Rise in demand for water heating systems, growth of the residential construction market, and strict government regulations concerning environmental pollution drive the growth of the global electric water heater market. The COVID-19 outbreak has affected the electric water heater market, attributing to the halting of the manufacturing activities and decline in consumer spending.
Portland, OR, Oct. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric water heater market generated $23.2 billion in 2020, and is anticipated to reach $40.1 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Increase in demand for hot water for several applications in residential, commercial, and industrial sectors drives the global electric water heater market. On the other hand, stringent government regulations concerning highly efficient heating equipment and fast growth of the solar water heating industry hinder the market growth. On the contrary, transition from traditional water heating equipment such as burners and boilers to the electric water heater and technological developments in the sector is expected to create lucrative growth opportunities for the key players.
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The COVID-19 outbreak reduced the consumer spending limit which led to a decrease in the demand for several key products including electric water heaters.
Prolonged lockdown resulted into the supply-demand gap and an interrupted supply for equipment that is used in electric water heater production.
The report segments the global electric water heater market on the basis of capacity, product type, end-user, and region.
Based on capacity, the less than 100 liters segment accounted for the largest market share in 2020, contributing to nearly three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 6.2% from 2021 to 2030.
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Based on the product type, the tank segment contributed to the largest share in 2020, accounting for nearly two-thirds of the global electric water heater market. The same segment is expected to lead throughout the forecast period. However, the tankless segment is expected to manifest the highest CAGR of 5.9% from 2021 to 2030.
Based on region, Asia-Pacific followed by North America contributed to the highest share in 2020, holding nearly one-third of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Europe is expected to portray the fastest CAGR of 6.2% during the forecast period.
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Leading players of the global electric water heater market analyzed in the research include A.O. Smith, Bosch Thermotechnology, Rheem Manufacturing Co., Ariston Thermo S.P.A., Havells India Ltd., Haier Electronics Group Co., Ltd., Bajaj Electricals, Whirlpool Corporation, General Electric, Bradford White Corporation, Rinnai Corporation, Vaillant Group, Ferroli S.p.A., Viessman Group, Stiebel Eltron, Inc., Westinghouse Electric Corporation, Zenith Water Heater, and Racold.
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