Electric Water Heaters Market Is Projected To Be Around $31.36 Billion By 2022
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A research study titled, “Electric water heaters Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the electric water heaters market is projected to be around $31.36 billion by 2022.
The global electric water heaters market was evaluated around USD 14.67 billion in the 2012 and is expected to reach approximately USD 31.36 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 7.08% over the forecast period. Electric water heaters are presently among the most preferred water heaters by consumers worldwide. Although the global electric water heater industry is actuating towards maturity, uninterrupted advancements on the part of producers are fueling the global electric water heater industry growth. Water heating involves commercial and residential hot water systems. Energy proficient technologies in water heating involve solar water heaters, condensing gas water heaters, combination space/water heaters, gas and electric tankless systems, and heat pump water heaters. Electric water heaters frequently surpass the energy consumption for household activities like lighting, refrigeration, and cooking. Generally, low earnings households choose coal, biofuel and other resources for heating water, but more well-to-do household utilize electricity. Hence, middle-income households are the top customers of electricity for heating water.
The global electric water heaters market is expected to demonstrate extensive growth with a lucrative compound annual growth rate over the forecast period of 2012 to 2022 owing to rising number of commercial projects and residential housing worldwide. Increasing tankless water heaters demand and augment in disposable earnings is expected to boost the growth of the global electric water heater market. Factors like improving environment sustainability, temperature control, and energy efficiency are predicted to speed up the global electric water heater market growth over the forecast period. Rising demand for domestic application like cleaning, cooking, and bathing and also from a commercial application such as hotels and hospitals may drive the growth of the electric water heaters market. Electricity fluctuation and shortages along with the popularity of substitute fuels like solar power and acceptance of hybrid products might act as a hindrance for the growth of the global electric water heater market. Also, changes in government regulations, volatile raw material prices, and rising electricity prices are some other challenges for the global electric water heater market during the approaching years.
The key industry participants for the electric water heaters market are; AquaMax, A. O. Smith Corporation, Ariston Thermo (Racold), Bradford White Corporation, Bosch, Eemax, Rheem Manufacturing Company, General Electric, Zenith, and Havells. According to the product type, the global market is split into; Storage and Non-Storage. By Application, the global market is classified as; Residential and Commercial. Geographically, the global electric water heaters market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the electric water heaters market
- The global market is distinguished by strong competition owing to the existence of innovative technologies, quality, product design, performance, and reliability.
- Storage-based products mostly have applications in the region which have inadequate electricity supply, as they facilitate continuous hot water accessibility in such cases.
- Asia Pacific regional electric water heater industry will grow at a compound annual growth rate of 10.7% over forecast years. These products are favored more than gas heaters around the region, with stable demand over the commercial as well as residential application fields.
- Key players in the market are; AquaMax, A. O. Smith Corporation, Ariston Thermo (Racold), Bradford White Corporation, Bosch, Eemax, Rheem Manufacturing Company, General Electric, Zenith, and Havells.