Electric Water Heater Markets expected to reach $30 Billion

Global electric water heater market was valued approximately USD 15.08 billion in 2016 and is anticipated to grow with 5.9% compound annual growth rate over the forecast period.

November 2018

Planet Market Reports has added a report, titled, “Global Electric Water Heater Market 2017 Forecast to 2025.” Global electric water heater market was valued approximately USD 15.08 billion in 2016 and is anticipated to grow with 5.9% compound annual growth rate over the forecast period.

 

Most electric water heaters use electric resistance elements to heat the water in the storage tank using two electric resistance elements, which are located at the bottom and top of the storage tank. Each element is controlled by an independent thermostat. In two element tanks the lower element provides recovery from standby losses and the upper element provides heating during periods of large hot water use. Some resistance water heaters contain only a lower element.

Electrical water heaters that store hot water can be a good match for an intelligent electrical power distribution system, heating when the electrical grid load is low and turning off when the load is high. This could be implemented by allowing the power supplier to send load shedding requests, or by the use of real-time energy pricing.

Heat pump water heaters use an air source heat pump to transfer thermal energy from the air around the unit into the storage tank. Electric resistance elements are typically included to provide backup heating if the heat pumps cannot provide sufficient heating capacity.