Industry
Overview
The
report “Electric Water Heater Market
Size By Application (Residential, Commercial), By Product (Storage,
Non-storage/Tankless/Instantaneous), Industry Analysis Report, Regional Outlook
(U.S., Canada, UK, Germany, Japan, China, India, Mexico, Brazil), Application
Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024”,
Global Electric
Water Heater Market
size was evaluated at $17.6 billion for 2015 and is predicted to register a
CAGR of 7.51% during forecast timeframe. Rising demand from household
applications like bathing, space heating, cleaning and cooking is predicted to
increase product demand during forecast timeframe.
Growing
demand for hot water from hospitals and hotels is also predicted to be key
factor driving industry growth. Development in construction industry coupled
with substitution for aging device in different segments due to increasing
disposable income can propel electric water heater industry expansion in
future.
Electric
water heater market price trend can inhibit industry growth owing to related
operating expenses. However, these systems provide price advantage over fuel
fired systems related to maintenance, design and deployment. Further, rising
need to be equipped with new technological features is also predicted to drive
industry growth.
Product
Trends
Global electric water heater market is segmented
into products like tankless or non storage based products and storage based
products. Tankless products segment is predicted to expand
rapidly in future and growing acceptance of these products all across the globe
is credited to segment expansion.
Storage based products segment was evaluated at
$11.7 billion for 2015 and is predicted to register CAGR of 6.81% during
forecast timeframe. These products are installed in regions with limited or
broken power supply and are primarily installed in residential sectors. All
these factors are predicted to contribute towards segment growth.Today, consumers prefer high-end products due to
fast changing lifestyles and increasing disposable incomes.
Application
Trends
Global electric water heater industry is segmented
into commercial and residential applications. Commercial applications segment
is predicted to expand rapidly during forecast timeframe.
Residential application segment contributed more
than 80.1% of overall electric water heaters market share for 2015 and is
projected to register CAGR of 6.91% during forecast timeline. It is anticipated
to experience average development along with heavy industry penetration.
Regional Trends
Global electric water heater market is segmented
into geographical regions like APAC, Latin America, North America, MEA and
Europe. APAC, with heavy demand from India and China
electric water heater market share, contributed more than 28.1% of total
consumption for 2015. This region is predicted to register CAGR of about 10.8%
during forecast timeline. Growth in nations like Japan, China and India is
forecast to promote product demand in the region.
U.S. electric water heater industry is predicted to
experience growth due to rising investments in commercial as well as
residential construction sectors. North American industry has contributed
substantially to overall revenue generation as compared to low product demand.
High selling costs can be one of the factors for significant revenue generation
of the region.
Competitive Trends
Key industry participants profiled in the report
include Reliance Holmes Heating Incorporation, Bradford White Corporation,
Atwood Mobile Products, Venus Home Appliances, Ariston Thermo, AO Smith
Corporation, Hubbell Incorporated, General Electric, AquaMax Private Limited,
Haier Electronics, Eemax, Kenmore, Midea Group, Bosch Thermotechnology, Racold,
State Water Heaters, Whirlpool Corporation, Rheem Manufacturing Company, Marey
Heater Corporation, Stiebel Eltron, Zenith Water Heaters and Havells.
View press release of this report @ https://www.gminsights.com/industry-analysis/electric-water-heater-market
About Global Market Insights
Global
Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our business
intelligence and industry research reports offer clients with penetrative
insights and actionable market data specially designed and presented to aid
strategic decision making. These exhaustive reports are designed via a
proprietary research methodology and are available for key industries such as
chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll
Free: 1-888-689-0688
No comments:
Post a Comment