North America Instant Water Heater Market Report and Forecast 2024-2032

North America Instant Water Heater Market Outlook

The North America instant water heater market size reached approximately USD 709.99 million in 2023. The market is further projected to grow at a CAGR of 3.70% between 2024 and 2032, reaching a value of USD 986.49 million by 2032.

Key Trends in the Market

Instant water heater, also known as tankless water heater is a highly efficient geyser that is capable of heating water directly without using any storage tanks. It uses electricity or gas as an energy source to heat water and does not retain any water internally.

• The development of instant water heaters with smart features including, Wi-Fi connectivity, advanced heating capabilities, remote management, and energy optimisation, among others is boosting the North America instant water heater market demand.

• Increasing popularity of green houses and buildings is also propelling the adoption of instant water heaters in North America as they consume significantly less energy, and are therefore, in alignment with the principles of green buildings.

• Rising trend of living in small spaces has increased the demand for compact appliances such as instant water heaters as they do not require a large storage tank. This need for efficient utilisation of limited space is boosting the demand for the product from the residential sector.

North America Instant Water Heater Market Analysis

Based on product, the market is bifurcated into electric water heater and gas water heater. By application, the market is divided into residential and commercial. On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, and online/e-commerce, among others. Based on country, the North America instant water heater market segmentation includes the United States of America and Canada.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• A. O. Smith Corporation

• Bradford White Corporation

• Rinnai Corporation

• Rheem Manufacturing Company

• GE Appliances

• Navien Inc.

• Bosch Thermotechnology Corp.

• Others

Market Share by Product

Electric water heaters account for a significant North America instant water heater market share as these water heaters have low installation costs and are easy to set up in comparison to the gas water heaters. Consumers in North America are increasingly adopting electric instant water heaters owing to their easy installation in compact spaces and long-lasting nature, among others. Increased investments by various major manufacturers in region towards development of instant water heaters with innovative designs to eliminate the requirement for ventilation, among others, is also aiding the market expansion in North America.

Market Share by Application

Residential applications are expected to account for a significant share of the market over the forecast period, this growth can be attributed to the rising number of residential units in North America, owing to the increasing middle-class population.

Commercial segment is expected observe a steady growth owing to the growing presence of hotels, hospitals, restaurants, offices, and schools, among other non-residential establishments in North America.

Competitive Landscape

A.O. Smith Corporation was founded in 1874 and is headquartered in Wisconsin, United States. The company manufactures residential and commercial water boilers and heaters using innovative technology.

Bradford White Corporation is a full line manufacturing company that was founded in 1881 and is headquartered in Pennsylvania, United States. The company is known for manufacturing commercial, residential, and industrial products for water heating and space heating applications.

Rinnai Corporation was established in 1920 and has its headquarters located in Aichi, Japan. The company manufactures gas appliances such as home heating appliances, gas clothes dryer, energy efficient tankless water heaters, and kitchen appliances.

Other North America instant water heater market players include Rheem Manufacturing Company, GE Appliances, Navien Inc., and Bosch Thermotechnology Corp., among others.

Key Highlights of the Report