Portland, OR, May 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global instant water heater market garnered $18.81 billion in 2019, and is expected to garner $26.94 billion by 2027, registering a CAGR of 7.70% from 2021 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Government regulations and strict building codes for adoption of energy efficient technology, establishment of residential projects, and increase in infrastructural investments boost the growth of the global instant water heater market. On the other hand, governed key regulations such as minimum energy performance standards energy efficiency directive, and energy performance of building hamper the market growth to certain extent. Nevertheless, automation and advancements in home essentials and rise in investment for R&D purposes usher an array of opportunities for the market players in the near future.
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Covid-19 scenario:
- The outbreak of the pandemic led to disrupted supply chain and suspended specialty stores, e-commerce, and other distribution channels in various countries.
- However, the industry has restarted their processes with respect to the guidelines issued by governments.
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The global market is segmented on the basis of distribution channel, product, application, and region. Based on product, the gas instant water heaters segment held the largest share in 2019, holding for more than three-fourths of the global instant water heater market, and is projected to maintain its lead position throughout the forecast period. On the other hand, the electric instant water heaters segment is projected to register the highest CAGR of 9.00% from 2019 to 2027.
Based on distribution channel, the super market and hyper market segment held the largest share in 2019, with nearly one-third of the global market, and is anticipated to maintain the largest share during the forecast period. However, the online sales segment is estimated to exhibit the highest CAGR of 10.9% during the forecast period.
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Based on region, North America dominated with the highest share, with more than one-third of the global market in 2019, and is projected to maintain its lead throughout the forecast period. At the same time, Asia-Pacific is anticipated to register the highest CAGR of 10.0% from 2021 to 2027. Other regions studied in the report include Europe and LAMEA.
The key companies profiled in the report include A.O. Smith Corporation, Ariston Thermo S.P.A., Bradford White Corporation, General Electric Company, Ferroli S.P.A, Havells India Ltd, Nihon Itomic Co., Ltd, Rheem Manufacturing Company, Vaillant Group, and Whirlpool Corporation.
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