Electric water heater market is estimated to be US$ 43.9 billion by 2032 with a CAGR of 5.6% during the forecast period-By PMI
Prophecy Market Insights latest research report on the Electric water heater market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Sept. 20, 2023 (GLOBE NEWSWIRE) — An electric water heater is a household appliance designed to heat water for domestic use, such as bathing, cleaning, cooking, and space heating, by using electricity as the primary heat source. It is a common and convenient way to provide a continuous supply of hot water in residential and commercial settings.
Energy-efficient electric water heaters, such as heat pump and hybrid models, are gaining popularity due to their lower operating costs and reduced environmental impact. Government incentives and regulations promoting energy-efficient appliances are likely to drive demand for Electric Water Heater Market.
Electric water heater market accounted for US$ 25.6 billion in 2022 and is estimated to be US$ 43.9 billion by 2032 and is anticipated to register a CAGR of 5.6%. Electric water heater market is segmented based on Product, Capacity and Region.
Key Highlights –
- In January 2023, Bosch Thermo-technology, launched two new innovative members of its electric tank-less water heater family: Tronic 4000 C for point-of-use, under-sink installations and the new Tronic 6100 C for whole-house applications. Both devices feature a compact design that allows for significant energy and space savings while delivering 100% electric, high-efficiency on-demand hot water. One of the smallest and most energy-effective electric tank-less water heaters available right now is the Tronic 4000 C. Whereas, the entire house has on-demand hot water thanks to the Tronic 6100 C. Bosch’s introduction of the Tronic 6100 C combines the energy efficiency and practicality of tank-less water heaters with a stunningly streamlined, simple-to-install, small, and light form factor.
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The prominent players operating in the electric water heater market include,
- Rinnai Corporation.
- Groupe Atlantic
- Bradford White
- A.O Smith
- Bosch Thermotechnology
- Saudi Ceramics
- Nihon Itomic Co. Ltd.
- By product, the global electric water market is segmented into storage water heaters, and tank-less water heater.
- By capacity, the global electric water heater market is segmented into small, medium, and large.
- By end-user, the global electric water heater market is segmented into residential, commercial and industrial.
- By region, Asia Pacific accounted major share in the global electric water heater market owing to rapid infrastructure developments in this region. Moreover, countries such as China and India are also contributing to regional growth of Asia Pacific over the forecast period.
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Analyst View –
Smart electric water heaters that can be controlled remotely via smartphones and integrated into home automation systems are becoming more common. These features enhance user convenience and energy management. The integration of electric water heaters with solar photovoltaic (PV) systems is a growing trend. This allows excess solar energy to be used for water heating, increasing energy savings and reducing reliance on the grid.
What is the electric water heater market, and what factors are fueling its growth?
The electric water heater market comprises devices that use electricity to heat water for various residential and commercial applications. Growing awareness of energy efficiency and the need for reliable hot water sources drive market growth.
What are the major types of electric water heaters available in the market?
Electric water heaters come in various types, including tank-type, tank-less (on-demand), heat pump, and solar-assisted models, each offering unique advantages to consumers.
How do energy efficiency concerns impact the electric water heater market, and how can consumers choose energy-efficient options?
Consumers are increasingly seeking energy-efficient water heaters to reduce operational costs and environmental impact. To select an energy-efficient model, look for a high Energy Factor (EF) rating and consider heat pump or tank-less options for improved efficiency.
What are the advantages of tank-less electric water heaters compared to traditional tank-style models?
Tank-less models provide hot water on-demand, are more energy-efficient as they do not store hot water, and typically have a longer lifespan. However, they may involve higher upfront costs.
What are the latest technological advancements in electric water heaters Market?
Recent advancements include smart water heaters equipped with Wi-Fi connectivity and smartphone apps for remote control and monitoring. Improved insulation and heating elements contribute to higher efficiency and performance.
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