The natural gas instant water heaters also provide better performance than electric counterparts in big constructions. Along with this, strong installation in off grid localities may augment segment growth over the coming years.
The size of l Market was registered at USD 12 billion in the year 2019 and is anticipated to cross USD 15 billion by 2026. Between the period 2020-2026, the Instant Water Heater Market is expected to register a CAGR of 3%.With respect to application, the residential sector may offer significant growth proceeds to instant water heaters market on account of higher disposable income and consumer shift towards improved and luxury living standards.
Browse key industry insights spread across 475 pages with 1,174 market data tables & 28 figures & charts from the report, “Instant Water Heater Market Outlook By Application (Residential, Commercial {College/University, Office, Government/Military}), By Energy Source (Electric, Gas{Natural Gas, LPG}), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, France, Germany, Italy, Austria, Spain, Netherland, Denmark, Finland, Sweden, Norway, Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Israel, Cyprus, Lebanon, Iraq, Brazil, Argentina, Chile, Mexico), Application Potential, Competitive Market Share & Forecast, 2020 - 2026”in detail along with the table of contents: https://www.gminsights.com/industry-analysis/instant-water-heater-market
Meanwhile, on a topographical front, Latin America instant water heater market is anticipated to observe rapid growth. It is estimated that Brazil would lead the market share in LATAM. The ongoing proliferation of commercial infrastructure is outlining market trends in the region. Substantial investments to have zero-emission buildings would further expand the overall market share in Latin America. The competitive landscape of the instant water heater market is inclusive of players such as Bradford, A.O. Smith, Rinnai, Rheem Manufacturing, and Bosch among others.
Heavy research and developments done for making new innovations may foster product demand. In addition, upgradation of existing models could outline instant water heater market growth through the forthcoming timespan. The new energy efficiency standards were made mandatory on all residential water heaters sold post April 16, 2015. Such regulations added a momentum for the expansion of instant water heater market as large storage tanks and more installation space posed a spatial challenge for many households. Instant water heaters entirely eliminate the need for added storage space as these water heaters are tankless and can be just hung on the wall in a bathroom where space is constricted.
Most storage type water heaters last for more than 10 to 15 years but instant water heaters can last for more than 20 years due to the fact that they are not corroded by water storage or bacterial growth. In most North American and European nations, where residential water heaters are more than 15 years old and consumers are looking to upgrade their largely energy consuming water heaters, the instant water heater market is expected to register a growth spike over 2018-2024 as consumer awareness regarding energy conservation has increased. In spite of instant water heaters being more expensive and considered complicated to install, they are anticipated to attract more customers are the cost savings in terms of lower energy bills eventually offset the higher installation costs.
Rapid urbanization is also increasing growth opportunities for the instant water heater market as space constraint is a major issue in most urban homes. Emerging economies like India and China are have come up to be major contributors to the growing instant water heater market as disposable incomes among the burgeoning middle-class population of these countries are increasing. According to reports, Indians, who have traditionally used solar water heaters, immersion rods and even boiling to obtain heated water, are increasingly turning to electrical water heaters for safety and energy conservation purposes. Significantly in 2015, Indians spent nearly $175 million on electric water heaters with sales spiking during the winter months. Easy and wider spread distribution of electricity also played a major part in the overall growth of instant water heater industry in the Asia Pacific region where the instant water heater market was valued at approximately $3 billion in 2017.
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