Global Electric Water Heater Market Is Expected to Grow Us$ 29.1 Bn by 2022: Credence Research

According to a new market report published by Credence Research Inc., “Electric Water Heater (Storage Tank Electric Water Heaters and Tankless (On-demand) Electric Water Heaters) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the market for electric water heaters is expected to expand at 7.2% CAGR between the forecast period 2015 - 2022.

Browse the full Electric Water Heater (Storage Tank Electric Water Heaters and Tankless (On-demand) Electric Water Heaters) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022 report at http://www.credenceresearch.com/report/electric-water-heater-market

Product and Market Insights

Electric water heaters are fast gaining popularity among consumers worldwide. The on-going infrastructural development resulting in increased number of residential and commercial projects have generated demand for range of electric water heaters including storage-tank and heat pump water heaters. The economic recovery post economic instability, especially in the developed economies like North America and Europe is also expected to have positive impact on the market growth as the average commercial and household expenditures is on a rise. On an average, water heating accounts for nearly 20 percent of the energy costs of a residential unit. Taking this into account, the new energy efficiency standards enacted by the governments across the globe are expected to curb the utility bills by 30 to 40 percent depending upon the electric water heater capacity and technology deployed.

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Competitive Insights

The global electric water heaters market is relatively matured. Some of the leading players identified in the electric water heaters market include AO. Smith (the U.S.), Midea Group (China), Rheem Manufacturing Company (the U.S.), and Siemens AG (Germany)....