Rise in Demand for Energy Efficient Heating Systems Expected to Drive World Electric Water Heaters Market over the Forecast Period: Ken Research
An electric water heater is a fully automatic water heater. It has a storage tank with one or more electric heating elements along with operating & safety controls. It is often surpass the consumption of energy for domestic activities for instance cooking, refrigeration and lighting. It uses electricity as an energy source to heat water. It also makes use of electric resistance elements to heat the water in storage tank using two electric resistance elements, which are located at the top and bottom of the storage tank and controlled through an independent thermostat.
According to study, “World Electric Water Heaters Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world electric water heaters market are A.O. Smith Corp., Whirlpool, Rheem, Simens, Nihon Itomic, Stiebel Eltron, Ferroli, Hubbell, Viessmann, General Electric Co., Eldominvest, State Industries, Ariston Thermo, Midea, SAKURA, Jaquar, Wanjiale, Haier, Weber, Otlan, Vanward New Electric, Rinnai Corporation, Vaillant, Bradford White, Groupe Atlantic, Sacon, Vatti, Kanch Water Heaters, Bosch Thermotechnology, Saudi Ceramics, Zenith. The key players are offering heavy-duty, cylindrical, square-shaped, and rack system electric water heaters that are specially designed for high-volume use. These technological improvements in electric water heaters label them in the superior category.
Based on product type, electric water heaters market is segmented into electrical storage water heaters, quick electric water heater and instantaneous electric water heater. Based on capacity, market is segmented into < 30 liters, 30-100 liters, 100-250 liters, 250-400 liters and > 400 liters. Based on distribution channel, market is segmented into online channel and offline channel. In addition, based on market is segmented into commercial (college/university, government/military and office) and residential.
The electric water heaters market is driven by rise in number of residential housing & commercial projects, followed by growth in demand for tank-less water heaters, replacement of conventional water heating systems, rise in demand for energy efficient heating systems, increase in disposable income, rise in energy efficiency, growth in demand across various application such as cooking, cleaning, & bathing and improvement in environment sustainability & temperature control. However, rise in electricity prices, volatile raw material prices and increase in changes in government regulations may impact the market. Moreover, rise in infrastructure investment in rural areas is a key opportunity for market.
In USA, the National Appliance Energy Conservation Act (NAECA) is a regulatory standards, which makes suitable efficiency standards for many household appliances for instance dishwashers, water heaters, dryers, refrigerators, and washing machines. NAECA mandates high-energy efficacies periodically as per energy aspect ratings on all residential electric, gas, oil, and tank-less water heaters to effectively reduce energy consumption in home appliances.
Based on geography, China country holds major share, followed by USA in electric water heaters market owing to growth in demand for water heating systems and rapid urbanization & advanced product customization in the country. EU region is expected to witness higher growth rate due to rise in demand for replacement of existing water heaters and government norms pertaining to energy efficiency over the forecast period. It is anticipated that the market will be reached at rapid pace on account of advancement in technology with rising emission standards during the forecast period.
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Ankur Gupta, Head Marketing & Communications