Top 3 trends that will augment electric water heater market size over 2026

The electric water heater market is expected to witness a substantial increase in demand owing to steady migration of people to urban localities, rising middle-class income groups and construction of smart city projects. Strict government norms encouraging replacement of existing water heating units with more energy effective systems could enhance product penetration. Owing to increasing investments by both government and private sector, manufacturers of electric water heaters are engaging in new product developments.

Meanwhile, an upsurge in product deployment across distant off-grid areas along with mounting product implementation across several marketable establishments like resorts, hospitals, and hotels among others will contribute to business outlook. Ongoing construction of green building infrastructures combined with a vigorous expansion of the service sector will also propel the industry growth. While development of economical, smart, and low power consuming appliances will favor business expansion.

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As per the report by Global Market Insights, the electric water heater market will witness an annual installation of over 99 million units by 2026. Some of the key players operating in the electric water heater market are Panasonic Corporation, A.O. Smith, Whirlpool Corporation, Rheem Manufacturing, Havells India, and Bosch. The top players are working on upgrading their business strategies to stay ahead in this competitive market.

Key trends that could support market expansion over 2026:

Rising preference for storage water heaters

The storage water heater market is expected to grow due to its multiple features. Due to its comprising sophisticated mass flow, efficient heating capability, and low operation cost, the demand for the storage water heater will exceed over time. Growing consumer spending in the real estate sector combined with ongoing renovation activities will brace business growth.

Stringent orders & rules across Europe

Rising carbon emissions levels coupled with plentiful accessibility of gas resources are expected to influence the demand for energy efficient water heaters in Europe. Eco-design, energy consumption labelling mandates and high-tech advancements in smart water heaters system are some of the key regional industry drivers. On account of extreme climatic conditions, an increase in demand for low energy consuming water heaters could spur across the region over the coming years.

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Impacts of COVID-19 pandemic

The COVID-19 pandemic could negatively impact growth of electric water heater market. The pandemic has dented businesses like construction and manufacturing, as well as has caused water heater manufacturers to face shortfalls in the supply of products followed by strict lockdowns imposed by the government globally. Nonetheless, increasing requirement for efficient water heater systems across healthcare setting for various clinical purposes could support businesses in the current scenario.

Table Of Content

Chapter 1   Methodology & Scope

1.1    Methodology

1.2    Market definitions

1.3    Market estimates & forecast parameters

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1    Paid sources

1.4.2.2    Public sources

Chapter 2   Executive Summary

2.1    Electric water heater market 360⁰ synopsis, 2015 – 2026

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Capacity trends

2.1.4    Application trends

2.1.5    Regional trends

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