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The global electric water heaters market is expected to reach USD 29.32 billion by 2022, according to a new study by Grand View Research, Inc. Increasing residential and commercial projects worldwide is expected to drive market demand over the forecast period.
Increasing government initiatives to improve rural infrastructure and uninterrupted electricity availability in these areas is expected to provide new opportunities to market growth.
They are also increasingly used in countries with limited or broken electricity supply as they can store hot water for future use.
Commercial water heaters can be glass lined, stainless steel lined, cement and hydrastine cement lined.
Rapid infrastructure developments in these countries are expected to favor the Asia Pacific electric water heaters market.
However, increasing trend for use of solar water heater may restrict market demand gradually over the next seven years.
