What is Global Electric Water Heaters Market?
The Global Electric Water Heaters Market is a rapidly evolving sector that caters to the growing demand for efficient and reliable water heating solutions across the world. Electric water heaters are devices that use electricity to heat water for various purposes, including bathing, cooking, cleaning, and space heating. These appliances are essential in both residential and commercial settings, providing a convenient and consistent supply of hot water. The market is driven by factors such as increasing urbanization, rising disposable incomes, and the growing awareness of energy-efficient appliances. Additionally, technological advancements have led to the development of more sophisticated and energy-efficient electric water heaters, further boosting their adoption. The market is characterized by a wide range of products, including tankless, storage, and hybrid models, each catering to different consumer needs and preferences. As the demand for sustainable and eco-friendly solutions continues to rise, manufacturers are focusing on developing electric water heaters that are not only efficient but also environmentally friendly. This has led to the introduction of products with advanced features such as smart controls, improved insulation, and enhanced safety mechanisms. Overall, the Global Electric Water Heaters Market is poised for significant growth, driven by the increasing need for efficient and sustainable water heating solutions.
Storage, Non-storage in the Global Electric Water Heaters Market:
In the Global Electric Water Heaters Market, storage and non-storage water heaters play a crucial role in meeting the diverse needs of consumers. Storage water heaters, also known as tank water heaters, are the traditional type of water heaters that store a certain amount of hot water in a tank for immediate use. These heaters are available in various sizes, typically ranging from 20 to 80 gallons, and are suitable for households with higher hot water demands. The main advantage of storage water heaters is their ability to provide a large volume of hot water at once, making them ideal for families or commercial establishments with multiple users. However, they tend to consume more energy as they continuously heat the water to maintain the desired temperature, even when not in use. On the other hand, non-storage water heaters, commonly referred to as tankless or on-demand water heaters, heat water only when needed. These heaters do not store hot water but instead use high-powered burners or electric coils to heat water as it passes through the unit. This on-demand heating process makes them more energy-efficient compared to storage water heaters, as they eliminate the need for maintaining a constant water temperature. Tankless water heaters are compact and can be installed in smaller spaces, making them suitable for apartments or homes with limited space. They also have a longer lifespan compared to storage water heaters, as they are less prone to corrosion and sediment buildup. However, the initial cost of tankless water heaters is generally higher, and they may require additional installation expenses, such as upgrading the electrical system or gas lines. Despite these challenges, the demand for non-storage water heaters is increasing due to their energy efficiency and space-saving benefits. In recent years, hybrid water heaters have also gained popularity in the market. These heaters combine the features of both storage and tankless water heaters, offering the benefits of energy efficiency and a consistent supply of hot water. Hybrid water heaters use a heat pump to transfer heat from the surrounding air to the water, reducing energy consumption and operating costs. They are designed to provide a continuous supply of hot water while minimizing energy usage, making them an attractive option for environmentally conscious consumers. The choice between storage and non-storage water heaters largely depends on the specific needs and preferences of the consumer. Factors such as household size, hot water usage patterns, available space, and budget play a significant role in determining the most suitable type of water heater. As the Global Electric Water Heaters Market continues to evolve, manufacturers are focusing on developing innovative products that cater to the diverse needs of consumers while promoting energy efficiency and sustainability.
Commercial, Residential in the Global Electric Water Heaters Market:
The usage of electric water heaters in commercial and residential areas is a testament to their versatility and essential role in modern living. In residential settings, electric water heaters are a staple appliance, providing hot water for daily activities such as bathing, cooking, and cleaning. Homeowners often choose electric water heaters for their ease of installation, reliability, and ability to deliver a steady supply of hot water. In single-family homes, storage water heaters are commonly used due to their capacity to store and supply large volumes of hot water, catering to the needs of multiple family members. For smaller households or apartments, tankless water heaters are preferred for their compact size and energy efficiency, as they heat water only when needed, reducing energy consumption and utility bills. In commercial settings, electric water heaters are indispensable for businesses that require a constant and reliable supply of hot water. Restaurants, hotels, hospitals, and laundromats are just a few examples of commercial establishments that rely heavily on electric water heaters to meet their operational needs. In these environments, the demand for hot water is often higher and more consistent, necessitating the use of high-capacity storage water heaters or multiple tankless units to ensure an uninterrupted supply. Commercial electric water heaters are designed to handle larger volumes of water and are built with durable materials to withstand the rigors of continuous use. Additionally, many commercial establishments are increasingly opting for energy-efficient models to reduce operational costs and minimize their environmental impact. The integration of smart technology in electric water heaters has further enhanced their usage in both residential and commercial areas. Smart electric water heaters come equipped with features such as programmable timers, remote control via mobile apps, and energy usage monitoring, allowing users to optimize their water heating schedules and reduce energy consumption. This technological advancement has made electric water heaters more appealing to tech-savvy consumers and businesses looking to improve their energy efficiency. As the demand for sustainable and eco-friendly solutions continues to grow, the Global Electric Water Heaters Market is witnessing a shift towards products that offer both performance and environmental benefits. Manufacturers are investing in research and development to create electric water heaters that not only meet the diverse needs of residential and commercial users but also contribute to energy conservation and sustainability. This focus on innovation and sustainability is expected to drive the continued growth and adoption of electric water heaters in various sectors.
Global Electric Water Heaters Market Outlook:
In 2024, the global market for electric water heaters was valued at approximately $9,140 million. Looking ahead, this market is anticipated to expand significantly, reaching an estimated size of $12,720 million by 2031. This growth trajectory represents a compound annual growth rate (CAGR) of 4.9% over the forecast period. The steady increase in market value underscores the rising demand for electric water heaters across various sectors, driven by factors such as urbanization, technological advancements, and the growing emphasis on energy efficiency. As more consumers and businesses seek reliable and efficient water heating solutions, the market is poised to experience robust growth. The projected expansion of the market also reflects the increasing adoption of innovative products that cater to the evolving needs of consumers. Manufacturers are focusing on developing electric water heaters with advanced features, such as smart controls and improved energy efficiency, to meet the demands of environmentally conscious consumers. This trend towards sustainable and eco-friendly solutions is expected to further propel the growth of the market in the coming years. Overall, the positive market outlook highlights the significant opportunities for growth and innovation in the Global Electric Water Heaters Market.
| Report Metric | Details |
| Report Name | Electric Water Heaters Market |
| Accounted market size in year | US$ 9140 million |
| Forecasted market size in 2031 | US$ 12720 million |
| CAGR | 4.9% |
| Base Year | year |
| Forecasted years | 2025 - 2031 |
| by Type |
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| by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | A.O. Smith, GE, Rheem Manufacturing, Siemens, Ariston Thermo, Bajaj Electricals, Bradford White, Crompton Greaves, ELDOMINVEST, Ferroli, Haier, Hubbell, Noritz, Vanward Electric, Stiebel Eltron, Bosch, Eemax, Atmor, Eccotemp Systems, Drakken, Midea Group |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
