Breaking News: Electric Water Heater Market is Dazzling Worldwide, Forecast to Reach $13.6 Billion by 2030
[SEO Tags: Electric Water Heater Market, Global Market Analysis, Forecast to 2030, Water Heater Industry, Energy Efficiency, Renewable Energy]
In a shocking turn of events, the electric water heater market is expected to reach new heights, with a projected value of $13.6 billion by 2030, according to a recent report by Market Research Future (MRFR). This staggering growth is attributed to the increasing demand for energy-efficient and sustainable solutions in the water heating sector.
Market Highlights:
- The global electric water heater market is expected to grow at a CAGR of 6.5% during the forecast period (2023-2030).
- The market is driven by the rising demand for energy-efficient and eco-friendly solutions, as well as the increasing adoption of renewable energy sources.
- The Asia-Pacific region is expected to dominate the market, accounting for over 40% of the global share, followed by North America and Europe.
- Key players in the market include A. O. Smith Corporation, Bradford White Corporation, and General Electric Company.
Market Drivers:
- Increasing awareness about energy efficiency and sustainability
- Growing demand for renewable energy sources
- Advancements in technology and innovation in water heater designs
- Government regulations and incentives promoting the adoption of energy-efficient solutions
- Rising demand for hot water in commercial and industrial applications
Market Challenges:
- High upfront costs of electric water heaters
- Limited availability of skilled labor for installation and maintenance
- Competition from traditional water heating methods, such as gas and propane
- Regulatory hurdles and standards for energy efficiency and safety
Regional Analysis:
- Asia-Pacific: The region is expected to dominate the market, driven by the growing demand for energy-efficient solutions and the increasing adoption of renewable energy sources.
- North America: The region is expected to experience significant growth, driven by the increasing demand for energy-efficient solutions and the growing adoption of renewable energy sources.
- Europe: The region is expected to experience moderate growth, driven by the increasing demand for energy-efficient solutions and the growing adoption of renewable energy sources.
Conclusion:
The electric water heater market is poised for significant growth, driven by the increasing demand for energy-efficient and sustainable solutions. The market is expected to reach $13.6 billion by 2030, with the Asia-Pacific region dominating the market. Key players in the market are expected to focus on innovation and technology advancements to stay ahead of the competition.
Stay Tuned for More Updates:
For the latest news and updates on the electric water heater market, stay tuned to our website and social media channels. We will be providing regular updates on market trends, analysis, and forecasts to help you stay ahead of the curve.
Keywords: Electric Water Heater Market, Global Market Analysis, Forecast to 2030, Water Heater Industry, Energy Efficiency, Renewable Energy, Asia-Pacific, North America, Europe, A. O. Smith Corporation, Bradford White Corporation, General Electric Company.
The global market for ~electric water heater~ is projected to have considerable CAGR of around 5.4% during the forecast period. The major factor driving the market of electric water heater is that the electric heater do not having the danger of exploding as compare to gas water heater. In addition to this, electric water heaters allow hassle free installation leading to the increase in market growth for electric water heaters. Electric water heaters consume less space as compared to conventional gas water heaters boosting the demand of electric water heater market. Furthermore, electric water heaters can be equipped with AI such as auto-timer. Moreover, Electric immersion water heaters are being significantly utilized for industrial applications due to robust and efficient heating. In addition, it has its own electricity supply and is not dependent on boilers to work. The rising application of electric water heater in commercial and industrial sector further provides significant opportunity to the market.
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Geographically, the global electric water heater market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. North America have significant growth in the global electric water heater market. The advancement of electric water heater for various application in North America such as the US and Canada coupled with integration of smart technology such as AI in water heater systems are further making a considerable contribution towards the market in the region
full report of Electric Water Heater Market available @ https://www.omrglobal.com/industry-reports/electric-water-heater-market
· Market Coverage
· Market number available for – 2024-2031
· Base year- 2024
· Forecast period- 2024-2031
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global Electric Water Heater Market Segmentation
By Product Type
- Tankless Water Heater
- Storage Water Heater
By Application
- Residential
- Commercial
- Industrial
Global Electric Water Heater Market – Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric water heater market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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