Water heaters are emerging as technologically advanced and innovative products globally. Electric water heaters are currently one of the most popular water heaters among consumers globally. Though the global electric water heater market is moving towards maturity, continuous innovation on the part of manufacturers is driving the growth in the global electric water heater market. Water heating includes residential and commercial hot water systems. Energy efficient technologies in water heating include condensing gas water heaters, heat pump water heaters, gas and electric tank less systems, combination space/water heaters and solar water heaters. Water heating consumes 12 percent of residential energy and approximately 7 percent of commercial energy. Electric water heaters often exceed the consumption of energy for domestic activities such as cooking, refrigeration and lighting. Actual energy savings for water heaters depend on family size, heater location, and the size and placement of water pipes. Electric storage tank water heater is the most commonly used appliance for heating water. Generally, low income households prefer biofuel, coal and other sources of energy for heating water, but more wealthy household use electricity. Thus, middle-income homes are the highest consumers of electricity for heating water. However, culture and climatic condition of the particular region plays a crucial role to decide the type and size of electric water heaters used in households as well as in commercial establishments.
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Global Electric Water Heater Market: Drivers & Restraints
The global electric water heater market is anticipated to witness growth owing to increasing number of residential housing and commercial projects worldwide. Growing demand for tankless water heaters and rise in disposable income is anticipated to fuel the global electric water heater market. Factors such as energy efficiency, improving environment sustainability and temperature control over the forecast period are anticipated to accelerate the global electric water heater market. Growing demand across wide in domestic application such as cooking, bathing and cleaning, as well as from commercial end use such as hospitals and hotels may boost electric water heaters market growth. Rising infrastructure investment in rural areas is expected to open window of opportunity for market players in global electric water heater market. Electricity shortages and fluctuation coupled with popularity of alternate fuels such as solar power and adoption of hybrid products may prove to be a restraint for global electric water heater market growth. Rising electricity prices, changes in government regulations, and volatile raw material prices are few other challenges faced by the global electric water heater market. Growth in solar water heater market is being propelled by government efforts and demand among consumers for energy efficient and eco-friendly products to be a major threat for global electric heater market over the forecast period.
Global Electric Water Heater: Segmentation
On the basis of product type, the global electric water heater market is segmented into
- Storage Water Heaters
- Non- storage / Tankless Water Heater
On the basis of end use, the global electric water heater market is segmented into
On the basis of capacity, the global electric water heater market is segmented into
- Small water heater
- Medium water heater
- Large water heater
Global Electric Water Heater Market: Region-wise Outlook
In terms of geography, the global electric water heater market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. The global electric water heater market is expected to grow at a steady CAGR with high demand for storage and tankless water heaters globally. Asia Pacific is anticipated to dominate the global electric water heater market followed by North America. With increasing investment in infrastructure development, China and India are expected to be major contributors to drive the demand of electric water heater market in Asia Pacific region. Growing awareness for automated temperature control, energy efficiency and environmental sustainability is estimated to favour tankless heaters demand especially in developed economies. However, increasing government initiatives to improve rural infrastructure and rising awareness of uninterrupted electricity availability in these areas is expected to provide new opportunities to market growth in developing economies.
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Global Electric Water Heater Market: Key Players
Key players in the global electric water heater market include A.O. Smith Corp, General Electric Co, Midea Group, Rheem Manufacturing Company and Siemens AG. Other prominent vendors are Ariston Thermo SpA and Hubbell Electric Heater Company.