North America Instant Water Heater Market Analysis

North America Instant Water Heater Market Analysis

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Based on application, the commercial segment is anticipated to reach more than USD 53 million by 2034, owing to reducing energy consumption by eliminating the need to maintain a large volume of continuously hot water. Their higher efficiency ratings significantly lower energy bills for businesses, especially those with high hot water demands like hotels, restaurants, and fitness centers. Additionally, many states and municipalities have adopted stringent energy codes and standards that encourage or require the use of energy-efficient appliances, driving the business scenario.
 

Based on energy source, gas segment is anticipated to witness more than 6% CAGR through 2034, on account of growing preference in regions with affordable natural gas. Key features including their efficiency and performance will drive the industry scenario. They are more energy-efficient than electric models, especially for households or businesses with high hot water demands. Moreover, in many areas, natural gas is more affordable than electricity. This cost advantage encourages the adoption of gas tankless water heaters over their electric counterparts, driving the market growth.
 

The U.S. Instant water heater market is likely to exceed USD 225 million by 2034. Incentive programs and rebates from utilities and governments for installing high-efficiency models are driving the adoption of tankless water heaters. Companies are incorporating Wi-Fi and app-controlled features into their models, allowing users to control and monitor water temperature remotely, set schedules, and receive maintenance alerts, driving the business scenario. Further, growing focus on eco-friendly and high-performance homes in new construction and renovations as a part of the overall energy-efficient design will strengthen the market growth.