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COVID-19 has had a dramatic impact across the European region, disrupting the overall production and installation programs for electric water heaters across the continent. In addition, manufacturers have experienced a severe downturn in their business cycles as the impact of COVID-19 have affected both demand and supply.
Residential water heaters industry trends
The demand for hot water in many units and muti-family buildings is growing, as well as more and more customer know the advantages of smart water heaters. That is a great help to drive the product adoption. With the advancement of technology and manufacturing process, the affordability of products is increasing by introduction of several policies and programs to encourage the adoption of energy-efficient appliances , which will affect the development of the market.
Europe Market, By Product
Water heaters have been used in European homes for a long time. One of the main reasons is the relatively low temperatures across the continent. Gas tankless water heater has 54% market share in European market whereas 46% is occupied by electric tankless water heater. However, the penetration of electric water heaters in the European market has been high in the past few years. In all water heaters, a large proportion of people in Europe use instant water heaters due to their simple installation, time management and low standby heating losses. The high energy efficiency of tankless water heater systems compared to conventional storage units is expected to boost product demand in the coming years.
European Market, By Application
Due to rising in investment in infrastructure development and increasing installation in technologically advanced equipment, the market size of commercial electric water heater will have significant growth during the forecast period. The government is working to integrate solar powered equipment across government and military establishment, which will further boost the adoption of electric water heaters. Increasing infrastructure spending to deploy smart city output and zero-emission buildings will in turn stimulate the market size. In addition, surging demand for instant heating technology in office and hospital facilities will drive the market outlook.
European Market, By Country
Due to the increase in the installation of advanced water heaters and the growing demand for efficient heating systems, the UK electric water heater market is expected to grow significantly by 2026. Ongoing regulatory regimes and standards about energy efficiency norms will positively affect the market values. Moreover, the increasing introduction of advanced integrated water heating technologies, including built-in Wi-Fi, robust communication alternatives, leak detection systems, and intelligent design will accelerate the industry outlook.
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Your Trusted Partner for Energy-Efficient and Reliable Electric Hot Water Solutions.