Electric water heater: Key market research findings
- Growing use of smart water heaters
- Rising demand for heat pump water heaters
Technavio has added a new market research report on the global electric water heater market, to its water heater portfolio. The global electric water heater market is expected to grow at a CAGR of more than 7% between 2015 and 2019 because of the demand for two main product offerings, storage and tankless water heaters. The APAC dominates the global market for electric water heaters, growing at CAGR of around 8%. Rapid infrastructure developments in China and India are expected to propel the growth of APAC market for electric water heaters.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Emergence of smart water heaters in this market such as Aquanta smart water heater controller, is gaining traction among vendors and consumers. It is connected to users via a smartphone app and monitor the hot-water usage patterns. Similarly, the Heatworks MODEL 1 uses electronic technology to energize directly and heat the water molecules, rather than heating the water with old-school resistance heating elements. These smart water heaters help to cut energy use by 40% and water use by 10%,” says Navin Rajendra, Lead Analyst, Engineering Equipment, Technavio Research.
The demand for heat pump water heaters is mounting due to the growing requirement for energy efficiency and awareness of greenhouse gas emissions. These water heaters have compressors and fans, which collect energy from water, waste heat sources, air, and earth to heat the water stored in insulated storage vessels. These heaters are mostly preferred for domestic use in residential buildings.
The key vendors in the global electric water heater market include A. O. Smith, Midea Group, Rheem Manufacturing, and Siemens. The growing numbers of residential housing projects are generating a demand for a wide range of electric water heaters, such as heat pump water heaters, which will likely create an opportunity for vendors to bring new products to the market.
A more detailed analysis is available in the Technavio report, Global Electric Water Heater Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Global Solar Water Heater (SWH) Market 2014-2018
- Water Heater Market in North America 2014-2018
- Solar Water Heater (SWH) Market in India 2014-2018
- Global Water Heater Market 2014-2018
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