May 26, 2020
According to the research report titled ‘Instant Water Heater Market Size By Application, By Energy Source, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global instant water heater market is expected to record lucrative growth through 2026.
Rising concerns regarding heavy electricity bills coupled with increasing awareness about advanced water heating technologies are major factors driving the growth of instant water heater market. The market is expected further expand owing to increasing disposable income and evolving consumer lifestyle. The product offers longer lifecycle, high power heating elements, low power consumption and on-demand heating solutions. Moreover, exceptional mass flow, low operating cost and clean combustion associated with instant water heaters will stimulate the industry outlook.
Increasing carbon levels has compelled various governments across globe to introduce strict environmental regulations. In addition, favorable regulatory scenario for adopting energy-efficient heating systems is favoring the market outlook. Advancements in instant water heaters have resulted in the development of energy efficient heating appliances equipped with voice control, automatic home integration and remote monitoring features.
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Additionally, increasing awareness pertaining to climate change and its impact on the environment have impelled the demand for energy-efficient and sustainable technologies from government institutions and hospitals. The product prevents water from freezing under extreme climatic conditions since it comprises of high density PUF insulation. Thus, rising adoption of instant water heaters at remote military locations and for other military applications is also boosting the growth of the market.
Based on the application spectrum, commercial segment is predicted to expand significantly during the analysis timeframe. Although the residential application accounts for a substantial share in the overall market, there has been an upsurge in deployment of instant water heaters in offices and other commercial spaces. Moreover, high pressure withstanding capabilities, efficient utilization of water resources and on-demand heating feature will fuel the product demand in commercial applications.
Inclination towards adopting instant water heaters in resorts, hotels and other public facilities due to their better performance as compared to electric counterparts will also create lucrative growth opportunities for the market.
As per the regional analysis, Latin America instant water heater industry is expected to register significant growth during the study period. Incorporation of smart heating technologies, particularly in Brazil, along with advancements in commercial infrastructure are swaying the business dynamics in LATAM. Surge in R&D activities and escalating investments towards development of green infrastructure are augmenting the regional demand for instant water heaters.
Nihon Itomic Co. Ltd., Vaillant Group, State Water Heaters, Hubbell Electric Heater Co., Whirlpool Corp., Havells India Ltd., Ferroli S.p.A., Rinnai Corp., Racold, Rheem Manufacturing Co., General Electric Appliances, Bradford White Corp., Bosch Thermotechnology, Ariston Thermo S.p.A. and A.O. Smith are the key participants in global instant water heater market.