A
research study titled, “Electric water heaters Market by product Type -
Global Industry Analysis and Forecast to 2022” published by Crystal Market
Research, states that the electric water heaters market is projected to be
around $31.36 billion by 2022.
The
global electric water heaters market was evaluated around USD 14.67 billion in
the 2012 and is expected to reach approximately USD 31.36 billion by the end of
2022 while registering itself at a compound annual growth rate (CAGR) of 7.08%
over the forecast period. Electric water heaters are presently among the most
preferred water heaters by consumers worldwide. Although the global electric
water heater industry is actuating towards maturity, uninterrupted advancements
on the part of producers are fueling the global electric water heater industry
growth. Water heating involves commercial and residential hot water
systems. Energy proficient technologies in water heating involve solar water
heaters, condensing gas water heaters, combination space/water heaters, gas and
electric tankless systems, and heat pump water heaters. Electric water
heaters frequently surpass the energy consumption for household activities like
lighting, refrigeration, and cooking. Generally, low earnings households choose
coal, biofuel and other resources for heating water, but more well-to-do
household utilize electricity. Hence, middle-income households are the top
customers of electricity for heating water.
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The
global electric water heaters market is expected to demonstrate extensive
growth with a lucrative compound annual growth rate over the forecast period of
2012 to 2022 owing to rising number of commercial projects and residential
housing worldwide. Increasing tankless water heaters demand and augment in
disposable earnings is expected to boost the growth of the global electric
water heater market. Factors like improving environment sustainability,
temperature control, and energy efficiency are predicted to speed up the global
electric water heater market growth over the forecast period. Rising demand for
domestic application like cleaning, cooking, and bathing and also from a
commercial application such as hotels and hospitals may drive the growth of the
electric water heaters market. Electricity fluctuation and shortages along with
the popularity of substitute fuels like solar power and acceptance of hybrid
products might act as a hindrance for the growth of the global electric water
heater market. Also, changes in government regulations, volatile raw material
prices, and rising electricity prices are some other challenges for the global
electric water heater market during the approaching years.
The
key industry participants for the electric water heaters market are; AquaMax,
A. O. Smith Corporation, Ariston Thermo (Racold), Bradford White Corporation,
Bosch, Eemax, Rheem Manufacturing Company, General Electric, Zenith, and
Havells. According to the product type, the global market is split into;
Storage and Non-Storage. By Application, the global market is classified as;
Residential and Commercial. Geographically, the global
electric water heaters market is segmented into regions which are; Europe
(Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan,
China, India, Australia, South Korea and Rest of Asia Pacific), North America
(the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi
Arabia, South Africa, United Arab Emirates and Others).
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water heaters Market Research Report @: https://www.crystalmarketresearch.com/report-sample/SE10295
Key
findings of the electric water heaters market
- The global
market is distinguished by strong competition owing to the existence of
innovative technologies, quality, product design, performance, and
reliability.
- Storage-based
products mostly have applications in the region which have inadequate
electricity supply, as they facilitate continuous hot water accessibility
in such cases.
- Asia
Pacific regional electric water heater industry will grow at a compound
annual growth rate of 10.7% over forecast years. These products are
favored more than gas heaters around the region, with stable demand over
the commercial as well as residential application fields.
- Key players
in the market are; AquaMax, A. O. Smith Corporation, Ariston Thermo
(Racold), Bradford White Corporation, Bosch, Eemax, Rheem Manufacturing
Company, General Electric, Zenith, and Havells.
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