racold, Bosch Thermotechnology, Ariston Thermo, A.O. Smith, GE Appliances, Racold, Bradford White Corporation, USA, Rinnai Corporation, STIEBEL ELTRON GmbH & Co., KG, State Industries., Whirlpool Corporation, Rheem Manufacturing Corporation, Haier, Inc., Ferroli, Hubbell, Vaillant Group, and Havells India among others. These leaders are focusing on product innovations and strategic inorganic growth ventures including mergers & acquisitions, joint ventures and acquisitions to further strengthen their position.
Explore More on Related Topics: