The U.S. electric water heater industry will surpass USD 1 billion by 2024. Rapid growth across service sector coupled with effective regulatory regime toward the deployment of efficient electrical appliances will augment the industry outlook. Government inclination toward the adoption of energy efficient systems along with upgradation and replacement of existing models with advanced and compact systems will propel the product demand.
Electric Water Heater Market is predicted to reach over USD 19 billion by 2024. Significant investments toward infrastructure development along with rapid technological advancements in order to achieve energy efficiency will positively impact the business growth. Growing urban population across the emerging economies coupled with upsurge in demand for advanced heaters will stimulate the industry growth.
Compatibility with the existing electricity infrastructure along with low maintenance and upfront cost will foster the storage water heater market. User friendly interface coupled with simple designs will make the product favorable for a wide range applications. Storage heating systems can be integrated with the existing electrical network eliminating the need for upgradation, associated with the advanced systems.
Growing investments toward the construction of commercial infrastructure coupled with stringent building codes and standards to ensure energy efficiency will augment the demand for 100-250-liter systems. Industry players across the water heater market are introducing various funding schemes toward the replacement and refurbishment of existing heating systems with an aim to reduce the energy cost and standby losses.
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Consumer inclination toward energy saving along with growing adoption of highly convenient and efficient heating solutions will positively influence the electric water heater market. For instance, the U.S. Department of Energy has stated that electric water heaters are capable to provide energy savings of 27-50% across each hot water outlet.
Growing consumer awareness toward operational benefits of advanced heating systems along with improving quality standards will stimulate the residential water heater market growth. Progressive enforcement of building codes and standards coupled with increasing legislative interest toward the adoption of high-end products will favor the installation of these systems.
Rapid construction of commercial establishments along with rising demand for hot water to cater the growing service sector will foster the Asia Pacific water heater market growth. Flexible FDI policies and increasing funding activities by private sector companies will offer immense growth prospects for foreign investors. In addition, mass production capabilities and the availability of low-cost labor will further complement the business landscape.
Key industry players operating in the electric water heater market includes Rinnai Corporation, Bradford White, Groupe Atlantic, Zenith, A.O Smith, Bosch Thermotechnology, Nihon Itomic, Saudi Ceramics, Haier, Hubbell, Jaquar, Ariston Thermo, Whirlpool, Viessmann and Vaillant.