Electric Water Heaters Market to Grow to $29.32 Billion by 2022
Increasing residential and commercial projects worldwide are expected to drive market demand
SAN FRANCISCO — The global electric water heaters market is forecast to reach $29.32 billion by 2022, according to a new study by Grand View Research Inc. Global market demand is expected to reach 117.5 million units by 2022, growing at a compound annual growth rate (CAGR) of 6.9 percent over the forecast period. Increasing residential and commercial projects worldwide are expected to drive market demand over the forecast period. Rising disposable income and preference for tankless water heaters may further fuel the electric water heaters market.
Increasing government initiatives to improve rural infrastructure and uninterrupted electricity availability in these areas are expected to provide new opportunities for market growth. Growing awareness of automated temperature control, energy efficiency, and environmental sustainability are estimated to favor tankless water heater demand. Rising electricity prices, volatile raw material prices, and growing preference for solar water heaters may restrain market growth over the forecast period.