Instant water heater, as the name suggests, is a device that heats the water instantly. It is also known as an inline water heater or tank-less water heater. It is heating equipment that heats water by using electricity or gas as its power source. It is different from regular water heaters as it does not store water and heats the water as the water passes through the device in very little time. There is a water flow sensor in the instant water heaters that starts automatically when it detects the water flow. These water heaters have proved to be very useful in commercial as well as household sectors, in turn, giving traction to their market growth globally. There are numerous advantages of instant water heaters, like compactness and energy-saving efficiency. To improve global sales, manufacturers of instant water heaters are developing new and innovative instant water heaters having a more cost-effective design. In accordance with the current, it is further anticipated that the instant water heaters will grow exponentially during the forecast period.
Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||Product Type, Installing Location, Energy Factor, Technology, Application, Distribution Channel, and Region|
|Regions covered||North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||A.O. Smith, Jaquar, Ariston Thermo, Bosch Thermotechnology, Haier Electronics, Hubbell, Bradford White Corporation, General Electric Appliances, Racold, Rheem Manufacturing, Whirlpool Corporation, Rinnai Corporation, State Water Heaters, Ferroli, Havells India Limited, Vaillant Group, and Nihon Itomic Co. Ltd.|
COVID-19 Scenario Analysis:
- The market demand for instant water heaters has been severely affected by the COVID-19 outbreak.
- The lockdown situation, which is prevailing due to the COVID-19 pandemic, has suspended the construction activities, which were the major source for the demand for instant water heaters.
- Problems like shortage of labor, supply chain disruption, and lack of supply of material & equipment have caused a delay in the ongoing projects and this might decrease spending on the upcoming projects.
- The demand for instant water heaters is almost negligible in this Corona pandemic situation, and is thereby, deeply impacting the industrial growth.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Growing environmental concerns among consumers and increasing number of initiatives taken by the government toward the use of energy-efficient products drive the growth of the global instant water heater market. When compared to conventional water heaters, instant water heaters are more energy-efficient and hence, have become the preferred choice of the consumers. Rise in per capita income, increasing disposable income along with shifting preference of consumers towards energy-efficient home appliances to reduce the carbon footprint is triggering the market growth for the instant water heaters, globally.
Although the high cost of these water heaters hinders the demand in the global market, due to which the customers tend to purchase conventional water heaters only. Along with this, the availability of solar water heaters, which run on conventional energy sources and are more energy-efficient, also hampers the market growth for the instant water heaters. In addition to this, the government is providing various subsidies and incentives on solar water heating systems, which tends to boost their adoption, and in turn, creating challenges for the instant water heaters.
However, increase in urbanization has led to the expansion of the construction industry, due to which many residents are being built day by day, thereby creating opportunities for the instant water heaters. Along with this, the introduction of new technology, smart monitoring, and control features, boost the global water heater market growth.
The global instant water heater trends are as follows:
Introduction of new Designs and Extensive Features:
The introduction of new designs and features by using new generation technology is a popular trend in the instant water heater market. Leading players are continuously improving designs and brining in advanced features like Wi-Fi integration, leak detection alarms, mobile temperature control, and many others. For instance, A.O. Smith, a leading manufacturer of commercial as well as residential water heaters, in 2019, introduced iCOMM connectivity platform which constantly monitors the instant water heater and gives detailed information regarding fault histories and notifications to the customers.
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Key Segments Covered:
Key Benefits of the Report:
- This study presents the analytical depiction of the global instant water heater industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global instant water heater market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global instant water heater market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global instant water heater market analysis based on competitive intensity and how the competition will take shape in coming years.
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