[English Market Research Report] Electrification of Residential Spaces and Water Heaters

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The electrification of residential spaces and the market for water heaters are expected to grow over the next decade, primarily due to the increasing interest from the government and consumers in fuel conversion, as well as the rising household penetration rate of heating and cooling room air conditioners. The shipment of electric heating and water heating equipment is projected to grow worldwide, although the types of technologies vary by region. For example, air-source heat pumps are the fastest-growing electric heating equipment in North America, while heating and cooling room air conditioners are the fastest-growing electric heating equipment in the Asia-Pacific, Latin America, and the Middle East and Africa. This report analyzes the global market for residential spaces and water heaters, focusing particularly on the differences in fuel types used in each region (electric vs. non-electric). It also investigates the main driving and restraining factors of the market, provides an overview of major manufacturers, and examines trends in shipment forecasts (by fuel type and region, from 2024 to 2033).

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