New York, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- An instant water heater is a heating appliance that warms water using various external energy sources. An instant water heater delivers a constant stream of hot water because it heats water without storing it. “The global instant water heater market size is expected to reach USD 31,251 million by 2030, growing at a CAGR of 7.73% during the forecast period (2022-2030),” states the Research Manager at Straits Research P. Ltd.
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Key Drivers
The worldwide construction industry has expanded due to rising disposable incomes, urbanization, and globalization. The increase in residential construction in emerging nations gives numerous opportunities for market participants in the instant water heater business. Population growth and a substantial increase in discretionary consumer expenditure in developing countries such as China and India are predicted to create new opportunities for market participants in the instant water heater sector. Considering the excellent growth prospects of the building industry in both developed and emerging countries, manufacturers in the instant water heater market are designing cutting-edge designs suitable for residential applications in the following years.
Tank-less water heaters are utilized in hospitals for patients with sensitive or aging skin since they demand exact heating. Installing a tankless water heater with built-in temperature control will reduce the likelihood of inconsistent heating. On the other hand, due to a rise in hotels and hospitals, the market for instant water heaters is expanding significantly.
Growth Opportunities
Emerging economies represent a market for instant water heaters that have yet to be explored. The non-member countries of the Organization for Economic Co-operation and Development (OECD) account for more than 80 percent of the world's population. Yet, they consume less than the rest of the world. In recent years, the economies of Asia-Pacific and LAMEA have expanded dramatically, resulting in a rise in the labor force.
The increased purchasing power of clients has led to a rise in instant water heater sales. In addition, instant water heaters incorporate salt and tap water efficient technology that contributes to more efficient regeneration cycles, boosting product efficacy and exhibiting a faster growth rate, particularly in developing Asia-Pacific and LAMEA countries.
Regional Insights
North America will likely command the market while expanding at a CAGR of 7.23%. The continued expansion of commercial infrastructure due to faster economic development, particularly in developing nations, will support the instant water heater market. The creation of smart cities and the development of zero-emission buildings will enhance the business environment. The US holds the largest proportion of the North American market for instant water heaters due to the strong demand generated by residential units, food & beverage, universities, offices, pharmaceuticals, and water treatment facilities. The anticipated faster growth rate in the number of serviced apartments will substantially impact the residential installation of instant water heaters.
There is an intense rivalry in the Asia-Pacific market for instant water heaters. Global brands exert considerable effort to develop exceptional value propositions and effective marketing strategies. Haier Electronics Group Co., Ltd, Bajaj Electricals Limited, Noritz Corp, Rinnai Corporation, and Venus Home Appliances (P) Ltd are this region's leading water heater companies. In addition to the improvement of consumer lifestyles, the expansion of distribution networks and the increase in disposable income are key drivers of market growth in this region. In addition, the Asia-Pacific market for instant water heaters is rising due to technological advances and innovative marketing strategies.
Competitive Players in the Market
- 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
- Whirlpool Corporation
Market News
- In 2022, a partnership between General Electric and Ernst & Young LLP was announced to help companies change their manufacturing operations. This collaboration combined GE's deep digital technologies and more than a century of manufacturing experience with EY US's industry knowledge and technology consulting services.
- In 2022, A.O. Smith Corporation purchased Atlantic Filter Corporation, a water treatment solution supplier.
Global Instant Water Heater Market: Segmentation
By Product Type
- Gas instant water heaters
- Electric instant water heaters
By Application
- Commercial
- Residential
- Industrial
By Distribution Channel
- Supermarket & Hypermarket
- Specialty store
- Convenience store
- Online stores
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
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About Straits Research Pvt Ltd.
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