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Electric Water Heater Market 2021: Industry Analysis, Opportunities, Technology, Demand, Top Players and Growth Forecast 2030

Report Ocean published a new report on the electric water heater market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2021 to 2030.

The electric water heater market value was US$ 23 billion in 2020. The electric water heater market is forecast to reach US$ 40 billion by 2030, with a growing compound annual growth rate (CAGR) of 5.4% during the forecast period from 2021-2030.

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Electric water heaters operate on electricity as an energy source. There are three basic types of electric storage water heaters: Electric storage, Instantaneous, and Quick (also called semi-storage). Electric water heaters use two electric resistance elements, one at the bottom and one at the top of the storage tank, to heat the water in the tank. There is an independent thermostat for each element. The lower unit provides recovery from standby loads during high hot water usage periods, while the upper part provides heating. Resistance water heaters may only contain a lower element.

Factors Influencing Market Growth

Growing demand for hot water from various applications in the residential, commercial, and industrial sectors is driving the growth of the global electric water heater market.

The government’s implementation of stringent rules, policies regarding highly efficient heating equipment, and the rapid growth of the solar water heating industry are key factors hindering the market’s growth.

Since traditional water heating systems such as boilers, burners, and others are becoming obsolete rapidly, key players are likely to benefit from lucrative growth prospects to maintain their position in the market during the forecast period.

Impact Analysis of COVID-19

Covid-19’s disruptive effect had affected the global electric water heater market. During the COVID-19 outbreak, most economies globally implemented lockdowns, which have adversely affected the supply chain for materials and production of electric water heaters due to the shortage of labor and stoppage of transportation and logistics. As a result, the market has been declining.

Post COVID-19, the market should gain momentum thanks to the decline in cases and rising demand for Heating, Ventilation, and Air Conditioning (HVAC) equipment from consumers. During the forecast period, major economies will witness a slow recovery due to the restarting of the global economy.

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Regional Insight

Asia-Pacific held dominance in the global electric water heater market, and it is forecast that it will maintain its lead during the forecast period. The reason is the presence of key players and an expansive consumer base in the region. The electric water heater market is also growing due to an increase in electrification rates, rising disposable income in Asian economies, and rapid urbanization. These factors are likely to propel the market during the forecast period in the Asia Pacific region.

Leading Competitors

The leading prominent companies profiled in the global electric water heater market are:

A.O. Smith

Ariston Thermo S.P.A.

Bajaj Electricals

Bosch Thermotechnology

Bradford White Corporation

Ferroli S.p.A.

General Electric

Haier Electronics Group Co., Ltd.

Havells India Ltd.

Racold

Rheem Manufacturing Co.

Rinnai Corporation

Stiebel Eltron, Inc.

Vaillant Group

Viessman Group

Westinghouse Electric Corporation

Whirlpool Corporation

Zenith Water Heater

Other Prominent Players

Scope of the Report

The global electric water heater market segmentation focuses on Product Type, Capacity, End-User, and Region.

Segmentation based on Product Type

Tank

Tankless

Segmentation based on Capacity

Less than 100 liters

100 to 400 liters

More than 400 liters

Segmentation based on End-User

Residential

Commercial

Industrial

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Segmentation based on Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.

Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.

It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.

The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.

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About Report Ocean:

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Updated : 2022-05-26 12:33 GMT+08:00