Europe Electric Water Heater Market size surpassed USD 4.2 Billion in 2019 and is anticipated to expand at a CAGR of 6.3% from 2020 to 2026.
Get more details on this report - Request Free Sample PDF
The market growth is due to government mandates pertaining to energy efficiency along with growing demand for replacement of existing water heaters. Stringent building standards toward installation of star rated heating systems will further complement the business scenario. Moreover, adoption of advanced water heater units with facilitated water filtration system, corrosion resistance as well as integrated monitoring and remote-control devices will positively influence the industry outlook.
Ongoing COVID - 19 impact across the region has disturbed the overall production and installation programs of electric water heaters across the region. Moreover, the manufacturers have undergone a major downturn in their business cycle as the effects of coronavirus has affected both the demand and supply sides of the technology industry.
Europe Market, By Product
Rising demand for instant water heaters on account of quick hot water delivery, low standby heating losses as well as time management will complement the market growth. For instance, in 2019, Rinnai Corporation launched a tankless water heater, integrated with Control-R Wi-Fi module providing cloud-based user interface for better management and effective energy usage. High energy efficiency of tankless water heater systems when compared with conventional storage units will foster the market demand. Moreover, rising installation of these units across commercial and residential spaces owing to easy installation and low electricity cost will positively sway the industry landscape.
Europe Market, By Capacity
< 30 liters capacity electric water heater market is estimated to grow at a significant CAGR till 2026, on account of rising hot water demand across the Nordic countries followed by increasing deployment of these systems across the residential sector. In addition, ongoing technological advancements along with rising R&D investments by regional manufacturers to deploy cost effective units will complement the industry demand. Replacement of conventional water heaters across the commercial and residential establishments will accelerate the industry scenario.
Europe Market, By Application
Commercial electric water heater market size will gain remarkable momentum during the forecast timeline, owing to rising investment toward infrastructural development along with rising installation of technological advanced units. Ongoing government efforts toward integration of solar powered units across government and military establishment will further propel the adoption of electric water heaters. Increasing infrastructural spending to deploy smart city outputs and zero-emission buildings will in turn stimulate the market size. Furthermore, surging demand for instant heating technologies across offices and hospital facilities will fuel the market scenario.
Europe Market, By Country
UK electric water heater market is estimated to rise substantially through 2026, attributed to rising installation of advanced water heaters along with increasing demand for high efficiency heating systems. Ongoing regulatory regimes and standards concerning the energy efficiency norms will positively sway the market value. Furthermore, growing introduction of advanced integrated water heating technologies including built-in Wi-Fi, robust communications alternative, leak detection systems and intelligent designs will accelerate the industry outlook.
Competitive Industry Landscape
Major players involved in the Europe electric water heater market are Bosch Thermotechnology, General Electric Appliances, Whirlpool Corporation, Hubbell, Haier Electronics, Stiebel Eltron, Ferroli, Viessmann Group, A.O. Smith.