The global electric water heaters market is expected to reach USD 29.32 billion by 2022,
according to a new study by Grand View Research, Inc. Increasing residential
and commercial projects worldwide is expected to drive market demand over the
forecast period. Rising disposable income and preference for tankless heaters
may further fuel the electric water heaters market.
Growing awareness for
automated temperature control, energy efficiency and environmental
sustainability is estimated to favor tankless heaters demand. Increasing
government initiatives to improve rural infrastructure and uninterrupted
electricity availability in these areas is expected to provide new
opportunities to market growth. Rising electricity prices, volatile raw
material prices and growing preference for solar water heaters may restrain
market growth over the forecast period.
Access Research Report of Electric Water Heaters Market @:
Further key findings from the study suggest:
· Global market demand is expected to reach
117.5 million units by 2022, growing at a CAGR of 6.9% over the forecast
period.
· Storage water heaters are more commonly
used for residential applications. They have capacity ranging from 2 gallons to
105 gallons with continuous hot water availability. They are also increasingly
used in countries with limited or broken electricity supply as they can store
hot water for future use. Residential storage tanks are highly insulated to
minimize standby losses, which may be prominent owing to irregular and
non-continuous use. The market is gradually moving towards tankless electric
water heaters; however, the storage segment is still expected to remain
dominant over the forecast period.
· Residential storage water heater tanks are
highly insulated to minimize standby losses, which may be prominent owing to
irregular and non-continuous use. Commercial water heaters can be glass lined,
stainless steel lined, cement and hydrastine cement lined. Commercial
developments such as restaurants, schools, hospitals, and hotels are expected
to favor segment demand over the forecast period. Commercial electrical storage
water heaters have capacity of up to 5000 gallons.
· Countries such as China and India are
expected to contribute to regional growth over the forecast period. Rapid
infrastructue developments in these countries are expected to favor the Asia
Pacific electric water heaters market. However, increasing trend for use of
solar water heater may restrict market demand gradually over the next seven
years. These products are used mostly in urban areas whereas in rural areas
electrified hand sticks and open fires are used to heat water. Storage
technology is increasingly becoming popular in most large households, since
pre-heated water can be used from tanks in case of power cuts.
· Key contributors to the electric water
heaters market include A.O. Smith Corp, General electric, Rheem Manufacturing
Co., and Siemens AG. Industry participants focus on offering energy-efficient
and cost-effective products through technological advancements. They invest in
R&D to offer innovative products to gain competitive advantage. A.O. Smith
Corporation invested around USD 67.9 million, USD 57.8 million, and USD 51.7
million in 2014, 2013, and 2012 respectively for research & development.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/hvac-and-construction-technologies
Grand View Research has
segmented the electric water heaters market on the basis of product,
application and region:
Electric Water Heaters Product Outlook (Volume, Million
Units & Revenue, USD Million; 2012 - 2022)
·
Storage
·
Non-storage/Tankless
Electric Water Heaters Application Outlook (Volume,
Million Units & Revenue, USD Million; 2012 - 2022)
·
Commercial
·
Residential
Electric Water Heaters Regional Outlook (Volume, Million
Units & Revenue, USD Million; 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
Access Press Release of
Electric Water Heaters Market@: www.grandviewresearch.com/press-release/global-electric-water-heaters-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
No comments:
Post a Comment