The global market for electric water heater is projected to have considerable CAGR of around 10.5% during the forecast period. The major factor that propels the market growth includes growing demand of tankless energy efficient water heater. The rising shift in the preference for tankless water heaters over conventional water heaters has been observed due to the energy-saving capacity of tankless water heaters. Tankless water heaters heat the water on demand instead of storing hot water, and no immersion rod is equipped for keeping the water hot continuously. Unlike conventional water heating systems, tankless water heater gets activated when the shower or faucet is turned on and gets deactivated when turned off, ensuring a continuous supply of hot water by saving energy. Moreover, mandatory rating norms by several governments in the Americas and Europe have made tankless water heaters eco-friendly and economical for the users, surging their preference for such water heaters.
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Moreover, IoT has been gaining popularity in lighting and home security industries; the technology is also transforming the commercial water heating. The capability of using an app for getting real-time performance data offers benefits to water heater manufacturers, plumbing contractors and commercial businesses that rely on a steady, cost-effective supply of hot water. IoT in water heating system can save energy in a number of ways. A user is allowed to control the heating system; for instance, lowering the temperature of the heater when no one is in the home. It can also include web-based or mobile app control through which the temperature can be adjusted from anywhere. The water heating companies are collaborating with IoT companies for adding connectivity in their boilers. Therefore integration of IoT in water heater further provides significant opportunity to the market.
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The significant expansion of commercial and industrial establishments in the water heater industry with technological advancement toward the designing of products is driving the growth of the global electric water heater market. The growth is supported by the rising demand for instant hot water supply across commercial hotels, hospitals, and government buildings. Ongoing investments for the development of energy efficient water heating systems and smart cities coupled with energy efficiency standards and codes by the government regulators are some factors that are fueling the market growth. Moreover, there are stringent mandates being posed for the installation of efficient water heating systems across educational institutes and commercial buildings that positively influence the industry outlook. The US Department of Energy (DoE) mandated the water heater manufacturers to develop more energy efficient heaters by deploying new technologies that further provide significant contribution in the growth pf the market.
Global Electric Water Heater Market Segmentation
By Product Type
- Tankless Water Heater
- Storage Water Heater
By Application
- Residential
- Commercial
- Industrial
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