Global Water Storage Electric Water Heater Market Insights Forecasts to 2032

• The Global Water Storage Electric Water Heater Market Size was valued at USD XX Billion in 2022.
• The Market is Growing at a CAGR of XX% from 2022 to 2032
• The Worldwide Water Storage Electric Water Heater Market Size is expected to reach USD XX Billion by 2032
• Europe is expected to grow the fastest during the forecast period

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The Global Water Storage Electric Water Heater Market size is anticipated to exceed USD XX billion by 2032, growing at a CAGR of XX% from 2022 to 2032.

 

With a growing requirement for hot water across building infrastructures, ongoing advances in technology such as remote monitoring, voice command, and internet access via Wi-Fi will boost market growth.  

 

Market Overview

Electric water heaters are sources of equipment that convert electricity into heat power by using heating elements to raise the temperature of water via conduction. In the case of an electrical storage water heater, Water is stored in the tank, and the heating element heats the water to the thermostat temperature. When the temperature in the tank reaches the thermostat, the heating element is turned off and no further heating occurs. When the tap is turned on, hot water is withdrawn from the top of the tank via the outlet pipe. Cold water enters the bottom of the tank through the inlet pipe to continuously replace the hot water withdrawn.

The increase in demand for hot water from various applications in the residential, commercial, and industrial sectors is driving the growth of the global water storage electric water heater market. However, the implementation of strict government guidelines requiring highly efficient heating equipment, as well as the rapid expansion of the solar water heating industry, are the major factors impeding the growth of the electric water heater market.

 

Report Coverage

This research report categorizes the market for the global water storage electric water heater market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the water storage electric water heater market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the water storage electric water heater market.

 

Driving Factors

Growing expenditures in research and development activities are driving market growth. The industry has matured products and frequently pushes innovations and product launches, as well as technologies, to improve the customer experience and reduce operating costs. The introduction of new and sophisticated water heating products with extensive features such as low chances of dry firing, corrosion resistance, smart control, and tracking will significantly boost demand for water storage electric water heaters.

 

Restraining Factors

The implementation of stringent government regulations requiring highly efficient heating equipment, as well as the rapid growth of the solar water heating industry, are the primary factors impeding the growth of the electric water heater market.

 

Market Segmentation

The Global Water Storage Electric Water Heater Market share is classified into product type, capacity, and end user.

• The tank segment dominated the largest share of the global water storage electric water heater market in 2022.    

The global water storage electric water heater market is categorized by product type into tank, tankless, and hybrid. Among these, the tank segment dominated the largest share of the global water storage electric water heater market in 2022. The tank is continuously filled with water, which is heated to a predetermined temperature and kept ready for use at all times. When use hot water, cold water refills the tank and the heating element reheats it. This process is repeated as long as the unit is turned on, ensuring a constant supply of hot water.     

 

• The 100 to 400 litters segment dominated the largest share of the global water storage electric water heater market in 2022.  

Based on the capacity, the global water storage electric water heater market is divided into less than 100 litters, 100 to 400 litres, and more than 400 litres. Among these, the 100 to 400 litters segment dominated the largest share of the global water storage electric water heater market in 2022. Electric water heaters with capacities ranging from 100 to 400 litres are covered in this category. These units are popular for providing hot water to medium to large-sized households as well as some commercial applications.  

 

• The residential segment accounted for the significant share of the global water storage electric water heater market in 2022.  

Based on the end user, the global water storage electric water heater market is divided into residential, commercial, and industrial. Among these, the residential segment accounted for the significant share of the global water storage electric water heater market in 2022. This is due to the sheer number of households around the world, as well as the increasing use of electric water heaters in residential settings. Residential electric water heaters are among the most common appliances in households, and demand for residential water heaters is expected to remain high as more regions experience economic development and urbanization.  

 

Regional Segment Analysis of the Global Water Storage Electric Water Heater Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific holds the largest share of the global water storage electric water heater market in 2022.

 

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Asia Pacific holds the largest share of the global water storage electric water heater market in 2022. This region includes China, India, Japan, South Korea, and Southeast Asian countries. The high population density in several countries, combined with ongoing urbanization, has resulted in a significant demand for residential electric water heaters. The demand for commercial and industrial electric water heaters has also increased as a result of rapid industrialization. In recent years, the region's growing middle-class population and higher living standards have increased demand for water storage electric water heaters.

 

Europe is expected to grow at the fastest pace in the global water storage electric water heater market during the forecast period. Regulations promoting energy conservation and environmental awareness drive the European market. Government incentives and a growing interest in renewable energy have also contributed to the region's adoption of water storage electric water heaters.     

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global water storage electric water heater market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• A.O. Smith Corporation
• RHEEM Manufacturing Company
• Rinnai Corporation
• Solahart Industries
• Carrier Global
• Stiebel Eltron
• Bradford White Corporation
• Nihon Itomic Co., Ltd.
• Jaquar India
• Saudi Ceramics Company
• Whirlpool Corporation
• Bosch Thermotechnology Ltd.
• State Industries
• FERROLI
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In January 2022, Nihon Itomic has announced the launch of its new electric instant water heater. The product has an instant boiling mechanism, as well as being safe, environmentally friendly, highly energy-efficient, and requiring less installation space.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Water Storage Electric Water Heater Market based on the below-mentioned segments:

 

Global Water Storage Electric Water Heater Market, By Product Type

• Tank
• Tankless
• Hybrid

 

Global Water Storage Electric Water Heater Market, By Capacity

• Less than 100 Liters
• 100 to 400 Liters
• More than 400 Liters

 

Global Water Storage Electric Water Heater Market, By End User

• Residential
• Commercial
• Industrial

 

Global Water Storage Electric Water Heater Market, By Distribution Channel

• Online
• Offline

 

Global Water Storage Electric Water Heater Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa