Instant Water Heater Market Size

Instant Water Heater Market Size

Instant Water Heater Market was valued at more than USD 12.8 billion in 2022 and is poised to witness 4.3% CAGR from 2023 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.

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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.