Instant Water Heater Market size worth over $19bn by 2030

Instant Water Heater Market size is set to surpass USD 19 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is credited to the ongoing inclination toward improvements in living standards, rising disposable incomes along with growing urbanization and industrialization. Shifting customer focus toward luxurious living style in line with advancement of the existing technologies will fuel the product installation. Smart monitoring and effective control features coupled with simple operability via mobile applications have considerably enhanced the user base. Furthermore, stringent policies and mandates toward adoption of highly efficient heating appliances in line with increasing consumer awareness toward the carbon footprint will drive the business scenario.
 

The COVID- 19 pandemic marginally influenced the market due to the strict lockdowns and restrictions across countries. The industry witnessed an operational slowdown along with supply chain disruptions, which affected the industry progression. The propelling the business trend, however, can be attributed to a continuous decrease in positive COVID- 19 cases, the resumption of operations, along with rising demand for efficient heating systems.
 

Technological product advancements including product innovations in line with introduction of efficient and smart technologies will boost the product demand

The commercial instant water heater market is expected to witness significant growth impelled by the rising demand for quick & high-power heating elements along with its capability to withstand high pressures of systems across high-rise & multistory buildings and other commercial spaces. Introduction of new & advanced solutions along with facilitating leakage detections, compact designs, and anti-symphonic & voice control systems have influenced a large customer base which will foster the industry outlook.
 

Browse key industry insights spread across 400 pages with 875 market data tables & 27 figures & charts from the report, “Instant Water Heater Market Size By Application (Residential, Commercial {College/University, Office, Government/Military}), By Energy Source (Electric, Gas), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/instant-water-heater-market
 

Ongoing replacement of conventional water heating systems along with the increasing demand for energy-efficient systems will propel the market progression

Electric instant water heater market is predicted to observe a 5% growth rate till 2030. Rapid urbanization along with the introduction of smart instant heating technologies have stimulated the product adoption across several applications. Increasing acceptance of heating systems on account of its low standby losses, desired temperature, and cost effectiveness in line with the rising preference for demand-oriented heating systems will escalate the industry dynamics. Additionally, increased focus toward the refurbishment of heating systems pertaining to efficiency enhancements coupled with the integration of innovative features including monitoring & control will sway the market trends.
 

Ongoing construction of manufacturing facilities coupled with favorable government investments will spur the market demand in APAC region

Asia Pacific instant water heater market is estimated to attain a CAGR of over 5% by 2030. It will witness an upsurge owing to the rising execution of smart city projects along with the expansion of reduced emission buildings. Increasing consumer awareness toward the development of energy-efficient units in line with ongoing government investments in expanding the large manufacturing facilities will accelerate the industry landscape. In addition, the industry is highly fragmented, with companies investing a significant amount in research & development to ensure continuous technological enhancements.
 

Key players operating in the market are Vaillant Group, Hubbelll Heaters, Havells India Limited, FERROLI S.p.A, Rinnai Corporation, Whirlpool Corporation, Rheem Manufacturing Company, GE Appliances, Bradford White Corporation, Bosch Thermotechnology Corp, A.O. Smith, and Ariston Holding N.V among others. These leaders are focusing on technological advancements and inorganic growth ventures to capture a major market share.