The global market for electric water heater is projected to have considerable CAGR of around 5.4% during the forecast period. The major factor driving the market of electric water heater is that the electric heater do not having the danger of exploding as compare to gas water heater. In addition to this, electric water heaters allow hassle free installation leading to the increase in market growth for electric water heaters. Electric water heaters consume less space as compared to conventional gas water heaters boosting the demand of electric water heater market. Furthermore, electric water heaters can be equipped with AI such as auto-timer. Moreover, Electric immersion water heaters are being significantly utilized for industrial applications due to robust and efficient heating. In addition, it has its own electricity supply and is not dependent on boilers to work. The rising application of electric water heater in commercial and industrial sector further provides significant opportunity to the market.
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Segmental Outlook
The global electric water heater market is segmented based on product type and application. Based on the product type, the market is further classified into tankless water heater and storage water heater. The storage water heater segment is further projected to have significant share in the global electric water heater market. The storage water heaters are the standard water heaters used in most indoor spaces. The storage water heaters comprise an enclosed tank that heats water and is stored in the same tank for later use. Storage heaters are widely used in various sectors in operation, as it conserves energy and reduces heat loss during standby times. On the basis of application the market is further segregated into residential, commercial and industrial.
Market Segmentation
Global Electric Water Heater Market by Product Type
- Tankless Water Heater
- Storage Water Heater
Global Electric Water Heater Market by Application
- Residential
- Commercial
- Industrial
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