Electric Water Heater Market Size By Product (Instant, Storage), By Capacity (<30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, >400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), COVID-

Electric Water Heater Market Size By Product (Instant, Storage), By Capacity (<30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, >400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The electric water heater market is anticipated to expand substantially by 2030 as a result of growing demand for energy-efficient systems. In addition, rapid urbanization and advancing product customization, along with rising need to replace conventional water heating technologies, are primed to foster market growth through the forecast period.

Notably, high government emphasis on energy efficiency has pushed research and development activities to innovate efficient heating systems across the globe. For instance, in July 2021, a study conducted by the Department of Electrical Engineering, University of Zaragoza, developed a cost-effective energy management system. The novel system aimed to reduce costs by disconnecting non-essential loads. The device uses free distribution software with the Raspberry platform, thereby monitoring the system through a web page.

Furthermore, key players have been focusing on strategic partnerships and collaborations to attain a competitive edge in the electric water heater market. For instance, in October 2021, A.O Smith, an American manufacturer of water heaters and boilers, acquired Giant Factories Inc., a Canada-based water heater manufacturer, in a deal for approximately $192 million. The acquisition helped A.O Smith expand its presence in Canada.

To cite another instance, in May 2022, GE Appliances, an American home appliance manufacturer, opened its new $70 million water heating production facility, consisting of metal fabrication, welding, and robotics units in Camden, South Carolina. The new plant was built for future expansion and served as the company’s Center of Excellence for water heater manufacturing.

The electric water heater market has been bifurcated in terms of application, product, capacity, and region.

Based on product, the electric water heater industry has been split into instant and storage. The storage segment is likely to witness a surge in demand through the review period due to product availability in multiple capacities, along with growing consumer awareness of smart & efficient systems.

With reference to capacity, the electric water heater market has been categorized into below 30 liter, 30-100 liter, 100-250 liter, 250-400 liter, and above 400 liter. The above 400 liter segment is projected to witness a rise in market revenue on account of an upsurge in investments toward the development of large houses and villas.

In terms of application, the market has been divided into commercial and residential. The residential sector is expected to attain a sizable share in the market by 2030 owing to soaring need for savings in electricity bills, coupled with ongoing initiatives for the replacement of conventional water heaters.

With regards to region, apart from CIS, Europe, North America, APAC, LATAM, and MEA, the Eurasia electric water heater market is slated to grow at a robust pace over the forecast period. India is estimated to account for over 4.0% revenue share by 2030.