Global Electric Water Heater Market 2015-2019
About electric water heaters
Water heaters are one of the major consumers of energy globally. They often exceed the consumption of energy for domestic activities such as cooking, refrigeration, and lighting.
Electric storage tank water heater is the most commonly used appliance for heating water. Low-income households use biofuel, coal, and other sources of energy for heating water, but more affluent households use electricity. Thus, middle-income homes are the highest consumers of electricity for heating water.
Climate and culture play important roles in the need for hot water and dictate its usage. Variations in climate and cultures dictate the type and size of water heaters used in households as well as in commercial establishments.
Technavio's analysts forecast the global electric water heater market to grow at a CAGR of 7.42% over the period 2014-2019.
Covered in this report
The report includes the present scenario and growth prospects of the global electric water heater market for the period 2015-2019. The market can be segmented into storage and tankless electric water heaters.
Technavio's report, Global Electric Water Heater Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market in APAC, Europe, and North America; it also covers the landscape of the global electric water heater market and its growth prospects in the coming years. The report includes a discussion on the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Electric Water Heater Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Electric Water Heater Market: O. Smith, Midea Group, Rheem Manufacturing and Siemens
Other Prominent Vendors in the market are: Ariston Thermo S.p.A, Bajaj Electricals, Bradford White, Crompton Greaves, ELDOMINVEST, Ferroli, Haier Water Heater, Heat Transfer Products, Hubbell Water Heaters, Noritz, Rinnai, and Vanward Electric.
Commenting on the report, an analyst from Technavio’s team said: “Technical innovation may lead to the collection of real-time data from sensors embedded in water heaters. This results in IoT-enabled devices (smart water heaters coupled with mobile apps in smartphones) that log real-time information about usage, temperatures, energy consumption, and malfunctioning in water heaters. Civic infrastructure, sensors, and interconnectivity can enable IoT, which may be designed to control thermostats, water heaters, and electric vehicles among other things. ”
According to the report, economic growth drives most markets, and the real estate sector is no exception. For instance, the growing UAE economy and employment numbers thereof suggest that the prime residential market in the Emirates should expand despite market controls such as newly introduced mortgage caps.
Further, the report states that rising prices of electricity and natural gas are forcing end-users to use solar water heaters, which is a challenge for the global electric water heater market.
O. Smith, Midea Group, Rheem Manufacturing, Siemens, Ariston Thermo S.p.A, Bajaj Electricals, Bradford White, Crompton Greaves, ELDOMINVEST, Ferroli, Haier Water Heater, Heat Transfer Products, Hubbell Water Heaters, Noritz, Rinnai, Vanward Electric.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook