Electric Water Heater Market By Type (Storage Tank, Tankless Electric Water Heaters), End User (Residential, Commercial, Industrial) - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022

The market for electric water heaters is poised to witness steady growth during the forecast period, with the construction and real estate sector regaining its original growth levels post-economic recession. Government regulations promoting energy-efficient solutions coupled with the growing preference for tankless water heaters are expected to drive the demand for new electric water heater installations in the coming years. These factors are expected to contribute toward a compounded annual growth rate (CAGR) of 7.3% during the 2015 – 2022.

However, rising electricity prices and a growing preference for solar water heaters may pose a challenge to the market growth during the forecast period. In addition, the high operating costs of electric water heaters as compared to gas-operated water heaters have somewhat deterred the swift adoption of electric water heaters across the globe. As a result, the electric water heater market is expected to exceed US$ 29.1 Bn by 2022, expanding at a Compound Annual Growth Rate of 7.3% between 2015 and 2022.

1.1 Report Scope

This report analyzes the global electric water heater market in terms of product type, end-use application, and geographical distribution. Based on product type, the market is segmented into storage tank electric heaters and tankless (on-demand) electric water heaters. Similarly, the global electric water heaters market is further classified into industrial, residential, and commercial segments based on end-user. Finally, the global electric water heater market's geographical distribution in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

1.2 Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Electric Water Heater Market- Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global electric heater industry.

Target Audience

  • Industry Investors
  • Electric Heater Manufacturers
  • Electric Heater Distributors
  • HVAC Manufacturers
  • Component Manufacturers
  • End-users

Based on end-use, the electric water heater market is categorized into the following segments:

  • Residential
  • Commercial
  • Industrial

The following figure represents the contribution of different end-use segments to the global electric water heater market in 2014 and 2022.

In the base year of 2014, the residential segment covering electric water heaters used for cooking, space heating, bathing, and cleaning at residential units accounted for the majority of the global market revenue share.

The segment also accounted for over two third of the electric water heater shipments worldwide. The electric water heaters used for residential use are highly insulated to reduce the prominent standby losses arising due to the irregular use of these heaters. The ever-rising population resulting in an increased number of residential units, especially in emerging economies, is expected to drive demand for electric water heaters in the residential segment. On the other hand, commercial and industrial end-use segments are expected to witness robust growth over the forecast period 2015 - 2022.

The commercial segment covers electric water heaters used in commercial complexes, restaurants, hotels, business buildings, and schools. The economic development resulting in commercial real estate growth is expected to drive demand for electric water heaters in the commercial segment. As a result, the replacement demand is expected to be higher than the new demand, especially in developed economies like North America and Europe.

Based on geography, the global electric water heater market is segmented into the following regions and countries.

  • North America
  • U.S.
  • Rest of North America
  • Europe
  • EU7
  • CIS
  • Rest of Europe
  • Asia Pacific
  • Japan
  • China
  • Indian Subcontinent
  • Rest of Asia Pacific
  • Rest of the World
  • Latin America
  • Middle East and Africa

In the base year of 2014, Asia Pacific was the largest electric water heater market, accounting for over 40 percent of the global market revenue. China was the largest and the most lucrative individual electric water heater market in the Asia Pacific. Over the forecast period 2015 – 2022, the trend is expected to continue, with the region retaining its dominant position.

The growth in the region is majorly on account of the economic development ensuing infrastructural growth in both residential and commercial spaces. Thus, an increasing number of residential and commercial projects, especially in China and India are expected to trigger new regional installations. In addition, government initiatives to improve energy infrastructure, especially in rural areas, are expected to positively impact the market demand.

On the other hand, the demand for electric water heaters in developed economies like North America and Europe is expected to remain fairly steady, supported by the escalating demand for tankless electric water heaters.

Frequently Asked Questions

The market for Electric Water Heater is expected to reach US$ 29.1 Bn in 2022.

The Electric Water Heater market is expected to see significant CAGR growth over the coming years, at 7.3%.

The report is forecasted from 2015-2022.

The base year of this report is 2014.

A.O. Smith, Rheem Manufacturing Company, FERROLI, Hubbell Heaters, Vaillant Group, Havells India Ltd., Ariston Holding, Bosch Thermotechnology Corp., GE Appliances, Bradford White Corporation, Racold, Haier, Inc., Rinnai Corporation, State Industries, Whirlpool Corporation, Nihon Itomic, Viessmann, Watts, American Standard Water Heaters and Groupe Atlantic, among others. are some of the major players in the global market.

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Published Date:  Oct 2016
Category:  Semiconductor & Electronics
Report ID:   57806
Report Format:   PDF
Pages:   120
Rating:    4.5 (69)
Delivery Time: 24 Hours to 48 Hours   
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