Immersion Heater Market Share

North American Market Forecast

North America industry is predicted to hold largest revenue share of 33% by 2037. It is ascribed to the regulatory measures put in place by the government in the region to reduce the number of low-efficiency and environmentally harmful equipment. It is possible to deploy 1,200–2,000 gigawatts of renewable energy in the US to meet planning reserve requirements and generate 70–80% of the country's electricity by 2050.  The demand for immersion heaters is also rising as a result of well-known manufacturers producing these heaters in compliance with industry standards like UL and CSA, like Wattco and Tempco Electric Heater Corporation. The COVID-19 epidemic, however, has stopped production and is likely to continue for a considerable amount of time.

European Market Statistics

The immersion heater market in the Europe region is expected to rise strongly and hold about 28% of the revenue share during the projected period due to stringent environmental regulations about carbon emissions and fuel efficiency technology in the UK, Germany, Italy, and other European nations. For instance, in February 2020, the NIBE Group bought Nathan Holding B.V. to expand its operations in the Netherlands, Luxembourg, and Belgium offering heating and cooling solutions.