Electric Water Heater Market Revenue to Cross USD 22 Bn by 2026: Global Market Insights, Inc.

SELBYVILLE, Del., Dec. 15, 2020 /PRNewswire/ -- According to the latest report "Electric Water Heater Market by Product (Instant, Storage), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Application (Residential, Commercial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of electric water heater will cross $22 billion by 2026.

Increasing urban migration, rising middle-class income groups along with growing smart city construction projects coupled with ongoing building infrastructure development, is anticipated to boost the market value. Stringent government mandates and norms to replace the existing units with energy-efficient heating systems will further augment product penetration.

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Increasing deployment across the remote off-grid areas along with growing product adoption across various commercial establishments comprising hospitals, resorts and hotels, among others, will fuel the electric water heater market growth. Ongoing construction of green buildings coupled with robust expansion of the service sector will spur the industry value. Furthermore, the rising middle-class income group and increasing disposable incomes will further drive the market landscape.

The storage water heater market is projected to showcase significant growth during the forecast timeframe led by key features comprising higher mass flow, low operation cost and efficient heating capability. Growing consumer spending in the real estate sector coupled with ongoing refurbishment activities to develop the prevalent building infrastructure will strengthen the market revenue.

Flexible installation with the existing electrical circuit combined with easy repair & maintenance will accelerate the product deployment across residential applications. Ongoing government incentive programs to fund commercial infrastructure construction activities comprising airports, hospitals, and educational institutions is set to accelerate product acceptance. Additionally, growing demand for energy-efficient heating equipment coupled with increasing R&D activities and product advancements will positively enhance the market share.

Stringent mandates & norms concerning the growing carbon emissions coupled with the abundant availability of gas resources will influence the Europe electric water heater market size. According to the European Commission, the eco-Design and labelling directives regulate the water level standards along with the technological advancements with respect to smart control heaters. Increasing water heating requirements on account of extreme climatic conditions is set to further accelerate market expansion.

COVID-19 has led to a global pandemic that has affected the global economy, impacting numerous industries comprising construction and component manufacturing, among others. The industry manufacturers all around the world bear supply shortages owing to lockdowns imposed by countries.

Eminent players operating in the electric water heater market consist of A.O. Smith, Panasonic Corporation, Rheem Manufacturing, Havells India, Whirlpool Corporation and Bosch.

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Some major findings of the electric water heater market report include:

    --  The ongoing product development due to increasing investments by both
        government and private sector will propel the market growth.
    --  Development of economical, smart, and low power consuming appliances
        will impel the industry growth.
    --  Ongoing replacement of the conventional storage units across both
        commercial and residential applications will augment the market value.
    --  Surging demand from the upcoming economies across the Asia Pacific
        region comprising India and China will influence product adoption.

Table of Contents (ToC) of the report:

Chapter 3 Electric Water Heater Market Insights

3.1 Industry segmentation

3.2 Industry ecosystem analysis

3.2.1 Vendor matrix

3.3 Innovation & sustainability

3.4 Regulatory landscape

3.5 COVID-19 impact on industry outlook, 2020 - 2026

3.5.1 Top 10 countries impacted by COVID-19

3.5.2 Optimistic view

3.5.3 Realistic view

3.5.4 Pessimistic view

3.6 Customer requirement

3.7 Entry barriers

3.8 Price trend analysis

3.8.1 Price trend analysis, by application

3.9 Industry impact forces

3.9.1 Growth drivers

3.9.2 Industry pitfalls & challenges

3.10 Growth potential analysis

3.11 Porter's analysis

3.12 Competitive landscape, 2019

3.13 PESTEL Analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Corporate Sales, USA
Global Market Insights, Inc.
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Related Images
Electric Water Heater Market Growth Predicted at 5% Through 2026: GMI
Stringent mandates & norms concerning the growing carbon emissions coupled with abundant availability of gas resources will influence the European electric water heater market growth.

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