According to the latest report by IMARC Group, titled “Instant Water Heater Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global instant water heater market reached a value of US$ 3.13 Billion in 2021. An instant water heater refers to a device that heats water instantly through an electric heating unit or gas. It is also known as a tankless water heater and consists of a draft divider, hot water outlet, pressure relief valves, tanks, flue pipe and dip tubes. The heated water is widely used for various purposes, such as hot water showers, removing stains, washing dishes and clothes, and cleaning and relieving clogged drains. An instant water heater also consists of a water flow sensor that starts automatically when it detects the water flow. As compared to traditional water heaters, instant water heaters are more cost-efficient, convenient, energy-efficient, and compact. As a result, they are extensively used in households, hotels, restaurants and hospitals.
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Instant Water Heater Market Trends/Drivers:
Increasing infrastructure projects across the globe is one of the key factors creating a positive outlook for the market. This can be further attributed to the development of zero-emission buildings and the rising number of smart cities. In line with this, the increasing environmental concerns have further facilitated their widespread product adoption across sectors due to their energy-efficient properties is positively impacting the market growth. Apart from this, various advances in technologies, such as the integration of artificial intelligence (AI) and smart features, including leak detection systems, mobile remote controlling software, and multiple communication options, are providing a thrust to the market growth. Additionally, the launch of advanced sterilization and water filtration technologies to improve the overall filtration and purity of water is favoring the market growth. Furthermore, the increasing product demand in the hospitality industry for cleaning, laundry, and supplying hot water in bathrooms, kitchens and swimming pools is driving the market growth. Other factors, including the rising expenditure capacities of consumers and widespread product adoption in the medical industry are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.92 Billion by 2027, growing at a CAGR of 7.20% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global instant water heatermarket, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, distribution channel and application.
Competitive Landscape:
- Smith Corporation
- Bradford White
- Ferroli S.p.A.
- Haier Group Corporation
- Havells India Limited
- Hubbell Incorporated
- Nihon Itomic Co. Ltd.
- Rheem Manufacturing Company (Paloma Co. Ltd.)
- Rinnai Corporation
- Vaillant Group
- Whirlpool Corporation.
Breakup by Product Type:
- Gas Instant Water Heaters
- Electric Instant Water Heaters
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Stores
Breakup by Application:
- Commercial
- Residential
- Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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