Global Electric Water Heater Market to surpass $33.2bn by 2024: Fractovia.org Fuel Cell Market size worth $25.5bn by 2024
Key Insights ofElectric Water Heater Market : • Global awareness regarding limited fuel supply has stimulated the demand for electric-powered alternatives. Electric water heater market will observe a lucrative upsurge over the next few years, primarily driven by the increasing growing product demand across the household, medical, and hospitality sectors. Electric heaters provide an edge over traditional fuel-based heaters in terms of costs, product design, and shelf life. Additionally, these heaters can be efficiently installed pertaining to space conditioning loads and require lesser maintenance, which will propel electric water heater industry, set to grow at an annual rate of 7.5% over 2016-2024. • Electric water heaters function on the principle of thermodynamics and are massively utilized across domestic applications such as cleaning, cooking, space heating, and bathing. These heaters are available in a variety of appliances such as heat exchangers, geysers, hot water heaters, hot water tanks, and boilers, many of which are deployed on a large scale across the hospitality, healthcare, and construction sectors. Electric water heater market share from commercial applications is forecast to exhibit tremendous growth over the next few years, driven by the surging demand from hotels, medical centers, office buildings, hostels, and academic institutions.
Continued… • Residential applications dominated the application landscape in 2015, having accounted for more than 85% of the overall electric water heater industry share. Electric water heaters falling between the range of 120 V to 240 V are extensively used for applications such as cooking, laundry, and bathing. With the exponential growth of the construction sector, electric water heater market from residential applications will observe a CAGR of 6.9% over 2016-2024. • Asia Pacific accounted for more than 28% of the global consumption in 2015, primarily driven by the high product demand from India and China. Increased preference toward water heaters as opposed to gas heaters and the surging product requirement across the region will propel Asia Pacific electric water heater market, which is slated to grow at a CAGR of 10.7% over 2016-2024. China, India, and Japan are anticipated to the major revenue pockets. • Powered by the ever-growing demand across the residential and commercial sectors, U.S. electric water heater industry will cross a revenue of USD 5.5. billion by 2024. U.S. had maximum contribution in North America electric water heater market in 2015. This trend is foreseen to continue over 2016-2024, owing to rising investments across the residential and commercial sectors.
India Electric Water Heaters Market share, by product, 2013-2024 (Million Units)
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Continued… • Electric water heater market is quite consolidated, with the top three companies contributing to more than 90% of the total share. Companies are focusing on strengthening their regional presence, primarily through R&D activities. Corporations such as Ariston Thermo, Bajaj, AO Smith, Havells, Venus, and Haier have a rather significant share in India electric water heater industry. Likewise, AO Smith, Haier, and Midea Group accumulate a major share in China electric water heater market. Eemax, General Electric, AO Smith Corporation, Havells, Bradford White Corporation, Zenith, AquaMax, Bosch, Ariston Thermo, and Rheem Manufacturing Company are the key players operating in global electric water heater industry. • Leading companies are also concentrating on product differentiation to score a competitive edge over their rivals in the business. For instance, as of 2017, Haier Appliances launched a premium electric water heater in India that is integrated with shock-proof technology. This heater can provide protection against electricity issues such as power leakage, earthing, or incorrect wiring. Other players are also engaged in the manufacturing of products integrated with cutting edge technology, thus fueling global electric water heater market. Storage-based electric water heaters are primarily used in areas that are infamous for power cuts of limited power supply.
Continued… • Having held a revenue of USD 11.6 billion in 2015, storage-based electric water heater industry is set to grow at an annual growth rate of 6.8% over 2016-2024, driven by the product’s increased requirement across residential applications. • Non-storage-based or tankless electric water heaters immediately heat the water that flows through the device – that is to say, no water is preserved unlike the storage-based counterparts, except the amount required by the internal coil. Non-storage-based electric water heater market is anticipated to grow at a CAGR of 8.7% over 2016-2024, driven by the high product adoption subject to rising consumer incomes and the requirement of periodic upgradations. • Electric water heaters are designed to eliminate the disadvantages caused due to fuel-fired water heaters. The rising government pressure on companies for reducing carbon footprints have led to major corporations striving to develop low cost, eco-friendly, and efficient electric water heaters. Such strict norms coupled with changing consumer preferences toward electric products are sure to impel global electric water heater industry share over the coming seven years.
Table Contents of Electric Water Heater Market • Chapter 1 Methodology & Scope • 1.1 Research Methodology • 1.1.1 Initial data exploration • 1.1.2 Statistical modeling and forecast • 1.1.3 Industry insights and validation • 1.2 Data Sources • Chapter 2 Executive Summary • 2.1 Electric water heaters industry 3600 synopsis, 2013 - 2024 • 2.1.1 Business trends • 2.1.2 Regional trends • 2.1.3 Application trends
Continued… • Chapter 3 Electric Water Heaters Industry Insights • 3.1 Industry Segmentation • 3.2 Industry Size and forecast, 2013 - 2024 • 3.3 Industry ecosystem analysis • 3.3.1 Vendor matrix • 3.4 Industry Impact forces • 3.5.1 Growth drivers • 184.108.40.206 Increasing residential and commercial projects • 220.127.116.11 Rising disposable income • 3.5.2 Industry pitfalls and challenges • 18.104.22.168 High operating cost • 3.5 Growth potential analysis • 3.6 Porter’s analysis • 3.7 Company market share analysis, 2015 • 3.7.1 Strategic landscape • 3.8 PESTEL analysis
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