European Electric Water Heater Market revenue to reach $5.4 Bn by 2026

Published Date: 2020-12-12

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European Electric Water Heater Market size is estimated to cross USD 5.4 billion by 2026, according to a latest forecast report by Graphical Research.

Europe Electric Water Heater Market will grow on account of growing deployment of these units across residential and commercial establishments along with paradigm shift toward enhancement in living standards. Increasing number of smart city projects followed by implementation of stringent design specifications and guidelines for electric equipment will further simulate the business scenario. Moreover, growing demand for hot water across the Nordic countries owing to harsh weather conditions will positively enhance the industry landscape.

Storage electric water heater market will observe robust development owing to simple designs, compact electrical installation and easy user interface. Moreover, integration of digital thermostats and sensors across these units will provide improved monitoring and control solutions which in turn will complement the product demand. Ongoing technological advancement to install effective water heater models integrated with central heating platform will accelerate the product adoption.

Increasing public and private investments toward the development of large commercial buildings and military establishment will foster 250-400 liters Europe electric water heater market. For instance, A.O. Smith, launched its iCOMM connectivity platform in 2019, which comprises of remote monitoring solution, providing real time date accessibility and controlling application. Rising R&D investments by leading manufacturers to provide effective, safe and reliable product with integrated cloud-based technology will further fuel the technological adoption.

Residential electric water heater market is estimated to witness a substantial growth on account of rapid construction across real estate and housing projects along with increasing demand for advanced instant water heaters. In addition, growing infrastructural expenditure along with expansion of zero emission buildings will propel the industry outlook. Rising product availability in various capacity ranges which in turn overcome different customer requirements will propel the business scenario.

France electric water heater market will witness growth on account of rapid adoption of advanced instant water heating technologies along with robust expansion of commercial establishment. Rising urbanization coupled with increasing demand across the real estate industry will fuel the business scenario. In addition, declining household electricity prices followed by adoption of self-solar power generation across the residential sector will accelerate the product demand.

Leading companies are focusing toward strategic alliances for product innovation including mergers & acquisitions and strategic alliances. Key players operating across the Europe electric water heater market are A.O Smith, Hubbell, Haier Electronics, Bosch Thermotechnology, Whirlpool Corporation, Ferroli, General Electric Appliances, Viessmann group and Stiebel Eltron amongst others.