The electric water heater market likely to register tremendous gains over the coming years owing to growing demand from residential and commercial sectors, consumer awareness toward smart and efficient systems, favorable initiatives towards replacement of conventional water heaters, and high need for savings in electricity bills. Water heaters are considered as one of the most important appliances for both residential and commercial sectors. These heaters provide quick and effective method for receiving hot water instantly to fixtures and faucets.
Electric water heaters are mostly utilized for heating up water. These type of water heaters work from inside out, by warming the components or rods that are submerged in a storage tank, shifting heat from the components to the water.
In comparison to various types of water heaters, electric water heaters are one of the most affordable option in terms of price. Unlike gas water heater, which requires an extra piping as well as a novel ventilation system, electric water heaters do not need any extra in-home infrastructure, thus the process of installation is fast and simple.
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In terms of availability, every household is tied to an electric grid, having an additional source for electricity. This means that any household could utilize an electric water heater. Electric water heaters are also one of the safest water heating solutions and also have higher efficiencies in comparison to other types of water heaters in the market. These features are thus anticipated to drive the product demand in the years to come.
The electric water heater market is segmented in terms of product, capacity, application, and regional landscape.
With respect to product, the electric water heater market is classified into instant and storage. Among these storage electric water heaters segment will witness substantial growth over the coming years. Increasing consumer awareness toward smart and efficient systems and product availability in various capacities will augment the product demand.
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Based on capacity, the overall market is categorized into less than 30 liters, 30 to 100-liter, 100 to 250-liter, 250 to 400-liter, and more than 400 liters. Among these more than 400 liters capacity water heaters segment will witness robust growth owing to increase in investments regarding development of large villas as well as homes.
In terms of application, the overall electric water heater market is segmented into residential and commercial. Among these, residential segment will witness substantial growth over the coming years. Favorable initiatives towards replacement of conventional water heaters and increasing need for savings in electricity bills will boost the product demand in the coming years.
From a regional frame of reference, electric water heater market in India will account for around 9% revenue share by the end of the analysis time period. Many key market players are coming up with new and technologically advanced products in order to meet the customer requirements.