IMARC Group, a leading market research company, has recently releases report titled “Instant Water Heater Market Report by Product Type (Gas Instant Water Heaters, Electric Instant Water Heaters), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Stores), Application (Commercial, Residential, Industrial), and Region 2024-2032.” The study provides a detailed analysis of the industry, including the instant water heater market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Instant Water Heater Market?
The global instant water heater market size reached US$ 3.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.3% during 2024-2032.
What are Instant Water Heater Market?
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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What are the growth prospects and trends in the Instant Water Heater industry?
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.
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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