PORTLAND, Ore., Feb. 9, 2021
- Government regulations and stringent building codes for adoption of energy efficient technology, establishment of residential projects, and rise in infrastructural investments propel the growth of the global Instant water heater market.
PORTLAND, Ore., Feb. 9, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Instant Water Heater Market by Product Type (Gas Instant Water Heaters and Electric Instant Water Heaters), Application (Commercial, Residential, and Industrial), and Distribution Channel (Supermarket & Hypermarket, Specialty Store, Convenience Store, and Online Stores): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report published by Allied Market Research, the global instant water heater market generated $18.81 billion in 2019, and is estimated to reach $26.94 billion by 2027, registering a CAGR of 7.70% from 2021 to 2027.
Drivers, restrains, and opportunities-
Government regulations and stringent building codes for adoption of energy efficient technology, establishment of residential projects, and rise in infrastructural investments propel the growth of the global Instant water heater market. However, governed key regulations such as minimum energy performance standards energy efficiency directive, and energy performance of building restrain the market growth. Moreover, automation and advancements in home essentials and increase in investment for R&D purposes offer new opportunities to the market players in the near future.
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The gas instant water heaters segment contributed to the largest share in 2019-
Based on product, the gas instant water heaters segment contributed to the largest share in 2019, accounting for more than three-fourths of the global instant water heater market, and is estimated to maintain its dominant position during the forecast period, owing to its highly energy-efficient features. However, the electric instant water heaters segment is expected to register the highest CAGR of 9.00% from 2019 to 2027. This is owing to increasing number of residential housing projects worldwide, growing demand for tankless water heaters, and rising disposable income.
The super market and hyper market segment to dominated the market in 2019-
Based on distribution channel, the super market and hyper market segment accounted for the largest share in 2019, holding nearly one-third of the global instant water heater market, and is expected to maintain the largest share throughout the forecast period. This is attributed to the fact that consumers have advantages of scanning different instant water heater as per their choice. In addition, the presence of store associates for helping the customers to choose right product and provide product knowledge further boosts the growth of the segment. However, the online sales segment is estimated to portray the highest CAGR of 10.9% during the forecast period. This is attributed to increase in penetration of various online portals in developing regions and rise in number of offers or discounts attract a large consumer base.
North America to rule the roost throughout the forecast period-
Based on region, North America contributed to the highest share, accounting for more than one-third of the global Instant water heater market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to surge in customer understanding for health, cleaning, and household uses and growth in environmental apprehensions in this region. However, Asia-Pacific is expected to grow at the highest CAGR of 10.0% from 2021 to 2027. Rise in disposable income levels and improvement in lifestyle of consumers are the major factors that boost the growth of the market in this region
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