Increasing adoption across the residential and commercial sector to foster electric water heater market size through 2026
The electric water heater market is slated to observe heavy growth in the coming years owing to the growing electrification rate, majorly across developing economies. Increasing investments by governments towards their infrastructural development would also add up to the overall market growth through the forecast timespan.
Apart from these trends, increasing preference towards the implementation of energy-efficient electric appliances due to the ever-increasing electric bills would further complement industry outlook through 2026.
Similarly, significant improvement in product performance and design would increase the deployment of electric water heaters. Additionally, strong competition among the industry counterparts would further complement its growth.
Moreover, improvement in crucial issues including dry firing, calcium deposition, and standby heat losses would augment the product deployment. Furthermore, the development of smart water heaters with integrated AI applications and improved UI capabilities would further support product penetration across several sectors.
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Global Market Insights Inc., estimates that the global electric water heater market is set to register yearly installations of more than 109 million units across the study period.
Considering the regional landscape, strict environmental norms passed by the government and extreme climatic conditions at the time of winter are expected to fuel the Europe electric water heater market share in the coming future. In addition to these shifting trends, electric units are combined with several water-based space and central heating systems that would further augment the market size in the region.
Europe is regulated with stringent building codes and standards as well as strict eco-design directives, which further augmenting the implementation of energy-efficient electric appliances. Apart from this, the growing product demand from the commercial sector across several tourist destinations would further complement the industry trends in Europe.
Meanwhile, the strong expansion of the service sector coupled with growing green building construction activities are likely to further fuel the electric water heater market share. Rising demand from offices owing to several benefits including low power consumption, on-demand heating, and enhanced performance due to technological advancements would also positively impact market size.
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In addition, product differentiation through extensive features like remote controlling, voice activation, and leakage detection is likely to encourage product deployment in coming years.
Flexible installation and easy repair as well as maintenance of currently used electrical circuits are projected to impel product deployment in the residential sector. In addition, major market players are increasingly focusing on the forward integration of these systems and also provide customers with extensive post-sale services for their convenience.
Moreover, availability of several capacities and designs that are suitable for a number of user demands is pushing the adoption of electric water heaters in the residential sector. The addition of novel technologies with enhanced performance would also add up to the segment growth and augment overall market size.
All in all, increasing deployment across residential and commercial sectors, stringent government norms regarding electricity usage, growing technological advancements, and a healthy competitive landscape are overtly indicative of massive growth opportunities for the electric water heater market.
Some of the major electric water heater market players contributing to the overall market growth include Rinnai, Bosch, Bradford, A.O Smith, and Rheem Manufacturing among others.