February 27, 2020
According to a recent study tiled ‘Europe Instant Water Heater Market Size By Energy Source, Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, the Europe instant water heater market is projected to witness a strong CAGR over 2020-2026.
Increasing shift towards sustainable energy sources coupled with growing adoption of circular economy strategies is driving the growth of Europe instant water heater market. Inflowing investments in research and development of new products which feature advanced technologies such as mobile remote control, multiple communication options, and leak identification features will augment the market growth over the forecast timeline.
In addition, stringent norms towards emissions and the growing concern to reduce heating loads will positively impact the market growth in the coming years. Decline in electricity costs and tax credit initiatives will further boost the product adoption.
Based on the energy source, Europe instant water heater market is segmented into electric, gas, natural gas, and LPG. Natural gas segment is projected to witness considerable growth during the analysis period, owing to presence of a well-established gas distribution network in the region. High heating efficiency, mass flow, and compact design are favoring the adoption of these systems. Growing availability of piped natural gas connection at consumer end coupled with competitive gas pricing will further boost the segmental contribution in the forthcoming years.
Speaking of the application scope, Europe instant water heater market is categorized into residential, commercial, college/university, office, government/military, and others. Commercial applications are anticipated to see a sizeable growth during the analysis timeframe, owing to booming tourism sector and ongoing development of intelligent buildings across the region. Moreover, strict building codes and standards such as Energy Performance of Buildings Directive (EPBD) towards deployment of energy efficient heating appliances will enhance the product adoption in commercial spaces.
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Considering the geographical landscape, Europe instant water heater market is divided into UK, Germany, France, Italy, Austria, Spain, Netherlands, Denmark, Finland, Sweden, and Norway. Sweden instant water heater market is slated to see a substantial growth by the end of 2026, on account of expansion of tourism sector and increasing number of green building projects across the nation. Additionally, extreme temperature drops in winters is stimulating the business landscape in the region.
Major players of Europe instant water heater market are Whirlpool, Ferroli, A.O Smith, Bradford White, Havells India Ltd., Rinnai, Viessmann Group, Racold, Vaillant Group, and Haier Electronics.
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