Allied Market Research
Loading...
0

Electric Water Heater Market Expected to Reach $40.1 Billion by 2030

 

Report Code : A13788

quote The electric water heater market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as rise in demand for hot water from residential, commercial and industrial operations. In addition, rapid industrialization & urbanization and rise in construction activities across the globe fuels 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, increase in investment on smart city infrastructure and R&D towards improving product quality are anticipated to provide potential growth opportunities in the upcoming years. quote

Eswara Prasad
Manager, Energy & Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research titled, Electric Water Heater Market by Product Type, Capacity, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the electric water heater market size was valued at $23.2 billion in 2020, and is projected to reach $40.1 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030. Electric water heaters are electrically powered devices used for water heating with the help of electrical heating equipment assembled in it. 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 towards 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.

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, increase in demand for electric water heater from industrial applications such as manufacturing, food processing, agriculture and others is driving the growth of the market, globally. However, rise in awareness towards 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, safety requirement, and thereby reducing operational electricity cost of electric water heater is anticipated to create opportunity for key players in the market.

Depending on the product type, 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 increase in demand for instant water heating applications from residential and commercial consumers. In addition, tankless water heaters offer various advantages such as 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, 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 rise in demand for 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, rapid growth of residential construction sector and increase in investment towards smart city infrastructure is further projected to drive the market growth in the coming years.

On the basis of end user, 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 rise in demand for electric water heater from residential application areas such as cooking, bathing, cleaning, and others. In addition, rapid urbanization and increase in disposable income is expected to propel the demand for electric water heaters from 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 huge consumer base in the region.

In addition, 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 of 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.

COVID-19 impact on the market

The global electric water heater market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including electric water heaters. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for equipment used in electric water heater production. In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global electric water heater market.

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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Electric Water Heater Market by Product Type (Tank and Tankless), Capacity (Less than 100 liters, 100 to 400 liters, and more than 400 liters), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,210 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Electric Water Heater Market"
Purchase Enquiry