Electric water heaters or geysers are among the indispensable appliances used in residential as well as commercial setups, and growing adoption of electric water heaters is further amplified with the increasing need for convenience among end users.
Advanced technologies are triggering the wave of transformation in the global electric water heaters market, as leading manufacturers are introducing innovative features driven by technologies.
Increasing disposable income and growing infrastructural facilities around the world are among the primary, macroeconomic drivers of the global market for electric water heaters.
Significantly high demand and sales of electric water heaters worldwide coupled with the adoption of new-age technologies is pushing the global market to reach the stage of maturity.
However, leading players in the global electric water heaters market are investing heavily in research & development to introduce products that bolster saving of energy and reduce their environmental impact.
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However, the demand for these products in rural areas may remain low due to low awareness and prevalence of advanced technologies. This may hamper the overall growth of the global electric water heater market.
Smart Heating Technologies to Trigger Sustainability and Energy Efficiency of Electric Water Heaters
The global energy crisis has multiple dimensions such as environmental, technical, economic, and political. Growing demand for energy around the world puts immense pressure on the world’s power utility and energy generation units.
Thereby, this emphasizes the importance of implementing an efficient energy management and energy conservation system in various electric home and commercial appliances.
Electric water heaters are known for their massive share in energy consumption; water heating appliances account for nearly 12% of residential energy demand and more than 7% of energy consumption in commercial applications.
Being among the electric appliances with the largest share of energy consumption, electric water heaters need to be redesigned to reduce energy loss and energy consumption.
Leading players in the global electric water heaters market are adopting innovative technologies such as Big Data, Artificial Intelligence, machine learning, and Internet of Things, which can monitor and reduce the energy consumption of these appliances.
These technologies give end users a centralised control over electric water heaters, and this is expected to trigger demand for smart electric water heaters that can boost energy consumption, giving rise to new trends in the global market.
Developing Countries Exhibit Impressive Potential; Infrastructural Development to Drive Growth
The demand for electric water heaters is growing strong in developing countries across the world. Growing disposable income of end users and increasing growth of the construction industry are among the top factors that are primarily boosting the sales in emerging economies.
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Manufacturers are noting the rising demand for electric water heaters in the residential sector, as the product finds wide ranging applications in this space.
However, the adoption of electric water heaters in the commercial sector of developed countries is also growing significantly high, driving new trends in the market.Commercial spaces such as hotels, schools, as well as offices, are contributing heavily to the rise in demand for electric water heaters.
Furthermore, ongoing infrastructural developments in both residential as well as commercial spaces is expected to influence growth prospects of the electric water heaters market in emerging economies such as China, Brazil. India, Thailand, Mexico, along with some developing countries in the Middle East & Africa.
Electric Water Heater Market: Region-wise Analysis
Based on the geographical factors, the electric water heater market is broadly segmented into seven regions – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
While the global market for electric water heater is gaining momentum, the growth prospects of the local market in the Asia Pacific region are expected to remain impressive.
Increasing foreign investments in the development of manufacturing infrastructure in the developing countries Asia Pacific region mainly provides an impetus to the growth of the electric water heater market in the region. China and India are among the leading contributors to the growth of the Asia Pacific market for electric water heaters.
Advent of next-generation technologies and growing trend of tech innovation is expected to remain the primary driving engine for the electric water heater market in the Asia Pacific region.
Leading players in the Asia Pacific market are bolstering the use of tech features such as automated temperature control and other features that promote sustainability and energy efficiency.
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North America and Europe are also expected to witness positive growth in the global electric water heaters market with the stronghold of global leaders in these regions. Growing end user awareness about the environmental impacts of electric water heaters will trigger demand for products that promise conservation of energy in these regions.
Electric Water Heater Market: Competitive Landscape
Some of the leading stakeholders in the global electric water heater market include
- General Electric Co
- Rheem Manufacturing Company
- A.O. Smith Corp
- Midea Group
- Siemens AG.
A few other important vendors in the electric water heater market are Hubbell Electric Heater Company and Ariston Thermo SpA.
Leading players in the electric water heater market have a stronghold across the landscape, mainly due to the strong global footprint and power of networks. However, new entrants in the global market are aiming to compete on the innovation and price differentiator with the launch of electric water heaters with unique features.
In November 2017, Orient Electric Limited – a consumer electrical brand in India which is also a part of the diversified Indian conglomerate CK Birla Group – announced that it has launched its new electric water heater that had energy efficient features and a complete balance of design and functionality.
The company aimed to capitalize on a classic design with smart features such as thermostat, analog temperature display, and multifunction valve.In July 2019, Rheem Labs – a leading global company that manufactures water heating and HVAC (Heating, ventilation, and air conditioning) equipment – announced that it has launched a multipurpose hose sprayer – HotWave.
The company also declared that the new hot water sprayer is integrated with the tankless water heating technology that ensures the supply of endless hot water outdoors. The company aims to capitalise on the safety and reliability of its new water heating technology and assures highest electrical standards
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Global Electric Water Heater: Segmentation
Product
- Storage Water Heaters
- Non-storage/Tankless Water Heater
Capacity
- Small
- Medium
- Large
End Use
- Commercial
- Residential
- Industrial
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