Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
BASF SE Increment of water heaters is due its cost effectiveness, need of less storage spaces and energy efficiency and are the factors enhancing the market of water heaters. Vendors are also focusing on advancing water heater technology. Various key players are further focusing on filtration sterilization technology and anti-corrosion. Electric heaters are quite reliable while installing as they require less maintenance. Condensing gas fired systems and heat pump technology are some of the advanced technologies in the water heater market. Along with it, geothermal and solar equipment are also being implemented by various manufacturers in their product line.
Manufacturers are observing a great number of opportunities in the solar market therefore, water heaters are developed by integrating various advanced technologies. Increasing industrialization across various emerging technologies along with rapid urbanization due to raised standard of living of consumers is upsurging the demand for electric water heater. Growing expansion of commercial trends combined with upsurging trends of urban mitigation due to large scale development is further set to boost the water heater installation. Furthermore, changing customer focus toward advanced and efficient technologies due to substantial lowering down in the utility bills which are combined with norms and regulation towards acceptance of energy efficient system systems is contributing to the growth of electric water heater market.
Covid -19 pandemic led to closure of industrial facilities and needed proper decontamination before operation starts. This pandemic might affect the integration of water heaters as delays are taking place in construction projects. The demand for water heaters might notice a decline because of low operations, less on-site works and reduction of workforce and supply chain interruptions. Furthermore, with the various economies lifting up lockdown and starting commercial and industrial activities is attributed to strengthen the business outlook.
The report analyses of the electric water heater market based on product, distribution channel, application and by geography.
By product, the global electric water heater market is segmented into gas instant water heaters, electric instant water heaters. Gas instant water heaters also known as instantaneous, inline, continuous flow are on demand and gaining popularity. These high-power water heaters have the capacity to instantly heat water as it flows through the devices and they further do not retain any water internally exception for what is in the heat exchanger roll.
The electric water heater market by application is classified into commercial, residential, industrial. Residential segment holds the largest market share over the forecast period. This is due to growing population along with growth in urbanization across various regions. Growth in residential construction projects and costumer focusing towards reduction in energy bills have further led to the development of energy efficient heating appliances. Lower power consumption, reduced maintenance and ease of installation are the factors supporting the growth of electric water heaters market for residential application.
The electric water heater market by distribution channel is classified into supermarket & hypermarket, specialty store, convenience store, online stores.
Geographically, the electric water heater market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. Asia pacific holds the largest market share. Growing number of medium sized enterprises and large investments by companies in developing enhanced electric water heater for different applications is uplifting the market growth.
Some of the major players operating in this market include Venus Home Appliances (P) Ltd., AO Smith Corporation., Rheem Manufacturing Co., Siemens AG., HTP Inc., Ariston Thermo SPA., Bajaj Electricals Ltd., Bradford White Corp., Haier Electronics Group Co., Ltd., Noritz Corp., Rinnai Corp., Others.
The report analyses of the electric water heater market based on product, distribution channel, application and by geography.
The electric water heater market by application is classified into commercial, residential, industrial. Residential segment holds the largest market share over the forecast period. This is anticipated due to growing population along with growth in urbanization across various regions. Growth in residential construction projects and costumer focusing towards reduction in energy bills have further led to the development of energy efficient heating appliances.
Geographically, the electric water heater market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. Asia pacific holds the largest market share over the forecast period.
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