Electric Water Heaters Market – Growing commercial and residential projects coupled with increasing disposable income is expected to drive demand growth over the next few years.Escalating demand across extensive range of domestic applications such as cooking, space heating, cleaning and bathing may spur demand extensively. Rising adoption in commercial sector is another key factor spurring demand growth. Increasing growth in construction sectors owing to replacement of outdated water heaters with escalating disposable income could propel industry growth in the near future. According to the U.S., home construction in April 2015 rose 20.2% over March, the biggest percentage jump in almost 24 years.
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These factors might significantly contribute to the electric water heaters market growth. China region accounted for 12 million units in 2013, and is expected to reach 27 million units by 2022, growing at a CAGR of over 9%.
Evolving urban lifestyle, increasing income levels and growing disposable income stimulates customers to spend on consumer utilities like electric water heaters. Additionally, enhanced standard of living and upsurge in consumer awareness pertaining to water heaters benefits may drive the global demand substantially. Technological advancements and innovations are making provisions for efficient & cheap water heaters, subsequently driving market demand extensively. Changing trends towards safety safe is a key force driving the industry demand. Changing consumer preference paired with energy efficiency & quality standards may open avenues for the water heaters market.
High operating cost as compared to gas-fired water heaters is expected to obstruct industry growth over the forecast period. Energy required for heating water is the only major component of the whole cost of purchasing and using a water heating system. However, it offer cost benefits over fuel-fired systems pertaining to maintenance, design, service life, installation and impact on space conditioning loads. This cost difference is generally viewed as a little price to pay in order to avoid the potential safety hazards and inconveniences caused due to fuel-fired water heaters.
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Storage was the leading electric water heaters market product segment and was valued over USD 10,000.0 million in 2013. It is anticipated to observe significant gains, with forecast of USD 18,000.0 million at a CAGR of 6% from 2014 to 2022. It is majorly used in regions where electricity accessibility is limited, thus facilitates constant flow of hot water.
Non-storage makes use of flow activated switch so as to switch on the heating device consisting of heat exchanger. It is likely to gain significant industry shares owing to stringent energy efficiency regulations and increasing operating cost occurred in storage segment.
Residential sector accounted for more than 60% of the industry share in 2014, with gains estimated at over 6% from 2014 to 2022. Increasing usage in applications such as cooking, bathing, cleaning and space heating for washing sinks due to low capacity requirements is expected to spur the industry growth.
Commercial sector hold the second largest share in the industry, growing at a CAGR of over 8% over the forecast period. Increasing commercial development such as restaurants, schools and hotels among others may drive electric water heaters market demand.
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