Increasing consumer awareness regarding smart water heating technologies is anticipated to drive global instant water heater market share. Rising awareness regarding climate change as well as current mandates to rollout efficient and sustainable heating systems through government institutions and hospitals have stimulated instant water heater demand.
In addition, technological advancements and integration of new features like voice control and remote monitoring would lead the increased deployment of these systems. Growing concerns of high utility bills, as well as the availability of an array of energy-efficient heating appliances in the industry, is likely to proliferate the overall instant water heater market size.
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Apart from growing customer awareness, strict government norms regarding carbon emissions are set to increase the sales of energy-efficient heating appliances. Huge prevalence of building codes and standards would add up to overall market growth.
Important regulations governing the industry include Energy Labelling and Eco-design Directive, Minimum Energy Performance Standards, and the Energy Efficiency Directive. With this, Global Market Insights Inc., predicts that the global instant water heater market might observe annual installation of over 75 million units through 2026.
Speaking on energy source, natural gas based instant water heater market is anticipated to observe steady growth over the coming years. Mass flow, clean combustion, and lower operational cost are few of the crucial benefits offered by natural gas. The units enable consumers to alter or change many features according to their requirements including gas control, ignition, and temperature. In addition, surging demand from large applications like resorts, hotels and public facilities would add up to the segment share.
The natural gas instant water heaters also provides better performance than electric counterparts in big constructions. Along with this, strong installation in off grid localities may augment segment growth over the coming years.
With respect to application, the residential sector may offer significant growth proceeds to instant water heaters market on account of higher disposable income and consumer shift towards improved and luxury living standards.
Meanwhile, on a topographical front, Latin America instant water heater market is anticipated to observe rapid growth. It is estimated that Brazil would lead the market share in LATAM. The ongoing proliferation of commercial infrastructure is outlining market trends in the region. Substantial investments to have zero-emission buildings would further expand the overall market share in Latin America.
Heavy research and developments done for making new innovations may foster product demand. In addition, upgradation of existing models could outline instant water heater market growth through the forthcoming timespan.
The competitive landscape of the instant water heater market is inclusive of players such as Bradford, A.O. Smith, Rinnai, Rheem Manufacturing, and Bosch among others.
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