According to a new market report published by Credence Research Inc., “Electric Water Heater Market (Storage Tank Electric Water Heaters and Tankless (On-demand) Electric Water Heaters) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the market for electric water heaters is expected to expand at 7.2% CAGR between the forecast period 2015 – 2022.
Product and Market Insights
Electric water heaters are fast gaining popularity among consumers worldwide. The on-going infrastructural development resulting in increased number of residential and commercial projects have generated demand for range of electric water heaters including storage-tank and heat pump water heaters. The economic recovery post economic instability, especially in the developed economies like North America and Europe is also expected to have positive impact on the market growth as the average commercial and household expenditures is on a rise.
On an average, water heating accounts for nearly 20 percent of the energy costs of a residential unit. Taking this into account, the new energy efficiency standards enacted by the governments across the globe are expected to curb the utility bills by 30 to 40 percent depending upon the electric water heater capacity and technology deployed.
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Competitive Insights
The global electric water heaters market is relatively matured. Some of the leading players identified in the electric water heaters market include AO. Smith (the U.S.), Midea Group (China), Rheem Manufacturing Company (the U.S.), and Siemens AG (Germany). Other players including Ariston Thermo S.p.A (Italy), Bajaj Electricals (India), Bradford White (the U.S.), Crompton Greaves (India), Eldominvest Ltd.(Bulgaria), Haier Water Heater (China), Heat Transfer Products Group (the U.S.), Hubbell Water Heaters (the U.S.), Noritz Corporation (Japan), and Rinnai Corporation (Japan) have been identified as some of the emerging and promising players in the electric water heaters market. These players have concentrated their efforts on developing cost-effective, energy efficient electric water heaters. Although the global electric water heater market is relatively matured, product innovation is the go-to business strategy for the manufacturers competing in the market
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Key Trends
- Energy efficient regulations leading to the replacement demand
- Growing demand for tankless electric water heaters.
- Economic stability resulting in improved residential construction expenditure
- Increased residential and commercial projects
- Operating cost issues
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