North America Instant Water Heater Market Size - By Application (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 – 2032

North America Instant Water Heater Market Size - By Application (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 – 2032

North America instant water heater market size is anticipated to witness 6.5% CAGR between 2024 and 2032 driven by the increasing demand for energy-efficient and on-demand hot water solutions.

As consumers and businesses seek ways to reduce energy consumption and lower utility bills, instant water heaters have become increasingly popular to provide hot water only when needed and avoid the energy loss associated with traditional storage water heaters. For instance, in January 2023, Bosch Thermotechnology introduced Tronic 4000 C for point-of-use, under-sink installations and the new Tronic 6100 C for whole-house applications. The rising trend of home renovation and construction activities will also favor the market growth. As homeowners invest in upgrading their properties and modernizing their appliances, instant water heaters are widely chosen for their compact size, sleek design, and ability to fit seamlessly into new or renovated spaces.

The overall industry is classified into application, energy source, and country.

Based on application, the North America instant water heater market size from the residential segment is slated to witness significant growth during 2024-2032 due to increasing consumer preference for energy-efficient, space-saving appliances. Homeowners are increasingly opting for instant water heaters as they offer on-demand hot water without the energy losses associated with traditional storage models. With their compact size and sleek design, these heaters have emerged ideal for modern homes where space is often at a premium.

In terms of energy source, the North America electric instant water heater industry is anticipated to witness substantial growth through 2032 owing to its convenience, efficiency, and ease of installation. Electric instant water heaters offer a straightforward installation process and do not require complex venting or gas lines, making them suitable for both new constructions and retrofits in existing homes. Advancements in electric heating technology have also enhanced the product performance and energy efficiency.

Canada instant water heater market size is anticipated to grow at a significant pace over 2024-2032 attributed to the strong focus on energy efficiency and sustainability. As Canadian consumers and businesses are seeking to reduce their energy consumption and lower utility costs, instant water heaters, which provide hot water on demand and eliminate standby heat loss, have become an attractive option across the country.