Grid-Interactive Water Heater Market
Grid-Interactive Water Heater Market Global Industry Assessment & Forecast
- By Product 80 Gallon Capacities, 100 Gallon Capacities, 119 Gallon Capacities, Others
- By Application Residential, Industrial Manufacturing, Others
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||530.21 Million|
|Revenue 2028:||792.96 Million|
|Revenue CAGR (2021 - 2028):||5.14|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global Grid-Interactive Water Heater market was valued at USD 530.21 Million in 2020 and is projected to reach USD 792.96 Million by 2028, growing at a CAGR of 5.14% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||792.96 Million|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||5.14%|
Definition And Overview
Grid interactive water heating (GIWH) adds bi-directional control to electric resistance water heaters allowing the utility or third party aggregator to rapidly and repeatedly turn them on and off, or incrementally ramp their power up and down.
This report provides an analysis of the Grid-Interactive Water Heater market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Grid-Interactive Water Heater industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. This study comprises the market size in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities. Moreover, it covers an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies.
The report includes a separate section covering detailed Grid-Interactive Water Heater industry analysis based on various macro/micro factors impacting the growth of the market. This section explains various driving factors, restraints/challenges, and opportunities in detail. In addition to that, the same section provides industry analysis based on several strategic marketing tools such as Cost Structure Analysis, Porter’s Five Forces Analysis, Pricing Analysis, SWOT Analysis, PESTLE Analysis, Player Positioning Analysis, Downstream Buyers, List of distributors, and Value Chain Analysis among others.
The increasing economic benefits with the use of grid-interactive water heater is anticipated to augment the growth of the market in the years to come. According to Rocky Mountain Institute researchers, a non-profit organization in the United States, electric utilities will probably invest approximately $1 trillion in the traditional grid infrastructure over the next 15 years. The use of demand-side flexibility and the ability for demand resources to change throughout the day due to market conditions in the residential sector alone is estimated to be able to save 10-15% of those grid costs. This could cut the customer’s electric bill by 10- 40%, and can be accomplished with rate structures and technologies that exist today.
Furthermore, the rise in energy consumption is also expected to support the growth of the global grid-interactive water heater market in the years to come. Additionally, the increasing demand from residential sector due to fast-paced industrialization in developing economies is also likely to contribute to the growth of the market.
The high installation cost and lack of awareness among consumers is expected to limit the growth of the grid-interactive water heater market in near future.
COVID-19 Impact Analysis
When the Covid19 pandemic started in China last year it sends its shock waves to countries across the globe. And as the number of cases was on the rise, it enforced the governments across the world to take severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the impending catastrophe. These actions had a dramatic impact on the economy, as the industrialist across the globe were forced to halt their production, leading to supply chain disruptions and impairing of various industries. Thus, plummeting the global markets. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long-term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Rheem, Vaughn Thermal, Steffes, Dakota Electric Association, EnergyHub, HTP (Everlast), Great River Energy|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis|
The report delivers an acute breakdown of the market based on various segments such as Product, Application, , and region. All the segments are studied considering historical and future trends across geographies. All the segments are analyzed based on trends, market size, and forecast, and the data is provided for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report.
On the basis of Product, the market is divided into 80 Gallon Capacities, 100 Gallon Capacities, 119 Gallon Capacities, Others,. 80 Gallon Capacities held the largest share in 2020 and is projected to grow at a noteworthy CAGR within the forecast period.
Based on Application, the market is divided into Residential, Industrial Manufacturing, Others. Residential attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
Global Grid-Interactive Water Heater Market: Product Segment Analysis
- 80 Gallon Capacities
- 100 Gallon Capacities
- 119 Gallon Capacities
Global Grid-Interactive Water Heater Market: Application Segment Analysis
- Industrial Manufacturing
Regional Analysis: Preview
Based on the geography, the global Grid-Interactive Water Heater market is segmented into North America, Latin America, Asia
Pacific, Europe, and the Middle East & Africa. The report further segments
the regional study into key country-level markets from each region. This section
of the report provides a comprehensive review of the Grid-Interactive Water Heater market at the regional and country level. The report covers all the major developments
specific to Grid-Interactive Water Heater industry across
geographies and explains its impact on the market. The regional analysis
section also provides analysis of the impact of various factors such as
economies, industry competition, technological advancements, import-export
ratio, and raw material availability among others. The concentration of raw
material suppliers as well as market players in one specific region impacts the
global market scenario and the report covers exclusive information on the
same. Also, the report analyzes the
intensity of competition in each region and its influence on the growth of the
global Grid-Interactive Water Heater market.
Market Size, 2021 (USD Billion)
Global Grid-Interactive Water Heater Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
The global Grid-Interactive Water Heater market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Grid-Interactive Water Heater market are Rheem, Vaughn Thermal, Steffes, Dakota Electric Association, EnergyHub, HTP (Everlast), Great River Energy. This section of the report will provide you extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. Moreover, the report will also include extensive analysis on key strategies adopted by market players such as new product development/launch, merger & acquisitions, partnerships, collaborations & joint ventures, research & development, and regional expansion.
Frequently Asked Question
What is the global demand for Grid-Interactive Water Heater in terms of revenue?
The global Grid-Interactive Water Heater valued at 530.21 Million in 2020 and is expected to reach 792.96 Million in 2028 growing at a CAGR of 5.14%.
Which are the prominent players in the market?
The prominent players in the market are Rheem, Vaughn Thermal, Steffes, Dakota Electric Association, EnergyHub, HTP (Everlast), Great River Energy.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.14% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the Grid-Interactive Water Heater include
- The increasing economic benefits with the use of grid-interactive water heater is anticipated to augment the growth of the market in the years to come. According to Rocky Mountain Institute researchers, a non-profit organization in the United States, electric utilities will probably invest approximately $1 trillion in the traditional grid infrastructure over the next 15 years. The use of demand-side flexibility and the ability for demand resources to change throughout the day due to market conditions in the residential sector alone is estimated to be able to save 10-15% of those grid costs. This could cut the customer’s electric bill by 10- 40%, and can be accomplished with rate structures and technologies that exist today.
- Furthermore, the rise in energy consumption is also expected to support the growth of the global grid-interactive water heater market in the years to come. Additionally, the increasing demand from residential sector due to fast-paced industrialization in developing economies is also likely to contribute to the growth of the market.
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Grid-Interactive Water Heater in 2020.