The global market for electric water heaters was estimated at $ 14,078.4 million in 2018 and is expected to grow 4.9% over the forecast period, reaching $ 21,478.7 million by 2027.
Water heating accounts for a significant proportion of domestic energy consumption in all economies. The water heater for electrical storage is available in two product types, e.g. B. for an electric water heater and a water heater without storage. The water heater for electrical storage is used where the electrical element provides heating, and is used in homes and businesses. While the hot water tank without a tank contains a water heater that heats the water immediately, such types of heating are best suited for private households. It can cut the cost of water heating by half because it can adjust the amount of electricity needed to heat the water.
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Some of the other notable players in the global electric water heater market are AO Smith Corporation, Ariston Thermo Group SpA, Bosch Group, Bajaj Electricals Ltd., Haier Smart Home Co., Midea Group Co., Siemens AG and Viessmann Werke GmbH & Co. KG and Whirlpool Corporation among others.
The growing construction activities and the development of the building infrastructure are driving the need for electrical water heating in commercial facilities in European countries. On the other hand, the demand for solar water heaters is increasing in the countries of South America, the Middle East and Africa. Several governments in these regions subsidize the purchase of solar water heaters, which enables individuals to take them over quickly. Governments are also raising awareness of the benefits of solar energy, such as renewable and environmentally friendly energy.
The market for electric water heaters was derived from market trends and revenue generation factors from five different regions around the world. North America, Europe, Asia Pacific, Middle East and Africa, and South America. The Asia Pacific region is expected to be the fastest growing region in the global electric water heater market. While APAC, followed by Europe, holds the highest market share in the market for electric water heaters in 2018.
APAC is the fastest growing market for electric water heaters worldwide. The rapid economic development in the region and a significant improvement in living standards would increase the region’s market share in the forecast period. The construction investments of the respective state authorities would optimize the business prospects positively. The increasing demand for electric water heaters, both with and without storage, would also expand the industry landscape. According to the Urban Redevelopment Authority (URA), residential construction in the region is growing rapidly. For example, 8,769 incomplete housing units were introduced in Singapore in 2018, compared to 6,020 units in 2017 and 7,877 units in 2016. In India, over 40% of the population would live in an urban area by 2030.
The market participants in the market for electric water heaters mainly focus on strategic partnerships through cooperation. By signing a partnership across North America, the company can maintain its brand name worldwide. For example, Servicewhale & Bradford White teamed up in 2018 to improve homeowner sanitary / HVAC shopping opportunities. The partnership would allow Bradford White to install contractors to achieve real results. Custom home owner quotes that automatically search for water heater replacements online.
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Table of contents:
1.1 Scope of the study
1.2 Guidelines for the Insight Partners research
report 1.3 Market segmentation
1.3.1 Global market for electric water heaters – by product
1.3.2 Global market for electric water heaters – by application
1.3.3 Global market for electric water heaters – by geography
2. Key takeaways
3. Research methodology
research 3.3 Primary research
Market landscape for electric water heaters 4.1 Market overview
4.2 Pest analysis
4.2.1 North America – Pest Analysis
Analysis in Europe 4.2.3 APAC Pest Analysis
4.2.4 Pest Analysis in the Middle East and Africa
4.2.5 Pest Analysis in South America
4.3 Ecosystem Analysis
5. Market for electric water heaters – key dynamics of the industry
5.1 Important market drivers
5.1.1 Increasing urban immigration in developing countries and industrial
nations 5.1.2 Promotion of commercialization in different countries
5.2 Important market restrictions
5.2.1 Demand for renewable sources for water heating
5.3 Important market opportunities
5.3. 1 Accentuation of the introduction of electric water heaters in developing countries
5.4 Future trends
5.4.1 Premiumization of electric water heaters
5.5 Impact analysis of drivers and restraint systems
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