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The Instant Water Heater Market is projected to grow by USD 2.3 billion with a CAGR of 6.5% during the forecast period 2021 to 2026.
This instant water heater market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the instant water heater market segmentation by end-user (commercial and residential), type (gas instant water heaters and electric instant water heaters), and geography (Europe, North America, APAC, South America, and the Middle East and Africa). The instant water heater market report also offers information on several market vendors, including A. O. Smith Corp., Ariston Holding NV, Bradford White Corp., Ferroli Spa, Haier Smart Home Co. Ltd., Havells India Ltd., Electric Heater Co., The Jaquar Group, Niagara Industries Inc., Nihon Itomic Co., Ltd., Orient Electric Ltd, Rheem Manufacturing Co., Rinnai Corp, Robert Bosch GmbH, STIEBEL ELTRON GmbH & Co. KG, Vaillant Group, VORDOSCH DEUTSCHLAND GmbH, Watts Water Technologies Inc., and Whirlpool Corp. among others.
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The robust growth of the hospitality sector is notably driving the instant water heater market growth, although factors such as technical issues hampering market growth may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the instant water heater market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Instant Water Heater Market Driver
The robust growth of the hospitality sector is one of the key factors driving the global instant water heater market growth. Due to high utilization in facilities such as hospitals, hotels, and airports, the energy savings in water heating applications are multiplied by many times for each watt by using instant water heaters. High energy savings, coupled with increased investment in new hotels, have become a major factor in adopting instant water heaters in the hospitality industry. The global increase in tourism is driving the luxury hotel segment. The number of passengers and airports around the world is increasing year by year. Rapid growth in air passenger traffic is another key factor driving the growth of the hospitality industry across the world. Therefore, the robust growth of the hospitality sector is expected to boost the growth of the global instant water heater market during the forecast period.
Key Instant Water Heater Market Trend
The high demand for electric water heaters will fuel the global instant water heater market growth. Electric water heaters are in high demand in both residential and industrial sectors. These geysers help reduce the time and energy required to heat water. There are various innovations in the latest electric water heater designs, many of which are compact yet powerful, thereby attracting more customers. The main consumer of electric water heaters is the working population. With disposable income increasing day by day, people are always looking for convenience and opting for gadgets and technologies that make life easier. With the high demand for energy-efficient products, the electric water heater segment will witness high demand, which, in turn, will boost the growth of the global instant water heater market during the forecast period.
Key Instant Water Heater Market Challenge
Common technical issues that end-users face with water heaters are the major challenges hindering the global instant water heater market growth. Instant water heater sales are hampered by technical issues such as their short lifespan and the risk of explosion in gas water heaters. An explosion can occur in gas water heaters if there is a leak in the tank, pipes, or valves, primarily because of excessive gas pressure. A faulty valve or ineffective anode rods can potentially result in an unanticipated explosion. With many distinctive physical and functional qualities, water heaters come in a variety of sizes and capacity levels. Although high-capacity water heating systems are used in the commercial sector, the range of applications for such systems varies from country to country, depending on the laws and restrictions. Additionally, governments of various countries impose stringent guidelines on the production of gas and propane water heaters due to the increased risk of explosion. Failure to follow such guidelines has resulted in large-scale product recalls. Recalls from established brands are on the rise, especially in the US, due to non-conforming or faulty water meters. Thus, rising cases of technical issues are expected to restrain the growth of the market during the forecast period.
This instant water heater market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global instant water heater market as a part of the global household appliances market within the global household durables industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the instant water heater market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the instant water heater market encompasses successful business strategies deployed by the key vendors. The instant water heater market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our report provides extensive information on the value chain analysis for the instant water heater market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global household appliances market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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42% of the market’s growth will originate from Europe during the forecast period. Germany and France are the key markets for the instant water heater market in Europe. Market growth in this region will be slower than the growth of the market in regions.
The robust growth of the hospitality sector will facilitate the instant water heater market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The instant water heater market in Europe witnessed a slight decline in 2020 due to the outbreak of COVID-19. The outbreak compelled governments in Italy, Spain, Germany, and other countries in Europe to impose lockdowns, leading to the isolation of people in their homes in 2020 and 2021. However, the instant water heater market in Europe witnessed slight growth in the second half of 2021 due to the lifting of lockdowns in European countries. Furthermore, with the initiation of vaccination drives in European countries, lockdowns and travel restrictions were lifted in 2021. This has led to the continuation of abandoned construction projects and the reopening of hotels to tourists. Thus, this increased the demand for water heaters, which is expected to drive the growth of the regional instant water heater market during the forecast period.
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The instant water heater market share growth in the commercial segment will be significant during the forecast period. In commercial facilities, instant water heaters are installed in bathrooms where the frequency of hot water supply is high, and so the energy-saving effects of instant water heaters are higher than in residential buildings. The key drivers of commercial water heaters are the rising demand from the hospitality industry, technological advancements in commercial water heaters, and expanding government initiatives to encourage the use of energy-efficient heating solutions.
This report provides an accurate prediction of the contribution of all the segments to the growth of the instant water heater market size and actionable market insights on the post-COVID-19 impact on each segment.
Instant Water Heater Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.5% |
Market growth 2022-2026 |
$2.3 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.35 |
Regional analysis |
Europe, North America, APAC, South America, and the Middle East and Africa |
Performing market contribution |
Europe at 42% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
A. O. Smith Corp., Ariston Holding NV, Bradford White Corp., Ferroli Spa, Haier Smart Home Co. Ltd., Havells India Ltd., Electric Heater Co., The Jaquar Group, Niagara Industries Inc., Nihon Itomic Co., Ltd., Orient Electric Ltd, Rheem Manufacturing Co., Rinnai Corp, Robert Bosch GmbH, STIEBEL ELTRON GmbH & Co. KG, Vaillant Group, VORDOSCH DEUTSCHLAND GmbH, Watts Water Technologies Inc., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Product Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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