Electric Water Heater Industry Forecast
This global Electric Water Heater market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.
Electric Water Heater Market will cross USD 30 billion by 2024, with global shipments set to grow at over 6%; as per a research report.
Rising disposable income has resulted in increasing use of electronic appliances by households, which has resulted in increasing electricity consumption. With the rising disposable income and enhanced living standards, households generally tend to progress in the energy ladder in terms of cost, quality, and convenience.
Innovative designs, increased energy efficiency, reduced space requirement, and replacement & the need for upgrading water heaters are stimulating the growth of residential segment. The increasing demand is also attributed to rising disposable income in the developing countries and increasing electrification in the region. This segment is estimated to further grow owing to changing consumer preferences and manufacturers developing products that comply with stringent energy-efficiency regulations.
The demand in the commercial segment is due to the increased requirements for large process portable water heaters. The commercial electric water heater market is affected by organizations preferring solar-powered products due to their advantages in the long run. These applications will grow at over 7% CAGR estimation from 2017 to 2024 to exceed 18 million units.
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The regulatory standards established for the electric water heater market followed by the system vendors may vary as per the region. For instance, National Appliance Energy Conservation Act (NAECA) in the U.S. makes suitable efficiency standards for various household appliances such as dishwashers, refrigerators, water heaters, dryers, and washing machines. NAECA mandates high-energy efficiencies periodically as per energy factor ratings on all residential electric, oil, gas, and tankless water heaters to effectively decrease energy consumption in home appliances.
Products with ohmic array technology offer instant on-demand heating with no heating elements. This technology includes graphite electrodes instead of metal heating elements, which eliminate chances of corrosion, plating, and scaling, offering a longer lifespan and low maintenance. This technology helps in saving time, conserves water & energy, and uses naturally occurring minerals to heat water. With this new technology, water is heated instantly by the direct transfer of energy. Water is the only element that gets hot inside as there is no heating element and thus the surface of the heater does not become hotter than water.
Ohmic heating eliminates the formation of steam bubbles throughout the heating cycle and results in a virtually silent heating operation. There is no heating element, so precipitation of minerals and chemicals dissolved in water can be avoided as precipitates around the heating element and in the bottom of the heating kettle can reduce the heating efficiency. These precipitates can further find their way into the drinks and food, which are prepared using the hot water.
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Table of Content:
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Definition and forecast parameters
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Electric water heater industry 360 degree synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Application trends
Chapter 3 Electric Water Heater Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Grid interactive electric resistance water heater
3.4.2 Ohmic array technology
3.4.3 Smart water heater
3.5 Regulatory landscape
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