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Instant Water Heater Market Size - By Application (Residential, Commercial [College/University, Offices, Government/Military, Others], By Energy Source (Electric, Gas), & Global Forecast, 2024 – 2032

  • Report ID: GMI3007
  • Published Date: Oct 2023
  • Report Format: PDF

Instant Water Heater Market Size

Instant Water Heater Market was valued at more than USD 13.17 billion in 2023 and is poised to witness 4.5% CAGR from 2024 to 2032. Growing focus of businesses to reduce energy consumption and environmental impact coupled with introduction of new models ideal for homes and businesses with limited space will drive the product adoption.

Instant Water Heater Market

Growing demand for hot water across households, commercial and industrial buildings along with introduction of mandates and standards set by government will stimulate the business dynamics. For instance, in May 2022, the U.S. Department of Energy proposed new energy-conservation standards for commercial water heating equipment, including gas storage, instantaneous, and gas hot water supply boilers. The proposed standards require commercial water heaters to incorporate condensing technology, which significantly reduce the energy consumption by extracting additional heat from the combustion process. Therefore, technological advancements will make instant water heaters more reliable, efficient, and user-friendly.

COVID- 19 Impact

The COVID- 19 pandemic has an impact in the HVAC industry owing to severe lockdowns and constraints across many economies. Government relaxations on mandated lockdowns, followed by reopening of industries and operations will continue to contribute to business development. In addition, ongoing infrastructural expansion, growing construction activities along with rising demand for efficient heating systems will propel the business demand.

Instant Water Heater Market Trends

Key features comprising enhanced energy efficiency, compact size, as well as the ability to deliver continuous supply of hot water makes these systems suitable for residential and commercial applications. Modern technological advancements consisting of remote control and scheduling along with global push towards sustainability and renewable energy solutions will augment the industry trends. In addition, large scale investments by various manufacturers in research & development activities to ensure continuous technological enhancements will drive the business scenario.

Instant Water Heater Market Analysis

Instant Water Heater Market Size, By Application, 2021 - 2032 (USD Billion)

Based on application, the residential segment is projected to surpass USD 17.2 billion by the year 2032. Ongoing integration of the equipment with renewable energy sources comprising of solar panels to further reduce energy costs and environmental impact in conjunction with governments offering incentives and rebates for the installation of energy-efficient appliances will enhance the business potential. Moreover, introduction of smart heating technologies coupled with rising preference for demand-oriented heating systems will boost the industry landscape.

Instant Water Heater Market Revenue Share, By Energy Source, 2022

Based on energy source, the gas segment is anticipated to grow at a 6% CAGR through 2032, owing to key features including low standby losses, desired temperature, and cost effectiveness in line with rising focus towards the refurbishment of heating systems across the existing buildings will sway the business trends. Furthermore, the integration of innovative features including monitoring & control along with extensive penetration of low emission heating units will augment the product penetration.

 North America Instant Water Heater Market Size, 2021 - 2032 (USD Million)

North America instant water heater market is estimated to expand at a CAGR of 6.5% between 2023 and 2032. Existing building standards & codes encouraging the deployment of high-efficiency heating appliances combined with increasing customer awareness toward climate change, increasing pollution and emission levels will propel the business growth. Additionally, rising execution of smart city projects, ongoing government investments to expand the manufacturing facilities will accelerate the business landscape.

Instant Water Heater Market Share

Eminent players operating in the Instant water heater industry are:

  • A. O. Smith
  • Ariston Holding N.V.
  • Bosch Thermotechnology Corp.
  • Bradford White Corporation
  • GE Appliances
  • Rheem Manufacturing Company
  • Whirlpool Corporation
  • Rinnai Corporation
  • Havells India Ltd.
  • Hubbell Heaters
  • Vaillant Group
  • Navien Inc.
  • Haier Inc.
  • Jaquar India

Instant Water Heater Industry News

  • In December 2022, STIEBEL ELTRON GmbH & Co. KG (DE) expanded its business in Vietnam. The company launched its 6 core product ranges to local consumers, including storage & instantaneous water heaters, multi-point water heaters, heat pumps, water filters and room heaters. While promoting their vision of creating a significantly better quality of life in every home with their products, the company enhanced its portfolio in one of the prominent markets of the world.
  • In August 2020, Bosch Thermotechnology Corp. introduced the Bosch Tronic 3000, a range of electric instantaneous water heaters. The heaters were designed to minimize the wait time with 360-degree easy installation and to conserve energy for residential & commercial uses. They are lightweight, compact, space-saving, and feature LED lights to signal the presence of running water. The rollout of the new product reinforced the company’s position in the industry.

This Instant water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments:

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By Application

  • Residential
  • Commercial
    • College/University
    • Offices
    • Government/Military
    • Others

By Energy Source

  • Electric
  • Gas

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherlands
    • Denmark
    • Finland
    • Sweden
    • Norway
  • Eurasia
    • Russia
    • Belarus
    • Armenia
    • Kazakhstan
    • Kyrgyzstan
  • CIS
    • Azerbaijan
    • Moldova
    • Tajikistan
    • Turkmenistan
    • Uzbekistan
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • New Zealand
    • Philippines
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Turkey
    • South Africa
    • Nigeria
    • Algeria
    • Israel
    • Cyprus
    • Lebanon
    • Iraq
  • Latin America
    • Brazil
    • Argentina
    • Chile
    • Mexico


Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market valuation of instant water heater was worth USD 13.17 billion in 2023 and is anticipated to reach more than USD 19.25 billion by 2032.

Gas fuel segment is anticipated to grow at a rate of over 6% through 2032, owing to key features including low standby losses, desired temperature, and cost effectiveness in line with rising focus towards the refurbishment of heating systems across the existing buildings.

North America market will grow at a CAGR of more than 6.5% through 2032, as existing building standards & codes are encouraging the deployment of high-efficiency heating appliances combined with increasing customer awareness toward climate change, and increasing pollution & emission levels.

Whirlpool Corporation, Rinnai Corporation, FERROLI S.p.A, Havells India Ltd., Hubbell Heaters, Vaillant Group, and Navien Inc. among others.

Instant Water Heater Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 959
  • Countries covered: 53
  • Pages: 400
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