The global market for electric water heater is projected to have considerable CAGR of around 5.4% during the forecast period. The major factor driving the market of electric water heater is that the electric heater do not having the danger of exploding as compare to gas water heater. In addition to this, electric water heaters allow hassle free installation leading to the increase in market growth for electric water heaters. Electric water heaters consume less space as compared to conventional gas water heaters boosting the demand of electric water heater market. Furthermore, electric water heaters can be equipped with AI such as auto-timer. Moreover, Electric immersion water heaters are being significantly utilized for industrial applications due to robust and efficient heating. In addition, it has its own electricity supply and is not dependent on boilers to work. The rising application of electric water heater in commercial and industrial sector further provides significant opportunity to the market.
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Among application, the residential segment held a considerable share in the market owing to growing requirement of hot water for residential applications such as cleaning, bathing, and others have augmented the demand for water heater. There has been increased importance of water heaters among residential users. For instance, the shipment of residential electric storage water heaters increased 2% in October 2018 to 341,572 units, which is increased from 334,901 units shipped in October 2017 (according to Air Conditioning, Heating & Refrigeration Institute (AHRI). The demand for residential electric storage water heaters is growing significantly as they are usually cost-effective to operate than other water heaters. Moreover, the government is working towards encouraging consumers to use energy-efficient water heaters that can support to save energy, thus contribute in the growth of the market.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Electric Water Heater Market Segmentation
By Product Type
- Tankless Water Heater
- Storage Water Heater
By Application
- Residential
- Commercial
- Industrial
Global Electric Water Heater Market – Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric water heater market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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