BASF SE Increment of water heaters is due its cost effectiveness, need of less storage spaces and energy efficiency and are the factors enhancing the market of water heaters. Vendors are also focusing on advancing water heater technology. Various key players are further focusing on filtration sterilization technology and anti-corrosion. Electric heaters Market are quite reliable while installing as they require less maintenance. Condensing gas fired systems and heat pump technology are some of the advanced technologies in the water heater market. Along with it, geothermal and solar equipment are also being implemented by various manufacturers in their product line. 

Electric Water Heater Market Dynamics

Manufacturers are observing a great number of opportunities in the solar market therefore, water heaters are developed by integrating various advanced technologies. Increasing industrialization across various emerging technologies along with rapid urbanization due to raised standard of living of consumers is upsurging the demand for electric water heater. Growing expansion of commercial trends combined with upsurging trends of urban mitigation due to large scale development is further set to boost the water heater installation. Furthermore, changing customer focus toward advanced and efficient technologies due to substantial lowering down in the utility bills which are combined with norms and regulation towards acceptance of energy efficient system systems is contributing to the growth of electric water heater market.

COVID-19 Impact on Electric Water Heater Market

Covid -19 pandemic led to closure of industrial facilities and needed proper decontamination before operation starts. This pandemic might affect the integration of water heaters as delays are taking place in construction projects. The demand for water heaters might notice a decline because of low operations, less on-site works and reduction of workforce and supply chain interruptions. Furthermore, with the various economies lifting up lockdown and starting commercial and industrial activities is attributed to strengthen the business outlook. 

Electric Water Heater Market Segmental Overview

The report analyses of the electric water heater market based on product, distribution channel, application and by geography.

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Electric Water Heater Market by Product Type

By product, the global electric water heater market is segmented into gas instant water heaters, electric instant water heaters. Gas instant water heaters also known as instantaneous, inline, continuous flow are on demand and gaining popularity. These high-power water heaters have the capacity to instantly heat water as it flows through the devices and they further do not retain any water internally exception for what is in the heat exchanger roll.

Electric Water Heater Market by Distribution Channel

The electric water heater market can also be segmented by distribution channel into several categories:

1. Online Retail: The online retail channel has gained popularity in recent years, as customers prefer the convenience of shopping from their homes. Online retailers offer a wide range of electric water heaters, and customers can easily compare prices and features before making a purchase.
2. Specialty Stores: Specialty stores that specialize in home appliances also sell electric water heaters. These stores have knowledgeable staff who can help customers choose the right water heater for their needs and provide installation services.
3. Department Stores: Department stores that sell home appliances also carry electric water heaters. These stores usually offer a range of brands and models, and customers can compare prices and features before making a purchase.
4. Home Improvement Stores: Home improvement stores, such as Home Depot and Lowe's, sell electric water heaters. These stores offer a wide range of models and brands, and customers can choose to have the water heater installed by the store's contractors.
5. Direct Sales: Some manufacturers of electric water heaters sell their products directly to customers. Customers can contact the manufacturer's sales team to place an order and arrange for installation.
6. Others: Other distribution channels include wholesale distributors who sell electric water heaters to retailers and contractors, and independent contractors who purchase electric water heaters directly from manufacturers and sell and install them for customers.

Electric Water Heater Market by Application Top of Form

The electric water heater market can also be segmented by application into several categories:

1. Residential: Residential applications are the most common use for electric water heaters. These water heaters are used in homes, apartments, and other residential buildings to provide hot water for bathing, washing dishes, and other household activities.
2. Commercial: Commercial electric water heaters are used in various commercial settings, such as hotels, restaurants, hospitals, and other public buildings, where there is a high demand for hot water. These water heaters are designed to provide hot water continuously and efficiently to meet the demands of large volumes of people.
3. Industrial: Industrial electric water heaters are used in industrial settings, such as factories and manufacturing plants, where hot water is required for industrial processes such as cleaning, sanitizing, and heating.
4. Agricultural: Agricultural electric water heaters are used in agricultural settings, such as livestock farms and greenhouses, where hot water is required for cleaning, sanitizing, and other agricultural processes.
5. Others: Other applications for electric water heaters include outdoor use, such as for heating swimming pools or hot tubs, and emergency backup systems, such as for providing hot water during power outages.

Electric Water Heater Market Key Players

Some of the major players operating in this market include Venus Home Appliances (P) Ltd., AO Smith Corporation., Rheem Manufacturing Co., Siemens AG., HTP Inc., Ariston Thermo SPA., Bajaj Electricals Ltd., Bradford White Corp., Haier Electronics Group Co., Ltd., Noritz Corp., Rinnai Corp., Others.

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