Global Electrical Water Heater Market, By Product (Instant, Storage), Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters), Application (Residential, Commercial), Storage Type (Storage Heater, Tankless Heater, Hybrids (Heat Pump) Heater), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights of Electrical Water Heater Market
The electrical water heater market is expected to be growing at a growth rate of 6.10% in the forecast period of 2022 to 2029 and would likely to reach an estimated value of 41.32 billion in 2029. Data Bridge Market Research analyses the factors responsible for fostering the growth of Electrical water heater market. Rapid urbanisation, an increase in disposable income and an increase in customer demand for premium and luxury electrical water heater are the key driving forces for the global market.
Electric water heaters are pieces of equipment that convert electricity into heat power by using heating elements to raise the temperature of water via conduction. Electric water heaters are used in both tank and tankless product types, and the market study provides a detailed overview of these segments. The market offers comprehensive information on the use of electric water heaters in residential, commercial, and industrial applications.
The rapid advancement of technology is a major factor driving the growth of the electric water heater market. Furthermore, rising demand for water heating systems, rising disposable income, increased government initiatives to promote the use of solar water heaters, and rapid growth in the construction and business industries are expected to drive the growth of the electric water heater market. Furthermore, rising population and urbanisation, as well as a high demand for energy-efficient water heaters and their trending applications, will provide ample opportunities for the electric water heater market.
The rise in demand for hot water from various applications in the residential, commercial, and industrial sectors is driving the growth of the global electric water heater market. The rapid transition from conventional water heating equipment such as boilers, burners, and others to electric water heater installations is expected to provide lucrative growth opportunities for key players manufacturing highly efficient electric water heaters in order to maintain their market position during the forecast period.
However, the implementation of stringent government regulations requiring highly efficient heating equipment, as well as the rapid growth of the solar water heating industry, are the major factors impeding the growth of the electric water heater market. High electricity prices and installation costs may limit the growth of the electric water heater market, while quality and energy efficiency issues will pose a challenge to the market's growth.
This electrical water heater market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on electrical water heater market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Electrical Water Heater Market Scope and Market Size
The electrical water heater market is segmented on the basis of product, capacity, application and storage type. The growth amongst these segments will help you analyze mearge growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product, the electrical water heater market is segmented into instant and storage.
- Capacity segment of the electrical water heater market is divided into < 30 liters, 30-100 liters, 100-250 liters, 250-400 liters and > 400 liters.
- Based on application, the electrical water heater market is divided into residential and commercial. Commercial segment is divided into college/university, office and government/military.
- Storage type segment of the electrical water heater market is divided into storage heater, tankless heater and hybrids (heat pump) heater.
Electrical Water Heater Market Country Level Analysis
The electrical water heater market is segmented on the basis of product, capacity, application and storage type.
The countries covered in the electrical water heater market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific held the largest share of the electric water heater market and is expected to maintain its dominance throughout the forecast period. This is due to the presence of key players as well as a large consumer base in the region. Furthermore, electric water heaters are gaining popularity as a result of rising electrification rates, rising disposable income in Asian economies, and rapid urbanisation, all of which are expected to boost market growth during the forecast period.
The country section of the electrical water heater market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Electrical Water Heater Market Share Analysis
The electrical water heater market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electrical water heater market.
Some of the major players covered in the electrical water heater market are Rinnai Corporation., HTP Comfort Solutions LLC., Bradford White Corporation, Noritz America, Haier Inc., Ariston Thermo SPA, Rheem Manufacturing Company, BSH Home Appliances Group, A. O. Smith India Water Products Pvt. Ltd., GE Appliances, Bajaj Electricals Ltd, Alternate Energy Technologies, LLC., Chromagen Australia Pty Ltd, V-GUARD INDUSTRIES LTD., Racold, Robert Bosch LLC, LINUO RITTER INTERNATIONAL CO. LTD and Westinghouse Electric Corporation among others.
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