Instant Water Heater Market will hit $15 billion By 2024

The Latin America Instant water heater market is projected to achieve moderate 2% CAGR in 2017 owing to ongoing technological advancement to produce fuel efficient heating technologies.

Sellbyville, United States - February 4, 2019 /MarketersMedia/ —

Asia Pacific instant water heater market was worth over USD 3 billion in 2017. Growing infrastructural expansion primarily across India and China coupled with rising disposable income will augment the business landscape. Escalating service sector growth coupled with ongoing construction of commercial buildings including malls, shopping complexes will facilitate the product penetration. Furthermore, rising foreign investments owing to flexible FDI policies will positively enhance the business outlook.

Global Instant Water Heater Market is expected to exceed USD 15 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rapid infrastructural development on account of increasing funding by respective government authorities will fuel the tankless water heater market growth. Ongoing replacement of conventional heating systems primarily across residential establishments on account of strict industry norms have instigated the industry growth. In addition, growing development of zero emission buildings coupled with government mandates toward deployment of energy efficient technologies primarily across newly constructed properties will further augment the business landscape.

Rapid service sector growth along with increasing funding toward development of multifamily apartments will foster the U.S. instant water heater market growth. Technological advancements over the past decade have led to the development of innovative and cost-effective technologies. Introduction of leakage detection system, remote control software and multiple communication features will further attract a large customer base.

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The U.S. tankless water heater market will grow on account of rapidly expanding service sector coupled with rising investments toward construction of multifamily residential establishments. Rapid technological development has led to the introduction of cost effective and innovative heating technologies. Integrated remote controlling software, multiple communication options and leak detection systems will stimulate the business growth.

Commercial water heater market is set to grow owing to growing preference for point of use heating technologies coupled with increasing requirement of reliable hot water supply primarily across hotels and hospitals. Considerable savings in utility bills coupled with highly energy efficient operations on account of inbuilt flow sensors will encourage the product adoption. In addition, worldwide roll out of smart city projects will result in mass product deployment across residential and commercial properties.

Flexible installation, low power consumption and decline in component cost will stimulate the electric tankless water heater market. Simple product design coupled with widespread electricity supply network are the major factors facilitating the product adoption. Less regulatory complications associated with electric units coupled with high energy factor and low standby losses in comparison with gas counterparts will encourage the product adoption.

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Key participants operating across instant water heater market include, Rinnai, A.O Smith, Bosch, Rheem, Ferroli, State Industries, Linuo Ritter, Haier Electronics, Bradford White, Jaquar, Saudi Ceramics, Hubbell, Ariston Thermo, Vaillant, Whirlpool, Viessmann and Kanch Water Heaters.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/instant-water-heater-market

Source URL: https://marketersmedia.com/instant-water-heater-market-will-hit-15-billion-by-2024/478725

Source: MarketersMedia

Release ID: 478725