The Electric Water Heater Market is likely to hold the global market at a moderate CAGR of ~5.2% during the forecast period. The global market holds a forecasted revenue of ~US$ 24.4 Billion in 2022 and is likely to cross ~US$ 38.52 Billion by the end of 2032.
The Electric Water Heater market is anticipated to show promising growth prospects during the forecast period, expanding the Electric Water Heater market size.
| Attribute | Details |
|---|---|
| The Electric Water Heater Market Estimated Size (2021) | ~US$ 23.2 Billion |
| The Electric Water Heater Market Estimated Size (2022) | ~US$ 24.4 Billion |
| The Electric Water Heater Market Projected Size (2032) | ~US$ 38.52 Billion |
| The Electric Water Heater Market CAGR (2022 to 2032) | ~5.2% |
Electric water heaters are getting high demand in both the residential and industrial areas. These heaters are mostly used in residences to get hot water for bathing. These water geysers help in reducing the time and energy required to heat the water. There are lots on new innovations involved in the latest designs of electrical water heaters, and many of them are compact, yet powerful, attracting more customers.
The main consumer for the electrical water heaters are working population. As the disposable income is increasing day by day and people are constantly searching for convenience, they are choosing devices and technologies making their life easier, without giving a though of expenses.
The manufacturing companies are also focusing upon development of much powerful and innovative technology, which will be cost effective and environment friendly at the same time.
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The electric water heaters are one of the biggest energy consuming appliance all around the world. These are used both residentially and industrially for many purposes. The world is suffering from increased energy consumption problem, which might lead to energy depletion and crisis in near future.
As we are facing such grave problem, there is need to redesign the electrical water heaters to reduce energy consumption. Some smart monitors are used in electrical water heaters, regulating the energy consumption.
Many manufacturers are utilising technologies which allows them to utilise solar energy, and people are also giving positive response to them. These innovations are likely to boost the market for electrical water heaters.
The residents all over the world are relying on electrical water heaters for hot water during bath time. Innovative designs and improved infrastructural facilities are likely to boost the use of electrical heaters in households in future.
As the world is going toward energy crisis, electric water heaters are in need of redesign in order to be allowed for use in future. The electrical water heaters are having a big share of electric energy consumption. If we do not find a way to reduce the consumption, the electrical water heaters may face limitation for use or even ban on use.
Development of solar water heaters and its grand success is another negative factor for the electrical water heaters. Solar water heaters use sunlight to heat the water, and they do not consume energy at all. These two factors are making them popular among residential as well as industrial users. But these solar water heaters have drawbacks, mainly as in monsoon seasons, allowing electrical water heaters a place in market.
The energy fluctuations might cause the electrical water heater to malfunction, if proper precautions are not taken. These malfunctions can lead to problems like uneven water temperatures or serious problems like explosions too. Because of such hazards, many people avoid electrical water heaters and use gas operated or solar water heaters. These are a few things that could limit the demand for electric water heaters.
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There are lots of innovative technologies introduced worldwide, some being useful and some are just weird concepts becoming reality. In China electrical water faucet with attached showerhead. This innovation is becoming a hit among Chinese household, where there are no solar heaters are used.
This faucet is waterproof, and has safety features like power cut in case of leakages to avoid electrocution. It has a digital temperature control panel, allowing ease is use. This tap only heats water when it is turned on, being an ideal, energy efficient water heating option. Such innovative ideas and designs of electrical water heaters are increasing the market demand, not only in China, but in other countries too.
Indian electrical water heaters require an update, as accidental deaths related to them are increasing. Indian households are using two most common type of electrical water heaters, one being a compact, digital, wall mounted water heater, and other being electrical rods or coils, which are immersed in water.
The first electrical water heater is safe for use, and there are very few accidents related to them, mostly being of water burns, but electrical rods are most common reason of electrocutions in India. Many people switch on the water heaters and immerse them in water, and do not switch off while checking the temperature.
There are chances of electricity leakage and electrocution. Increasing number of deaths due to electric heating rods are likely making Indian users to go for safer options like solar heater or gas geysers, impacting on electrical water heaters market.
Some key players in the Electric Water Heater market are Whirlpool, General Electric Co., Rheem Manufacturing Company, A.O. Smith Corp, Bradford White, Bajaj Electricals, Goodman, Midea Group, Siemens AG, and others
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| Attribute | Details |
|---|---|
| Growth Rate | CAGR of ~5.2% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical Data Available for | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative units | Revenue in USD Billion, volume in Units, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, pricing analysis |
| Segments covered | Product Type, Capacity, End User, Region. |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Thailand, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, South Africa |
| Key Companies Profiled | Whirlpool; General Electric Co; Rheem Manufacturing Company; A.O. Smith Corp; Bradford white; Goodman; Bajaj Electricals; Midea Group; Siemens AG.; Others |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The Electrical Water Heaters market is expected to reach a valuation of ~US$ 24.4 Bn in 2022.
Ease in use, increasing infrastructural facilities and developing technologies are some of the driving trends for the Electrical water heaters market. These electrical water heaters are available everywhere and cheaper than solar heaters, making them popular among middleclass households.
Leading players operating in Electrical Water Heaters market are Whirlpool, General Electric Co., Rheem Manufacturing Company, A.O. Smith Corp, Bradford White, Bajaj Electricals, Goodman, Midea Group, Siemens AG, and among others.
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Electric Water Heater Market
