An electric water heater is a fully automatic
water heater. It has a storage tank with one or more electric heating elements
along with operating & safety controls. It is often surpass the consumption
of energy for domestic activities for instance cooking, refrigeration and
lighting. It uses electricity as an energy source to heat water. It also makes
use of electric resistance elements to heat the water in storage tank using two
electric resistance elements, which are located at the top and bottom of the storage
tank and controlled through an independent thermostat.
According to study, “World
Electric Water Heaters Market Research Report 2024(covering USA, EU,
China, South East Asia, Japan and etc)” the key companies operating in the
world electric water heaters market are A.O. Smith Corp., Whirlpool, Rheem,
Simens, Nihon Itomic, Stiebel Eltron, Ferroli, Hubbell, Viessmann, General
Electric Co., Eldominvest, State Industries, Ariston Thermo, Midea, SAKURA,
Jaquar, Wanjiale, Haier, Weber, Otlan, Vanward New Electric, Rinnai
Corporation, Vaillant, Bradford White, Groupe Atlantic, Sacon, Vatti, Kanch
Water Heaters, Bosch Thermotechnology, Saudi Ceramics, Zenith. The key players
are offering heavy-duty, cylindrical, square-shaped, and rack system electric
water heaters that are specially designed for high-volume use. These
technological improvements in electric water heaters label them in the superior
category.
Based on product type, electric water heaters
market is segmented into electrical storage water heaters, quick electric water
heater and instantaneous electric water heater. Based on capacity, market is
segmented into < 30 liters, 30-100 liters, 100-250 liters, 250-400 liters
and > 400 liters. Based on distribution channel, market is segmented into online
channel and offline channel. In addition, based on market is segmented into
commercial (college/university, government/military and office) and
residential.
The electric water heaters market is driven by
rise in number of residential housing & commercial projects, followed by
growth in demand for tank-less water heaters, replacement of conventional water
heating systems, rise in demand for energy efficient heating systems, increase
in disposable income, rise in energy efficiency, growth in demand across various
application such as cooking, cleaning, & bathing and improvement in
environment sustainability & temperature control. However, rise in
electricity prices, volatile raw material prices and increase in changes in
government regulations may impact the market. Moreover, rise in infrastructure
investment in rural areas is a key opportunity for market.
In USA, the National Appliance Energy
Conservation Act (NAECA) is a regulatory standards, which makes suitable
efficiency standards for many household appliances for instance dishwashers,
water heaters, dryers, refrigerators, and washing machines. NAECA mandates
high-energy efficacies periodically as per energy aspect ratings on all
residential electric, gas, oil, and tank-less water heaters to effectively reduce
energy consumption in home appliances.
Based on geography, China country holds major
share, followed by USA in electric water heaters market owing to growth in
demand for water heating systems and rapid urbanization & advanced product
customization in the country. EU region is expected to witness higher growth
rate due to rise in demand for replacement of existing water heaters and
government norms pertaining to energy efficiency over the forecast period. It
is anticipated that the market will be reached at rapid pace on account of
advancement in technology with rising emission standards during the forecast
period.
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