Electric water heaters are electrically powered devices used for water heating with the help of electrical heating equipment assembled in them. The hot water rises in the tank and is taken out for use with the help of heat-out pipes. This type of water heater is becoming popular owing to consumer focus on energy efficiency, cost saving, automatic controls, safety, and eco-friendly heating systems. Rapid urbanization is the key factor driving the demand for electric water heaters globally.
The electric
water heater market is anticipated to witness considerable growth
during the forecast period. This is attributed to factors such as the rise in
demand for hot water from residential, commercial, and industrial operations.
In addition, rapid industrialization & urbanization and the rise in
construction activities across the globe fuel the growth of the electric water
heater market. However, rapid development in the solar-powered water heater
sector is restraining the growth of the market globally. Conversely, an
increase in investment in smart city infrastructure and R&D towards
improving product quality is anticipated to provide potential growth
opportunities in the upcoming years.
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Significant development of the residential & commercial
building and construction activities is fueling the growth of the electric
water heater market during the forecast period. In addition, an increase in
demand for electric water heaters from industrial applications such as
manufacturing, food processing, agriculture, and others is driving the growth
of the market, globally. However, rise in awareness towards the use of
solar-powered water heaters is the key factor hampering the growth of the
global market in the upcoming years. On the contrary, R&D towards improving
the efficiency, and safety requirement, thereby reducing operational
electricity cost of electric water heaters is anticipated to create an
opportunity for key players in the market.
Depending on the product type, the tankless segment
registered the highest growth rate of about 5.9% in 2020 and is expected to
maintain its dominance during the electric water heater market forecast period.
This is owing to an increase in demand for instant water heating applications
from residential and commercial consumers. In addition, tankless water heaters
offer various advantages such as the constant supply of hot water, high
efficiency, lower operating & energy cost, and others which in turn is
expected to drive the growth of the market from 2021 to 2030.
On the basis of capacity, the less than 100 liters segment
holds the largest market share, in terms of revenue, and is expected to
maintain its dominance during the forecast period. This growth is attributed to
rising demand for an electric water heater with less than 100 liters capacity
from residential and commercial applications such as apartments, restaurants,
commercial complexes, theatres, and government institutions. In addition, the
rapid growth of the residential construction sector and an increase in
investment toward smart city infrastructure is further projected to drive
market growth in the coming years.
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On the basis of end users, the residential segment holds the
largest share, in terms of revenue, and is expected to grow at a CAGR of 51.2%.
This is owing to the rise in demand for electric water heaters from residential
application areas such as cooking, bathing, cleaning, and others. In addition,
rapid urbanization and an increase in disposable income are expected to propel
the demand for electric water heaters from the residential segment during the
analyzed time frame.
On the basis of region, the market is analyzed across four
major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific
garnered the dominant share in 2020 and is anticipated to maintain this
dominance in electric water heater market trends during the forecast period.
This is attributed to the presence of key players and a huge consumer base in
the region.
In addition, the electric water heater is gaining importance
owing to the increase in electrification rate, rise in disposable income in
Asian economies, and rapid urbanization which, in turn, is expected to augment
the growth of the electric water heater market during the forecast period.
The global market analysis covers in-depth information on
the major electric water heater industry participants. The key players
operating and profiled in the report include Ariston Thermo S.P.A., A.O. Smith,
Bosch Thermotechnology, General Electric, Bradford White Corporation, Rheem
Manufacturing Co., Havells India Ltd., Haier Electronics Group Co., Ltd., Bajaj
Electricals, and Racold.
Other players operating in the value chain of the global
electric water heater market are Whirlpool Corporation, Rinnai Corporation,
Ferroli S.p.A., Vaillant Group, Viessman Group, Westinghouse Electric
Corporation, Stiebel Eltron, Inc., Zenith Water Heater, and others.
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Key Findings Of The Study
- In
2020, the tank segment accounted for about 63.8% of the share in the
global electric water heater market and is expected to maintain its
dominance till the end of the forecast period.
- In
2020, the less than 100 liters segment accounted for 58.4% electric water
heater market share in the year 2020 and is anticipated to grow at a rate
of 6.2% in terms of revenue, increasing its share in the global electric
water heater market.
- Industrial
is the fastest-growing end-user segment in the global electric water
heater market, expected to grow at a CAGR of 6.3% during 2021–2030.
- Europe
is expected to grow at the fastest rate, registering a CAGR of XX%,
throughout the forecast period.
- In
2020, Asia-Pacific dominated the global electric water heater market with
more than 32.6% of the share, in terms of revenue.
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