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North America Instant Water Heater Market Size

Report ID: GMI9830
Published Date: Nov 2024
Report Format: PDF

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North America Instant Water Heater Market Size

North America Instant Water Heater Market was valued at USD 191.8 million in 2024 and is estimated to grow at a CAGR of 5.3% from 2025 to 2034. Instant water heaters provide hot water on-demand, eliminating the need for a storage tank and offering greater energy efficiency compared to traditional tank water heaters.

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Growing consumer demand for energy-efficient, space-saving, and continuous hot water solutions will drive the business landscape. Many North American states and provinces have implemented regulations promoting energy efficiency in home appliances, including water heaters. Incentive programs and rebates from utilities and governments for installing high-efficiency models are driving the product adoption. Further, as consumers become more environmentally conscious, there is an opportunity for tankless water heater manufacturers to capitalize on the growing demand for green and energy-efficient home appliances.

North America Instant Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2024
North America Instant Water Heater Market Size in 2024:	USD 191.8 Million
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	5.3%
2034 Value Projection:	USD 323.4 Billion
Historical Data for:	2021 to 2023
No. of Pages:	50
Tables, Charts & Figures:	15
Segments covered:	Application, Energy Source and Country
Growth Drivers:	Stringent clean energy targets Rising focus on energy efficient equipment
Pitfalls & Challenges:	Availability of other alternatives

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Stringent energy efficiency standards for appliances by governments, requiring water heaters to meet or surpass these benchmarks, position them as a favored option and enhance the industry landscape. Furthermore, numerous federal, state, and local initiatives provide rebates and incentives for the installation of energy-efficient appliances, boosting their adoption and propelling the business momentum.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The North American market for instant water heater was reached USD 191.8 million in 2024 and is estimated to grow at a 5.3% CAGR from 2025 to 2034, driven by stringent clean energy targets and a rising focus on energy-efficient equipment.

The commercial segment is anticipated to exceed USD 53 million by 2034, as businesses seek to reduce energy consumption and lower energy bills through higher efficiency ratings.

The gas segment is projected to witness a CAGR of over 6% through 2034, led by the growing preference for natural gas in regions where it is more affordable than electricity.

The U.S. instant water heater market is likely to exceed USD 225 million by 2034, supported by incentive programs, rebates, and the integration of advanced features like Wi-Fi and app controls.

Key players in the industry include A. O. Smith, Bosch Thermotechnology Corp., Bradford White Corporation, GE Appliances, Hubbell Heaters, Haier Inc., Navien Inc., Rinnai Corporation, Rheem Manufacturing Company, and Whirlpool Corporation.