Electric Water Heater market Poised to Garner Maximum Revenues During by 2024

Various technological advancements and product innovations have been made in water heaters over the past decade, with electric water heaters being the most impressive example. Although the market for electric water heater is heading toward maturity, constant innovation by manufacturers is sustaining the market growth. Electric water heaters have often exceeded the energy consumption in domestic activities such as lighting, refrigeration, and cooking. Actual energy savings and lowering emissions is highly dependent on placement & size of water pipes, heater location, and family size.

NRDC’s Goal of Reducing Carbon Emission in America by 80% before 2050

Recently, the National Resource Defense Council (NRDC) has set its foot on finding a pathway toward safer climate future. Lowering pollution from direct utilisation of fossil fuels in residential buildings, which includes burning fuel oil, propane, and natural gas in water heaters and furnaces, is crucial for controlling adverse climate change and hazardous pollution level. The NRDC has laid out a strategy for slashing the carbon emissions in the U.S. by 80% before the year 2050, a fraction that according to scientists is necessary to be reduced for preventing worst conditions of global warming.

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Three Main Strategies for Achieving Deep Cuts in Emissions

Adoption of a usually overlooked yet critical strategy for reducing carbon pollution – “decarbonising” direct energy utilisation in buildings – is imperative, and must be pursued more aggressively to counter excessive depletion of fossil fuels and rising pollution levels. NRDC sheds light on three main integral strategies to achieve deep cuts in emissions from energy utilisation in buildings. The first is smarter energy use or energy efficiency. Better insulated buildings integrated with highly efficient equipment is crucial for achieving goals set by the NRDC.

Second one is the shift from water heating equipment using fossil fuels to highly efficient electric alternatives such as the heat pumps running on clean electricity produced from renewable resources. The last one is cleaning up remaining fuels yet being utilised in buildings by substituting them with renewable fuels, such as sustainably produced biogas from landfills, farms, or wastewater treatment plants; and synthetic gas created through electrolysation of water by renewable electricity, and converting resulting hydrogen further to methane.

A Key Strategy is Adoption of Efficient Electrification

NRDC’s aim is that by 2050, almost every other house in the commercial and residential buildings of the U.S. must be using electric water- and space-heating appliances. This transition is expected to occur if the existing buildings are upgraded, with current appliances in households being replaced by a highly efficient electric model. NRDC has chosen electrification to be their primary strategy in their modelling for reaching the set goal of reducing carbon emissions. This is because there is limited availability of sustainable biogas sources, and the synthetic gas has become excessively expensive. However, the prospects of increased competition between renewable synthetic gas and electrification are deemed possible, although being a long shot.

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Global Electric Water Heater: Segmentation: On the basis of product type, the global electric water heater market is segmented into: Storage Water Heaters, Non- storage / Tankless Water Heater; On the basis of end use, the global electric water heater market is segmented into: Residential , Commercial, Industrial; On the basis of capacity, the global electric water heater market is segmented into: Small water heater, Medium water heater, Large water heater

Global Electric Water Heater Market to Witness Healthy Expansion during 2018 to 2024

A latest research by Research Report Insights has projected the global electric water heater market to register a healthy expansion during the assessment period (2018-2024). Growing awareness about automated temperature control, environmental sustainability, and energy efficiency will favour the market growth, particularly in developing economies. Asia-Pacific (APAC) is anticipated to retain its dominance in the global electric water heater market, with China and India being the lucrative countries in the region. In APAC, potential opportunities for the market expansion are expected to be paved by increasing initiatives being taken by the government for improving rural infrastructure.

Key players in the global electric water heater market include A.O. Smith Corp, General Electric Co, Midea Group, Rheem Manufacturing Company and Siemens AG. Other prominent vendors are Ariston Thermo SpA and Hubbell Electric Heater Company.

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