Electric Wall Heater Market has been witnessed to drive at a CAGR of 5.80%, with a value of USD 5,230.7 million during the forecasted 2022-2030
The electric wall heater market has been witnessed to drive at a CAGR of 5.80%, with a value of USD 5,230.7 million during the forecasted 2022-2030.
An electric wall heater is an appliance that heats the cold water supplied through the system of the pipes. This heated water can be used for various purposes like taking a hot bath or shower and washing machines and dishwashers. Over a few decades, numerous technologies have been developed to make water heaters energy efficient, like the heat pump, condensing the gas water heaters, gas, electric tankless systems, etc. In recent years, the demand for water heaters has seen a surge across several regions to improve the standard of living.
However, due to the emergence of new technologies, several market players can make new solar heaters which demands a huge market. Furthermore, the improved cost-effectiveness of the batteries or modules is expected to restrain the solar heater market during the forecasting period. The solar heater installation requires major modification to a building's plumbing systems and has relatively less life than solar PV.
The key players of the global electric wall heater market are Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, and Radiant Systems.
The United States is a major producer of electric wall heaters in the current world. The electric wall heater industry in the United States is deep-rooted, and it has been growing at a significant pace in the past few years.
The international trend is growing toward replacing fossil fuel as a primary energy source with alternative energy sources, like solar and wind, which are more environment-friendly and lower cost than fossil fuel energy.
Thermal energy is one of the alternative solutions that can be used in the water heaters or for electric power generation sectors. However, the low importance of the government sectors towards the development of the electric wall heaters facilities is likely to resist the growth of the market during the projected years.
The electric wall heater global market is segmented based on application and power. On the basis of application the global market is divided into residential and non-residential. The residential segment held the larger market share in 2018 as this segment has been witnessing significant growth in the demand for electric wall heaters owing to growing urbanization, rapidly changing lifestyle, and an increase in demand for comfort features in homes.
On the basis of power, the global market is segmented into <1000 Watt, 1000 to 1600 Watt, 1600 to 2000 Watt, and > 2000 Watt. The 1000 to 1600-Watt segment is expected to hold the maximum market share, due to the need for energy efficient high capacity heaters and heating solutions in residential and commercial applications. This is expected to increase the demand of 1000 to 1600-Watt in electric wall heaters during the forecast period.
On the basis of region, the global electric wall heater market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world.
Global Market of Electric Wall Heater, by Region, 2018
Source: MRFR Analysis
North America is expected to witness an excellent growth in the electric wall heater market, owing to rapid urbanization, increase in demand for comfort and convenience in homes, and rapidly changing lifestyle. The market in this region is characterized by improving government standards and stringent polices from Industrial Heating Equipment Association (IHEA) to provide better heating solutions to workers. This is expected to create opportunities for the manufacturers to invest in the local market in the coming years.
The US is one of the major producers of electric wall heaters in North America. The electric wall heater industry in the US is deep-rooted and has been growing at a significant pace in the past few years. The other prominent factors leading to the growth of the market in the US are the increase in manufacturing companies, rising government regulations towards energy efficient products, and extreme climatic conditions.
The global electric wall heater market has been segmented on the basis of application and power. On the basis of application, the global market is segmented into residential and non-residential. The residential segment is expected to dominate the market, due to growing requirement of comfort features in homes.
|Market Size||2030: USD 5,230.7 million|
|CAGR||5.80% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Power|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Marley Engineered Products, Stiebel Eltron Inc., Markel Products Company, Trane, Broan, Inc., WarmlyYours.com, Inc., King Electric, Indeeco, Glen Dimplex Group, and Radiant Systems|
|Key Market Opportunities||Smart Electric Wall Heater Technologies|
|Key Market Drivers||
A 5.90% CAGR is estimated to guide the development of the market in the impending period.
The contenders existing in the market are Stiebel Eltron Inc., Trane, Broan, Inc., Marley Engineered Products, WarmlyYours.com, Inc., and Markel Products Company.
The North American region is estimated to boost the market in the forthcoming period.
The dual segments of application and power are motivating the market extensively.
The incidence of top electric wall heater manufacturers is estimated to shape the development of the market in the coming years.