Press release
Instant Water Heater Market Size Estimated to Hit USD 31,251 Million by 2030, CAGR 7.73%
Global Instant Water Heater Market Size
An instant water heater is a heating appliance that warms water using various external energy sources. The type of building in which the water heater will be installed, the needs of the homeowners, the availability of fuel types, the cost and efficiency of the fuel system, the cost of installation and maintenance, the storage and distribution temperature, and the safety of the users all play a role in the selection of an appropriate water heater. An instant water heater delivers a constant stream of hot water because it heats water without storing it. Frequently, instant water heaters are referred to as demand-type water heaters. In contrast to storage water heaters, which require a massive amount of space due to their mass, instant water heaters require only the necessary amount of space. As a result, fast water heaters are a standard fixture in studio apartments, tiny homes, and other homes of comparable sizes.
According to Straits Research, the global instant water heater market size was worth USD 17,226 million in 2021. It is estimated to be valued at USD 31,251 million by 2030, growing at a CAGR of 7.73% during the forecast period (2022-2030).
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Market Dynamics
The Boost in Residential Applications and the Growing Number of Hospitals & Hotels to Drive the Global Instant Water Heater Market
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.
Furthermore, hospitals and hotels have a significant demand for hot water. Hospitals require abundant hot water for cleaning, laundry, patient washing and bathing, and other purposes. Also, hot water is necessary to disinfect and clean the facility's surfaces. In addition, tankless 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, as the number of hotels increases, the demand for water heaters increases constantly. When guests request hot water in a small or fancy hotel, they will always obtain it. Due to a rise in hotels and hospitals, the market for instant water heaters is expanding significantly.
The Markets in Developing Countries to Create Global Instant Water Heater Market 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 ofthe 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.
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
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Key Highlights
Based on the product type, the gas instant water heater section is predicted to advance at a CAGR of 7.5% and hold the largest share.
Based on the application, the residential section is forecasted to have the most significant shareholding, growing at a CAGR of 8.57%.
Based on the distribution channel, the section of supermarkets/hypermarkets will likely have the highest shareholding, growing at a CAGR of 6.4%.
Based on regional analysis, North America will likely command the market while expanding at a CAGR of 7.42%.
Competitive Players in the Market
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
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Regional Insights
North America will likely command the market while expanding at a CAGR of 7.42%. 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. Manufacturers' development of technologically superior products has resulted in more significant electricity conservation. 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.
The Asia Pacific will likely hold USD 10,468 million, expanding at a CAGR of 10.17%. 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. To attract more customers, leading manufacturers of instant water heaters are progressive, including e-commerce sections in their distribution networks. 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.
Recent Developments
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.
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List of Related Reports:
Water Heater Market Size: https://straitsresearch.com/report/water-heater-market
Tankless Water Heater Market Size: https://straitsresearch.com/report/tankless-water-heater-market
Water Treatment Market Size: https://straitsresearch.com/report/water-treatment-market
Water Filters Market Size: https://straitsresearch.com/report/water-filters-market
Water Desalination Market Size: https://straitsresearch.com/report/water-desalination-market
Water Tank Market Size: https://straitsresearch.com/report/water-tank-market
Water Flosser Market Size: https://straitsresearch.com/report/water-flosser-market
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