Electric Water Heater Market to value USD 65.7 billion by 2030, Says Global Market Insights Inc.

Major electric water heater market participants include A.O. Smith, Ariston Holding, Bosch Thermotechnology Corp., GE Appliances, Bradford White Corporation, Racold, Haier, Inc., Rinnai Corporation, State Industries, Whirlpool Corporation, Rheem Manufacturing Company, FERROLI, Hubbell Heaters, Vaillant Group, and some other.

SELBYVILLE, Del., June 21, 2022 /PRNewswire/ -- The electric water heater market is expected to surpass USD 65.7 billion by 2030, as reported in a research 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 market growth. A prevailing inclination toward the adoption of energy-efficient electrical appliances on account of growing electricity bills will complement the business outlook.

Flexible installation in the existing electrical circuit along with low maintenance & repair will stimulate product acceptance 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 combined with the availability of multiple designs & capacities suitable for varied user requirements will complement the business landscape.

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Stringent environment norms in line with extreme climatic conditions during winters will complement the Europe electric water heater industry dynamics. The product is further integrated with various space heating & water-based central systems that will positively garner 

product usage. 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 product demand in commercial applications across wide tourist destinations will drive business growth.

The ongoing construction of green buildings coupled with robust expansion of the service sector will fuel the electric water heater industry expansion. The increasing product demand from office spaces owing to various benefits including low power consumption, heating demand, and improved performance via technological advancements will propel the business scenario. Additionally, product innovations featuring various operations including remote control, voice activation, and leakage detection will boost the product usage.

Shifting trends toward a comfortable & lavish lifestyle combined with increasing refurbishment activities, especially across residential applications, will facilitate electric water heater demand. However, the product is being increasingly used in jacuzzies, swimming pools, and saunas in both public & private properties. Furthermore, the rising customer spending and surging disposable income facilitating leisure activities will augment the business scenario.

High competition in the industry in line with substantial improvement in product design & development will foster the growth. Product development & improvement in key issues including dry firing, calcium deposition, and standby heat losses will stimulate the product penetration. Moreover, the introduction of smart water heaters, featuring enhanced AI application & user interface will positively complement product adoption.

Some major findings of the electric water heater market report include:

• Ongoing investments in product design and development will spur the market demand.
• Stringent energy-efficiency directives along with ongoing measures to curb emissions will accelerate the industry outlook.
• Large commercial applications coupled with the development of high capacity & low power consuming appliances will augment the industry growth.
• Key players functioning in the market include Rheem Manufacturing Company, A.O Smith, Bradford White Corporation, Bosch Thermotechnology Corp., and Rinnai Corporation among others.
• Growing infrastructural spending due to the rising economic growth will sway the market statistics.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Electric water heater industry 360⁰ synopsis, 2018 - 2030

2.1.1  Business trends

2.1.2  Product trends

2.1.3  Capacity trends

2.1.4  Application trends

2.1.5  Regional trends

Chapter 3 Electric Water Heater Industry 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

3.9  Growth potential analysis

3.10  Porter's Analysis

3.11  Competitive landscape, 2021

3.12  PESTEL Analysis

About Global Market Insights

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.

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Global Market Insights Inc.
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