Electric Water Heater Market Insight

Limited Growth Opportunities Likely to Curb Electric Water Heater Market Growth Over 2030

WILMINGTON, DELAWARE, UNITED STATES, April 29, 2024 /EINPresswire.com/ -- Electric water heaters are electrically powered devices used for water heating with the help of electrical heating equipment assembled in them. 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 on 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. 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/14157

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

Depending on the product type, the 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 an increase in demand for instant water heating applications from residential and commercial consumers. In addition, tankless water heaters offer various advantages such as the constant supply of hot water, high efficiency, lower operating & energy costs, and others which in turn is expected to drive the growth of the market from 2021 to 2030.

Based on capacity, the 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 a rise in demand for electric water heaters 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 the residential construction sector and an increase in investment toward smart city infrastructure are further projected to drive market growth in the coming years.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/14157

Based on end users, 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 the rise in demand for electric water heaters from residential application areas such as cooking, bathing, cleaning, and others. In addition, rapid urbanization and an increase in disposable income is expected to propel the demand for electric water heaters from the residential segment during the analyzed time frame.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Electric Water Heater industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐖𝐚𝐭𝐞𝐫 𝐇𝐞𝐚𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 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
Racold

Based on 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 a huge consumer base in the region.

In addition, electric water heaters 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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/14157

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.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 (𝐄𝐒𝐂𝐎𝐬) 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/electric-service-companies-escos-market-to-reach-59-8-billion-globally-by-2032-at-7-2-cagr-allied-market-research-301872954.html

𝟐. 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜 𝐋𝐨𝐚𝐝 𝐃𝐞𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/09/30/2526117/0/en/Electronic-Load-Devices-Market-Is-Expected-to-Generate-5-2-Billion-by-2031-Allied-Market-Research.html

𝟑. 𝐏𝐨𝐫𝐨𝐮𝐬 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐝𝐞𝐬 𝐟𝐨𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐳𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2021/08/25/2286425/0/en/Porous-Electrodes-for-Electrolyzer-Market-to-Reach-345-Million-by-2030-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Market Research
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