Electric Water Heaters Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe global electric water heaters market is expected to reach
USD 29.32 billion by 2022, according to a new study by Grand View Research,
Inc. Increasing residential and commercial projects worldwide is expected to
drive market demand over the forecast period. Rising disposable income and
preference for tankless heaters may further fuel the electric water heaters
market.
Growing awareness for automated temperature control,
energy efficiency and environmental sustainability is estimated to favor
tankless heaters demand. Increasing government initiatives to improve rural
infrastructure and uninterrupted electricity availability in these areas is
expected to provide new opportunities to market growth. Rising electricity
prices, volatile raw material prices and growing preference for solar
water heaters may restrain market growth over the forecast period.
Further
key findings from the study suggest:
- Global market demand is expected to reach 117.5 million units by
2022, growing at a CAGR of 6.9% over the forecast period.
- Storage water heaters are more commonly used for residential
applications. They have capacity ranging from 2 gallons to 105 gallons
with continuous hot water availability. They are also increasingly used in
countries with limited or broken electricity supply as they can store hot
water for future use. Residential storage tanks are highly insulated to
minimize standby losses, which may be prominent owing to irregular and
non-continuous use. The market is gradually moving towards tankless
electric water heaters; however, the storage segment is still expected to
remain dominant over the forecast period.
- Residential storage water heater tanks are highly insulated to
minimize standby losses, which may be prominent owing to irregular and
non-continuous use. Commercial water heaters can be glass lined, stainless
steel lined, cement and hydrastine cement lined. Commercial developments
such as restaurants, schools, hospitals, and hotels are expected to favor
segment demand over the forecast period. Commercial electrical storage
water heaters have capacity of up to 5000 gallons.
- Countries such as China and India are expected to contribute to
regional growth over the forecast period. Rapid infrastructure
developments in these countries are expected to favor the Asia Pacific
electric water heaters market. However, increasing trend for use of solar
water heater may restrict market demand gradually over the next seven
years. These products are used mostly in urban areas whereas in rural
areas electrified hand sticks and open fires are used to heat water.
Storage technology is increasingly becoming popular in most large
households, since pre-heated water can be used from tanks in case of power
cuts.
- Key contributors to the electric water heaters market include A.O.
Smith Corp, General electric, Rheem Manufacturing Co., and Siemens AG.
Industry participants focus on offering energy-efficient and
cost-effective products through technological advancements. They invest in
R&D to offer innovative products to gain competitive advantage. A.O.
Smith Corporation invested around USD 67.9 million, USD 57.8 million, and
USD 51.7 million in 2014, 2013, and 2012 respectively for research &
development.
Access
full research report on global electric water heaters market:
www.grandviewresearch.com/industry-analysis/electric-water-heaters-market
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Created on Jan 20th 2020 06:44. Viewed 302 times.