Electric Water Heater Market to grow at 7.5% CAGR from 2016 to 2024: Fractovia.org The report “Electric Water Heater Market Size By Application (Residential, Commercial), By Product (Storage, Non-storage/Tankless/Instantaneous), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, India, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024�, by Global Market Insights, Inc. says that global electric water heater market forecast to growth at 7.5% CAGR from 2016 to 2024 to be valued at USD 33.22 billion by 2024. Global awareness regarding limited fuel supply has stimulated the demand for electric-powered alternatives. Electric water heater market will observe a lucrative upsurge over the next few years, primarily driven by the increasing growing product demand across the household, medical, and hospitality sectors. Electric heaters provide an edge over traditional fuel-based heaters in terms of costs, product design, and shelf life. Additionally, these heaters can be efficiently installed pertaining to space conditioning loads and require lesser maintenance, which will propel electric water heater industry, set to grow at an annual rate of 7.5% over 20162024.
Electric water heaters function on the principle of thermodynamics and are massively utilized across domestic applications such as cleaning, cooking, space heating, and bathing. These heaters are available in a variety of appliances such as heat exchangers, geysers, hot water heaters, hot water tanks, and boilers, many of which are deployed on a large scale across the hospitality, healthcare, and construction sectors. Electric water heater market share from commercial applications is forecast to exhibit tremendous growth over the next few years, driven by the surging demand from hotels, medical centers, office buildings, hostels, and academic institutions. Products used in commercial applications need to be stainless steel lined, hydrastine cement lined, regular cement lined, or glass lined, since they require exhibiting a high rate of durability and efficiency. Residential applications dominated the application landscape in 2015, having accounted for more than 85% of the overall electric water heater industry share. 1|Page