The worldwide electric water heaters market is expected to experience decent expansion in the years ahead. This is on account of rising residential projects across the world. The market is estimated to achieve about USD 29 billion by the end of 2022. Augmented commercial projects around the globe are also likely to steer further demand for the market. Boosting demand for tankless water heaters and increasing disposable incomes are also predicted to drive the sales of the electric water heaters market.
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Electric water heaters have certain features which work in favor of the market and propel its growth. Some of these include enhanced ecological sustainability, energy effectivity and control of temperature over lengthier periods. Growing demand for electric water heaters in household applications, like cleaning, preparing food and bathing is also projected to further the electric water heaters market. Apart from these, accelerated demand for electric water heaters in commercial places, such as hotels and hospitals might also drive the sales of themarket.
Enhanced infrastructure in rustic regions is projected to open development opportunities for participants of the electric water heaters market. The market is categorized by amplified quality standards, safety consciousness and energy effectivity. Shortage of electricity and variations in electric supply are anticipated to hamper market growth. Other than these, implementation of hybrid products and acceptance of substitute fuels are also estimated to prevent further progress of the electric water heaters market.
Augmenting electricity prices, alterations in governmental regulations and unpredictability in the prices of unprocessed materials are the other factors which slow down further development of the market. The worldwide electric water heaters market is fragmented in view of three categories. These include products, applications and regions. These are explained below.
The products electric water heaters market is segmented on the basis of tankless products and storage tanks. The worldwide market is displaying increased shift towards tankless products from the latter. However, storage tanks are estimated to be the most vital product during the forecast phase. They are utilized in regions with restricted supply of electricity, which facilitates people’s constant accessibility to hot water. Tankless products don’t possess storage tanks and supply hot water by warming water on demand.
Theapplications electric water heaters market includes commercial and residential. Rising demand for electric water heaters across both these sectors is also anticipated to steer the market forward through the forecast phase. Commercial applications include water heaters in hospitals, hotels, apartments and business. Expansion in commercial applications is also projected to drive the electric water heaters marketfurther in the future. Residential applications of water heaters include bathing, cooking, cleaning and space heating. Residential is expected to remain a vital application in the years ahead.
Asia Pacific is estimated to be the biggest electric water heaters market through the forecast phase. This is on account of the developing regions of India and China. Both these nations account for majority of the profits in the Asian Pacific market. The North American electric water heaters market is also predicted to undergo further development owing to rising substitute demand.
Information Source: Grand View Research