A comprehensive overview of instant water heater market with respect to the contribution by tech giants and core players alike: global industry valuation to cross USD 15 billion by 2024
Publisher : Fractovia | Published Date : 2018-12-31Request Sample
The global instant water heater market is projected to witness considerable growth in the ensuing years primarily driven by the surge in working population and investments in huge residential establishments. According to the National Multifamily Housing Council, apartment construction in the year 2013 generated about $30.0 Bn in direct spending, $92.6 Bn in economic contribution, along with 702,482 new jobs. It is rather overt that the rise in residential construction will lead to an upsurge in instant water heater market size, given that usually operate on propane or natural gas and are rather cost-effective.
U.S. Instant Water Heater Market Size, By Application, 2017 & 2024 (USD Million)
The advancements in technology over the past decade can indeed be attributed for innovative and affordable heating mechanisms that are proliferating the market. The introduction of heating systems with leakage detection potential, remote controlled software, and multiple interaction properties is bound to attract residential and commercial property owners. The ongoing replacement of conventional heating systems chiefly across residential buildings owing to stringent standards have also been responsible for the expansion of instant water heater market.
Lately, regional governments have been mandating norms to embrace energy-efficient technologies in response to the trend of zero-emission buildings primarily across new construction, that would further elevate the industry landscape. According to trusted reports, nearly half of UK’s CO2 emissions come from the construction sector and the operation of buildings, while in the United States, buildings constitute roughly 40 percent of the country’s emissions. Lately, Norway has established ZEB, which is a Zero Emission Buildings Research Center, that studies ways to eradicate greenhouse gas emissions from buildings. The growing attempts by governments worldwide to cut-down greenhouse gases emission will elevate demand for cleaner heating solutions, thereby contributing toward instant water heater industry expansion.
A closer look at a couple of instrumental developments in the instant water heater market:
Amazon Alexa accepts voice commands for instant water heaters
In a recent turn of events, Rinnai, a leading player in the instant water heater industry, has reportedly enabled Amazon Alexa integration in instant water heaters to allow users to operate the device through voice controls. Reportedly, this move makes Rinnai the first tankless water heater company to introduce Amazon Alexa integration in its devices.
According to sources familiar with the development, this innovative technology allows users to extend voice commands like “Alexa, tell Rinnai to begin circulation,” or “Alexa, ask Rinnai to turn off the shower,” and the Rinnai instant water heater gets into action.
The enhanced Control-R 2.0 Alexa mobile application has in-built timers and schedules allowing for several on/off periods during the day, with the schedule located on the Control-R module. Moreover, the application is so designed that it enables users to remotely set the device into vacation mode when they are far, also a user can abort a pre-scheduled recirculation event from starting.
Ferroli introduces Wi-fi enabled water-heater in India for the first time
Ferroli, a known name in the global water heater market, is renowned to have set new benchmarks for its contemporaries. In the year 2014, Ferroli launched its first smart water heaters range in India. The new Wi-fi powered water-heaters, enable users to set water temperature, water heating time, shower time display and other smart features, via mobile phone. Not only are these new heaters smart, but they are highly energy efficient, allowing users to save significant cost and energy.
The new smart range comprises CALDO and MITO, which are tailor-made water heaters to suit Indian climate conditions and shifting consumer preferences. In a highly competitive marketplace, such technological escalations in consort with first mover advantage would definitely strengthen Ferroli’s foothold in the global instant water heater market.
In an era that has been constantly reiterating the relevance of energy efficiency and emission reduction, the instant water heater industry has been proactively reinforcing its stance in the global energy landscape. With the advent of user friendly, energy-efficient, intelligent & technologically advanced instant water heating solutions, it can be claimed without a doubt that the growth of this industry in the future will give rise to sustainable development. Endorsed by a promising competitive outlook the global instant water heater market is set to forge new growth avenues over the future, fueled by innovation and research & development initiatives undertaken by distinguished market players.
