North America Instant Water Heater Market Outlook
According to the report by Expert Market Research (EMR), the North America instant water heater market reached a value of USD 684 million in 2023. Aided by the escalating demand for energy efficient water heaters and growth of real estate sector, the market is projected to further grow at a CAGR of 3.80% between 2024 and 2032 to reach a value of USD 849.77 million by 2032.
Instant water heaters, also known as tankless or on-demand water heaters, provide hot water only when needed, leading to energy efficiency and cost savings. They are typically compact in size, freeing up valuable space in homes and commercial buildings. These heaters are used across a variety of sectors including residential, commercial, and industrial settings, playing a crucial role in operations requiring a constant supply of hot water.
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The increasing consumer inclination towards energy-efficient appliances is one of the primary drivers for the North America instant water heater market growth. With rising energy costs and growing awareness about sustainable living practices, consumers are opting for appliances that offer energy efficiency, leading to an increased demand for instant water heaters.
In addition to energy efficiency, the convenience and compact size of instant water heaters have also made them popular among consumers. The ability of these heaters to provide hot water on demand, combined with their space-saving design, makes them an attractive option for both new constructions and renovations, contributing to North America instant water heater market expansion.
The growth of the real estate sector, both residential and commercial, is another significant factor propelling the instant water heater market. With increasing construction activities and the subsequent demand for efficient and sustainable appliances, the requirement for instant water heaters in new buildings is on the rise.
Furthermore, advancements in technology have led to the North America instant water heater market development with improved features, such as Wi-Fi connectivity and remote-control operation. These enhancements have increased consumer interest and acceptance.
Industries such as food and beverage, pharmaceuticals, and manufacturing require a consistent supply of hot water for various processes. The ability of instant water heaters to meet this demand efficiently and cost-effectively makes them a preferred choice in these sectors. providing a substantial boost to the North America instant water heater market.
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North America Instant Water Heater Market Segmentation
The market can be divided based on product, application, distribution channel and country.
Market Breakup by Product
- Electric Water Heater
- Gas Water Heater
Market Breakup by Application
- Residential
- Commercial
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Speciality Stores
- Online/E-Commerce
- Others
Market Breakup by Country
- United States of America
- Canada
North America Instant Water Heater Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the North America instant water heater companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- O. Smith Corporation
- Bradford White Corporation
- Rinnai Corporation
- Rheem Manufacturing Company
- GE Appliances
- Navien Inc.
- Bosch Thermotechnology Corp.
- Others
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