The market for electric water heaters is projected to progress at a Compound Annual Growth Rate (CAGR) of 5.56%, and grow by $6.80 billion from 2020 to 2025, in a recent report by Technavio, a leading global technology research and advisory company.
Due to technological innovations in efficient design, government initiatives promoting energy-efficient water heating solutions, and the growing demand for electric heat pump water heaters, this fragmented market has opportunities for huge growth.
Although, the high operational and installation cost of tankless electric water heaters may challenge this projected growth, 50% of which is expected to originate from the Asia-Pacific (APAC) due to the increase in regional infrastructure spending on commercial projects.
Some of the major market participants include A.O. Smith Corp., Ariston Thermo Spa, ATC Electrical and Mechanical Ltd., Bajaj Electricals Ltd., and Bandini Scaldabagni SpA to name a few.
The report by Technavio includes important information about each participant’s production, sustainability, and prospects of the leading companies.
It also highlights how vendors should hone in their focus on the fast-growing segments of the market, while simply maintaining positions in comparatively slow-moving segments.
