The global instant water heater market is slated to expand at a substantial rate through 2030 owing to increasing preference of customers for smart appliances.

Recently, key players in the industry have been investing heavily in research & development activities to integrate advanced and smart technologies into the product, which has augmented industry growth significantly. For instance, in August 2020, A. O. Smith, the world's leading manufacturer of water heaters based in the United States, launched the MiniBot, a 3L instant water heater with a modern and stylish design and cutting-edge technology, taking a step forward in offering its users best-in-class products.

The A. O. Smith MiniBot is a first-of-its-kind instant water heater that is reinforced with a Blue Diamond glass inner tank lining, which provides better corrosion resistance than other glass-lined products. The technology also extends the life of the water heater as well as protects against premature tank failure that results from hard and contaminated water typically observed in India.

Similarly, in January 2022, Bosch Thermotechnology, a key company in the instant water heater market, presented its innovations at the 2022 AHR Expo. The firm introduced two new additions in its IDS Family, IDS Light and IDS Premium Connected, along with the Climate 5000 3.0 ductless system mini-split heat pump. The Climate 5000 3.0 is a highly efficient system that offers adequate residential heating & cooling with a capacity of nearly 60,000 Btuh for single-zone applications. These models were slated to enter the market in the first half of 2022.

To cite another instance, in April 2022, Bradford White Corporation, the American manufacturer of residential and commercial heating solutions, and Enginuity Power Systems, Inc., an American industry-leading manufacturer of water heaters, boilers, and storage tanks, inked a strategic development agreement. The firms collaborated to develop a private generation hybrid heat and power water heater system with the aim to create energy-efficient, robust, and sustainable private generation technologies for homes and small businesses.

The instant water heater market has been bifurcated in terms of application, energy source, and region. From the regional perspective, the Europe market holds a notable share in the global industry and is speculated to register steady growth at a CAGR of around 5.0% through 2030.

The Middle East & Africa industry is expected to record a positive CAGR of above 6.0% over the review timeline to reach a considerable revenue by the end of 2030. Meanwhile, the Latin America instant water heater market accounts for a sizable share of the overall industry revenue and is set to reach a valuation of USD 10 billion by the end of the forecast period.