May 14, 2020
According to the research report titled ‘Electric Water Heater Market Size By, By Capacity, By Application , Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global electric water heater market is expected to showcase substantial growth through 2026.
Growing demand for electric water heaters in large and small commercial applications is one of the major factors driving the market growth. The product is widely used to heat up water and can operate inside out by utilizing thermal elements.
Notably, there are three types of electric water heaters; immersion heater, geyser heater and normal plate heater. Normal heaters are generally employed for heating small portions of water. The design of such heater includes two round shaped nickel plates that are separated by a 2mm gap with an insulator.
On the other hand, immersion water heater is a system which is immersed in water. The construction of immersion water heater include metallic substance and the component which is fitted inside a capillary tube made of copper. This capillary tube is filled with magnesium oxide and operates as an insulator.
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In geyser heater, electric heating component is utilized to heat up the water stored in the tank. The heater can automatically control the temperature of water by regulating the operations of heating components connected to the geyser.
As per capacity, 250-400 liters segment is predicted to expand substantially during the forecast period. Growing demand for such electric water heaters in large and small applications is fueling the segmental growth.
In terms of regional scope, North America water heater industry is poised to acquire notable revenues in the forthcoming years, primarily due to flourishing service sector and rising adoption of instant water heating technologies. Also, extreme climatic conditions are augmenting the regional demand.
Meanwhile, CIS (Commonwealth of Independent States) electric water heater industry is expected to record a momentous growth rate through 2026. Rapid technological advancements and widespread electrification are favoring the market scenario in CIS.
The major companies in electric water heater market are Groupe Atlantic, Linuo Ritter International Co. Ltd., Zenith Water Heater, American Standard Water Heaters, Westinghouse Electric Corp., STIEBEL ELTRON GmbH & Co., Watts Water Technologies, Viessmann Group, Nihon Itomic Co. Ltd., Vaillant Group, Hubbell Electric Heater Co., Havells India Ltd., Ferroli S.p.A., State Water Heaters, Rinnai Corp., Whirlpool Corp., Rheem Manufacturing Co., Racold, Haier Electronics, General Electric Appliances, Bradford White Corp., Bosch Technology, Ariston Thermo S.p.A. and A.O. Smith.