The Europe Electric Water Heater market is growing along with the Electronics and semiconductor industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
The electric water heater market in Europe is expected to grow from US$ 3,112.6 Mn in 2019 to US$ 4,249.7 Mn by the year 2027 at a CAGR of 3.5% during the forecast period.
Household appliances consisting of a gas or electric heating unit under a tank that heats and stores water. Electric water heaters behave essentially like gas water heaters. Cold water is taken from the dip tube and heated using the electric heating element in the tank. Hot water rises in the tank and travels throughout the house via heat pipes.
A semiconductor device is an electronic component that relies on the electronic properties of a semiconductor material (primarily silicon, germanium, and gallium arsenide, as well as organic semiconductors) for its function. Semiconductor devices have replaced vacuum tubes in most applications.
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The tourism industry is constantly growing, and owing to this, the development curve of hotel infrastructure is continually upward. The rising number of hotel buildings is escalating the demand for commercial grade water heaters in the current scenario, as the hotel owners emphasize heavily on their services to their customers. Hot water is one of the significant factors in the hospitality industry, and owing to this, the demand for water heaters is an all-time high. Apart from rooms, hot water is also used in kitchen areas of the hotels. Owing to the fact that the electric water heaters overcome the disadvantages of gas water heaters, the demand for electric water heaters is continuously growing in the hospitality industry, thereby bolstering the revenue size of electric water heaters. Similar to the hospitality industry, the medical & healthcare sector also demands an increased quantity of electric water heaters, owing to the fact that hot water plays a critical role in hospitals and healthcare institutions.
These factors are expected to offer broad growth opportunities in the Electronics and semiconductor industry and this is expected to cause the demand for Electric water heaters assays in the market.
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Europe Electric Water Heater Market–Segmentation
- < 30 Litres
- 30 – 100 Litres
- 100 – 250 Litres
- 250 – 400 Litres
- Rest of Europe
- AO Smith Corporation
- Ariston Thermo S.p.A
- Alfa Laval.
- Bosch Group
- Bradford White Corp.
- Haier Smart Home Co., Ltd.
- Midea Group
- Siemens AG
- Viesmann Group
- Whirlpool Corporation
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