New York, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Global Water Storage Electric Water Heater Market Size is to Grow from insignificant in 2022 to significant Share By 2032, at a Compound Annual Growth Rate CAGR during the projected period.
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Electric water heaters are components of equipment that use heating elements to raise the temperature of water via conduction to convert electricity into heat power. Water is stored in the tank of an electrical storage water heater, and the heating element heats the water to the thermostat temperature. When the tank temperature reaches the thermostat, the heating element is turned off, and no further heating occurs. The rising demand for hot water from various applications in the residential, commercial, and industrial sectors is propelling the global water storage electric water heater market forward. However, strict government guidelines requiring highly efficient heating equipment, as well as the rapid expansion of the solar water heating industry, are major factors impeding the growth of the electric water heater market.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Water Storage Electric Water Heater Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Tank, Tankless, Hybrid), By Capacity (Less than 100 Liters, 100 to 400 Liters, and more than 400 Liters), By End User (Residential, Commercial, and Industrial), By Distribution Channel (Online, Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The tank segment dominated the largest share of the global water storage electric water heater market in 2022.
The global water storage electric water heater market is divided into three product categories: tank, tankless, and hybrid. In 2022, the tank segment held the largest share of the global water storage electric water heater market. The tank is constantly filled with water, which is heated to a specific temperature and kept ready for use at all times. When you turn on the hot water, cold water refills the tank while the heating element reheats it.
The 100 to 400 liters segment dominated the largest share of the global water storage electric water heater market in 2022.
The global water storage electric water heater market is divided into three segments based on capacity: less than 100 liters, 100 to 400 liters, and more than 400 liters. The segment of 100 to 400 liters held the largest share of the global water storage electric water heater market in 2022. These units are widely used to provide hot water to medium- to large-sized households, as well as some commercial applications.
The residential segment accounted for the significant share of the global water storage electric water heater market in 2022.
The global water storage electric water heater market is classified into three segments based on end user: residential, commercial, and industrial. In 2022, the residential segment accounted for a substantial portion of the global water storage electric water heater market. This is because of the sheer number of households worldwide, as well as the growing use of electric water heaters in residential settings.
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Asia Pacific holds the largest share of the global water storage electric water heater market in 2022. Due to high population density in several countries, as well as ongoing urbanization, there is a significant demand for residential electric water heaters. Rapid industrialization has also increased demand for commercial and industrial electric water heaters. The region's growing middle-class population and higher living standards have increased demand for water storage electric water heaters in recent years.
During the forecast period, Europe is projected to expand at the highest pace in the global water storage electric water heater market. The European market is propelled by regulations encouraging energy conservation and environmental awareness. Government incentives and a growing interest in renewable energy have also aided the region's adoption of electric water heaters with water storage.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Water Storage Electric Water Heater Market include A.O. Smith Corporation, RHEEM Manufacturing Company, Rinnai Corporation, Solahart Industries, Carrier Global, Stiebel Eltron, Bradford White Corporation, Nihon Itomic Co., Ltd., Jaquar India, Saudi Ceramics Company, Whirlpool Corporation, Bosch Thermotechnology Ltd., State Industries, FERROLI, and Others.
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Recent Market Developments
In January 2022, Nihon Itomic has announced the launch of its new electric instant water heater. The product has an instant boiling mechanism, as well as being safe, environmentally friendly, highly energy-efficient, and requiring less installation space.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Water Storage Electric Water Heater Market based on the below-mentioned segments:
Global Water Storage Electric Water Heater Market, By Product Type
- Tank
- Tankless
- Hybrid
Global Water Storage Electric Water Heater Market, By Capacity
- Less than 100 Liters
- 100 to 400 Liters
- More than 400 Liters
Global Water Storage Electric Water Heater Market, By End User
- Residential
- Commercial
- Industrial
Global Water Storage Electric Water Heater Market, By Distribution Channel
- Online
- Offline
Global Water Storage Electric Water Heater Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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