According to the latest report by IMARC Group, titled “Instant Water Heater Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global instant water heater market reached a value of US$
3.4 Billion in 2022. 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.
Global Instant Water Heater Market Trends:
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$
5.3 Billion by 2028, growing at a CAGR of
7.15% during 2023-2028.
- On the basis of the product type, the market has been bifurcated into gas and electric instant water heaters.
- Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, specialty stores, convenience stores, and online stores.
- On the basis of the application, the market has been divided into commercial, residential, and industrial.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.??
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include A. O. 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 and Whirlpool Corporation.
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