Electric Water Heater Market Size, Share & Trends Analysis Report By Product (Storage, Non-storage), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2024 - 2030

Electric Water Heater Market Growth & Trends

Electric Water Heater Market Report Highlights

• Global market demand is expected to reach 25.86 billion units by 2030, growing at a CAGR of 8.5% 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.

Why should you buy this report?

• Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
• Competitive Landscape: Explore the market presence of key players worldwide.
• Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
• Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.

This report addresses:

• Market intelligence to enable effective decision-making
• Market estimates and forecasts from 2018 to 2030
• Growth opportunities and trend analyses
• Segment and regional revenue forecasts for market assessment
• Competition strategy and market share analysis
• Product innovation listing for you to stay ahead of the curve
• COVID-19's impact and how to sustain in these fast-evolving markets