Selbyville, Delaware, June 02, 2022 (GLOBE NEWSWIRE) --
The electric water heater market size is expected to record a valuation of USD 65 billion by 2030, according to the most recent study by Global Market Insights Inc. Rising electrification rates primarily across developing regions coupled with continuous government investments in infrastructural development are anticipated to drive the industry growth.
A prevailing inclination toward the acceptance of energy-efficient electrical appliances on account of growing electricity bills will boost the electric water heater market expansion. Flexible installation in the existing electrical circuit along with low maintenance & repair will stimulate the product adoption across residential applications. Manufacturers are extensively offering after-sales services, thereby focusing on forward integration of the customers. Furthermore, the introduction of newer technologies with improved performance along with the availability of multiple designs & capacities suitable for varied user requirements will complement the business landscape.
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Stringent environment norms along with extreme climatic conditions during winters will complement the Europe electric water heater market dynamics. The product is further integrated with various space heating & water-based central systems that will spur the usage of these heaters. The region is regulated by various building standards & codes and eco-design directives, encouraging the acceptance of energy-efficient electrical appliances. In addition, the rising demand of these heaters in commercial applications across wide tourist destinations will escalate the business growth.
The ongoing construction of green buildings coupled with robust expansion of the service sector will fuel the electric water heater market value. The increasing product demand from office spaces owing to the various benefits including low power consumption, heating demand, and improved performance via technological advancements will proliferate the industry scenario. Moreover, product innovations featuring various operations including remote control, voice activation, and leakage detection will foster the product adoption.
High competition in the industry in line with substantial improvement in product design & development will drive the electric water heater market progression. Product development & improvement in key issues including dry firing, calcium deposition, and standby heat losses will accelerate the product penetration. Furthermore, the introduction of smart water heaters, featuring enhanced AI application & user interface will positively influence the demand of these heaters.
Shifting trends toward a comfortable & lavish lifestyle along with increasing refurbishment activities, especially across residential applications, will facilitate product demand in the industry. Additionally, the product is being increasingly used in jacuzzies, swimming pools, and saunas in both public & private properties, thereby increasing the demand for electric heaters. Moreover, the rising customer spending and surging disposable income facilitating leisure activities will boost the business scenario.
Key players functioning in the electric water heater market include Bosch Thermotechnology, Racold, Bosch Thermotechnology, Ariston Thermo, A.O. Smith, GE Appliances, Racold, Bradford White Corporation, USA, Rinnai Corporation, STIEBEL ELTRON GmbH & Co., KG, State Industries., Whirlpool Corporation, Rheem Manufacturing Corporation, Haier, Inc., Ferroli, Hubbell, Vaillant Group, and Havells India among others.
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Some major findings of the electric water heater market report include:
- Ongoing investments in product design and development will bolster the industry revenue.
- Stringent energy-efficiency directives along with ongoing measures to curb emissions will sway the market outlook.
- Large commercial applications coupled with the development of high capacity & low power consuming appliances will foster the industry expansion.
- Growing infrastructural spending and economic growth will augment the market outlook.
Table of Contents (ToC) of the report
Chapter 3 Electric Water Heater Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Impact of raw material price on HVAC equipment
3.6 Impact of Russia Ukraine war on industry dynamics
3.7 Price trend analysis
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 North America & Latin America
3.8.1.1.1 Growing demand for energy efficient water heaters
3.8.1.1.2 Replacement of conventional water heating technology
3.8.1.2 Europe
3.8.1.2.1 Government mandates pertaining to energy efficiency
3.8.1.2.2 Growing demand for replacement of existing water heaters
3.8.1.3 Asia Pacific & MEA
3.8.1.3.1 Rapid urbanization and advancing product customization
3.8.1.3.2 Increasing demand for energy efficient systems
3.8.1.3.3 Growing electrification rate
3.8.2 Industry pitfalls & challenges
3.8.2.1 High installation cost
3.8.2.2 Availability of counterparts
3.9 Growth potential analysis
3.10 Porter's Analysis
3.11 Competitive landscape, 2021
3.12 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/electric-water-heater-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
