Europe instant water heater market size is forecasted to grow on account of adoption of circular economy strategies by European nations aimed towards encouraging a sustainable use of resources while maintaining the product value. Shifting focus towards more energy efficient heating appliances along with replacement of conventional units will positively enhance the business outlook. Furthermore, heightened technological advancements as integrated mobile remote controlling software, multiple communication options and leak detection systems coupled with efficiency improvements in existing models will trigger positive industry growth.
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Rising investments by respective government authorities towards large scale infrastructural expansion along with increased disposable income will fuel the industry growth. Notably, substantial reduction in electricity bills and tax credit policies on complying with targets of energy efficiency will ease the financial restraints. Furthermore, stringent government norms favoring sustainable technology coupled with growing concerns toward rising carbon emissions from heating appliances will positively enhance the industry outlook.
Booming tourism growth along with ongoing development to commercial infrastructure will fuel the France instant water heater market size. Several global brands are building high rise hotels to cater to growing tourism across the country. As per European tourist stats, 83 million tourists visit France every year deeming it the leading tourist destination and is projected to witness a 3.5 % rise in international tourists in 2019. This will ultimately lead to an immense demand for hot water across luxury hotels, entertainment malls, shopping centers, and airports. The electric variants help in supplying hot water instantly while ensuring huge cost savings for the hoteliers.
Europe instant water heater market share is set to increase owing to key benefits including compact design, less space requirement and high heating output. These units take comparatively less heating time than a storage system and provides a constant supply of hot water by utilizing either an electric heating element or a gas burner. In addition, the attached low carbon footprint ideology will accelerate the product penetration manifolds.
Residential instant water heater market is projected to grow on account of rigorous building standards and codes towards deployment of energy efficient heating appliances. For instance, as a European Union member, France has to comply with the Electronic Energy Performance of Buildings Directive (EPBD). In addition, the region further follows the concept of intelligent residential building to meet the objectives of suitability, safety, low cost and efficiency.
Eminent players functioning across the industry includes Ferroli, A.O Smith, Bradford White, Rinnai, Havells India Ltd., Haier Electronics, Racold, Whirlpool, Vaillant Group and Viessmann Group. In April 2018, A.O. Smith successfully launched the iCOMM connectivity, a platform that made remote monitoring possible and helped in providing essential data with reference to the health and the water heater performance.