#Tankless Water Heater Market Growth

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Innovations and Investments in the Tankless Water Heater Market

The tankless water heater market has witnessed significant growth in recent years, driven by a growing demand for energy-efficient and space-saving heating solutions. A tankless water heater, also known as an on-demand or instant water heater, is a device that heats water directly as it flows through the unit, without the need for a storage tank. This technology provides several advantages over traditional tank-style water heaters.

In terms of market overview, the tankless water heater market has seen a steady rise due to its ability to provide hot water on demand, reducing energy consumption and eliminating the standby heat loss associated with traditional tank heaters. Consumers are increasingly looking for environmentally friendly and cost-effective heating solutions, and tankless water heaters align perfectly with these preferences.

The tankless water heater market growth in the industry has been fueled by various factors. Firstly, the need for energy efficiency has become paramount in today's world, and tankless water heaters are renowned for their energy-saving capabilities. They only heat water when it is needed, which minimizes energy wastage, resulting in lower utility bills and reduced carbon footprint. Additionally, the compact and space-saving design of tankless water heaters appeals to homeowners and businesses with limited space for a bulky water heater.

The tankless water heater industry is witnessing several notable trends. One prominent trend is the integration of smart technology and connectivity features into these devices. Smart tankless water heaters can be controlled remotely through smartphones or voice assistants, allowing users to adjust water temperature and monitor energy usage. This trend aligns with the broader trend of home automation and the demand for more convenience in daily life.

Another emerging trend is the adoption of tankless water heaters in commercial applications. Businesses are recognizing the benefits of on-demand hot water supply for their operations, such as in restaurants, hotels, and healthcare facilities. This trend is expected to drive further growth in the market.

In conclusion, the tankless water heater market is experiencing robust growth driven by its energy-efficient and space-saving attributes. With increasing consumer awareness of environmental concerns and the desire for cost-effective heating solutions, the tankless water heater industry is poised for continued expansion. Additionally, the integration of smart technology and the growing adoption of these heaters in commercial settings are key trends shaping the market's future.

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The Growing Market of Storage Water Heaters: Trends and Innovations

In the realm of household appliances, the storage water heater holds a pivotal role in ensuring comfort and convenience in our daily lives. This market segment has witnessed significant growth and evolution over the years, driven by technological advancements, changing consumer preferences, and environmental considerations. Let's delve into the dynamics shaping the storage water heater market today.

The storage water heater market encompasses a wide range of products designed to provide hot water for residential and commercial purposes. Unlike tankless water heaters that heat water on demand, storage water heaters store heated water in an insulated tank for immediate use. This distinction is crucial as it influences installation requirements, energy efficiency, and consumer choice.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐚𝐛𝐥𝐞𝐬 & 𝐅𝐢𝐠𝐮𝐫𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭)@ https://www.infinitivedataexpert.com/industry-report/storage-water-heater-market#sample

Key Trends Driving the Market

Energy Efficiency: With growing environmental awareness and stringent energy regulations, there's a marked shift towards energy-efficient models. Manufacturers are investing in innovative technologies such as improved insulation, heat pumps, and advanced heating elements to enhance energy efficiency and reduce operational costs.

Smart Technologies: Integration of smart technologies has transformed the landscape of water heaters. Smart functionalities allow users to monitor and control water temperature, usage patterns, and energy consumption remotely through mobile apps or home automation systems. This trend not only enhances user convenience but also promotes energy conservation.

Design and Aesthetics: Today's consumers are increasingly conscious of aesthetics and space utilization. Manufacturers are responding by offering sleek, compact designs that blend seamlessly with modern interiors. Additionally, advancements in materials and finishes contribute to durability and aesthetic appeal.

Water Quality and Safety: There's a growing emphasis on water quality and safety features in storage water heaters. Anti-scald devices, digital temperature controls, and corrosion-resistant materials are becoming standard features to ensure safe and reliable operation.

Hybrid Water Heaters: Hybrid models, combining elements of traditional storage tanks with heat pump technology, are gaining popularity. These units offer significantly higher energy efficiency by extracting heat from ambient air, making them ideal for regions with moderate climates.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.infinitivedataexpert.com/industry-report/storage-water-heater-market#sample

The global storage water heater market is influenced by regional factors such as climate, infrastructure development, and economic growth. In mature markets, replacement demand due to product obsolescence and technological upgrades is a major driver. Emerging markets, on the other hand, are witnessing rapid urbanization and rising disposable incomes, leading to increased adoption of modern appliances.

Market Segmentation of the Storage Water Heater Market

Understanding the segmentation of the storage water heater market is essential for manufacturers, retailers, and consumers alike. This segmentation helps identify distinct consumer needs, preferences, and trends within the market. Here’s a detailed breakdown of the key segments in the storage water heater market:

List of Major Market Participants - Electrolux, A.O. Smith Corporation, Heat Transfer Products Inc, Bradford White Corporation,, Crompton Greaves Ltd., Eccotemp Systems, Reliance Water Heater Company, Rinnai, Bosch, Rinnai, Midea Group, Rehem Manufacturing Company, Noritz Corporation Global Storage Water Heater Market, By Tank Capacity - Up to 50L, 51L – 100L, 101L – 250L, 251L – 400L, More than 400L Global Storage Water Heater market, By Tank Material - Copper, Stainless Steel, Thermoplastic, Others (Carbon Steel and Metal Alloys) Global Storage Water Heater Market, By End User - Individual, Commercial, Industrial

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐚𝐛𝐥𝐞𝐬 & 𝐅𝐢𝐠𝐮𝐫𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭)@ https://www.infinitivedataexpert.com/industry-report/storage-water-heater-market#sample

Future Outlook

Looking ahead, the storage water heater market is poised for continued growth, driven by technological innovation, regulatory mandates, and changing consumer preferences. The shift towards sustainable practices and smart technologies will be key trends shaping the future landscape. Manufacturers and stakeholders will need to adapt swiftly to these dynamics to stay competitive in a rapidly evolving market.

In conclusion, the storage water heater market represents a dynamic sector within the broader home appliance industry. As consumer expectations evolve and technological boundaries expand, the focus remains on delivering efficient, safe, and user-friendly solutions that enhance everyday comfort and promote sustainability.

Whether you're considering upgrading your water heating system or simply curious about the latest innovations, staying informed about the trends and advancements in the storage water heater market can guide you towards making informed decisions that align with your needs and values.

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Tankless Water Heater Market Is Expected To Witness Higher Demands Till 2030

The global tankless water heater market is expected to reach USD 6.8 billion by 2030, registering a CAGR of 8.7% during the forecast period, according to a new report by Grand View Research, Inc. Rapid growth in the adoption of these heaters in the residential and commercial industries, as they are capable of saving space as well as energy, drives the market growth. Additionally, several tankless water heaters are equipped with energy star ratings, which make them economical and eco-friendly for buyers which increases the market growth. The high cost of a tankless heater as compared to a traditional water heater is expected to restrain the market growth.

COVID-19 had a negative impact on the growth of the market. Most leading brands experienced a decline in sales due to the pandemic. This is due to the closure of numerous manufacturing & industrial facilities and delays in some infrastructural expansion projects. However, government relaxations on enforced lockdowns, followed by the continuation of industries and procedures have increased the market growth.

The electric tankless water heaters segment dominated the market with a market share of around 70.0% in 2021. Electric devices have a long lifespan and have low ongoing maintenance and replacement expenses. In addition, the cutting-edge design of these heaters make it possible to put them in confined spaces while at the same time eliminating need for the ventilation. Therefore, it is mostly used all over the world and generated a large revenue in 2021.

Europe acquired the largest revenue share in the tankless water heater market in 2021. The UK is dominating with a large share in the Europe tankless water heaters market. High market growth is owing to the adoption of energy-efficient and economical products. This has surged manufacturing investments in the U.K. by major companies, which resulted in a higher customer-partnership experience. A large number of products with qualities such as advanced heating capabilities, low standby losses, energy optimization, remote manageability, and Wi-Fi connection are the various factors that increased demand for the products in this region. Thus, Europe generated the largest revenue in 2021.

Various manufacturers are now concentrating not only on innovative product development but are also effectively generating sales and distribution networks for their products. Consumer focus is increasing on online product research for the data relating to their buying. As such, companies of tankless water heaters are growing their market presence and product availability online.

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Tankless Water Heater Market Report Highlights

North America is expected to dominate the market during the forecast period from 2022 to 2030. This is owing to the continuing growth of innovative technology and the high demand for tankless water heaters in the business area. These factors fuel the modern trends in tankless water heater manufacturers in North America

Electric tankless water heater segment is likely to grow at the fastest CAGR during the forecast period. An increase in demand for electric tankless water heaters in several applications such as commercial, residential, and industrial is likely to augment the growth of the market during the forecast period

Residential segment is expected to dominate during the forecast period. An increase in awareness that energy consumption contributes considerably to global warming is one of the key factors driving demand for energy-efficient tankless water heaters in the residential sector, thus it is expected that the segment will expand at the fastest CAGR, during the forecast period

Tankless Water Heater Market Segmentation

Grand View Research has segmented the global tankless water heater market based on product, application, and region.

Tankless Water Heater Product Outlook (Revenue, USD Million, 2017 - 2030)

Electric Tankless Water Heater

Gas Tankless Water Heater

Tankless Water Heater Application Outlook (Revenue, USD Million, 2017 - 2030)

Residential

Commercial

Tankless Water Heater Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.

Europe

U.K.

Germany

Asia Pacific

China

Japan

Central & South America

Brazil

Middle East & Africa

South Africa

List of Key Players of Tankless Water Heater Market

A. O. Smith

Rheem Manufacturing Company

Rinnai Corporation

Bradford White Corporation

Robert Bosch LLC

EcoSmart Green Energy Products, Inc.

Stiebel Eltron Inc.

Takagi

Noritz America

Navien Inc.

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Asia-Pacific Water Heater Market Demand, Forecast 2023-2029

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific water heater market size at USD 9.6 billion in 2022. During the forecast period between 2023 and 2029, the Asia-Pacific water heater market size is projected to grow at a CAGR of 5.5% reaching a value of USD 13.8 billion by 2029. Major growth factors for Asia-Pacific water heater market include improved water heater technology and rising disposable income among consumers in the middle class. These days, water heaters come with Internet of Things (IoT) sensors that allow for remote smartphone operation. An increasing number of product releases are also providing the entire market with growth opportunities. However, high upfront cost may act as a restraining factor for the market growth.

Asia-Pacific water Heater Market – Overview

Water heaters are devices that heat water and maintain it at a higher temperature for a prolonged period. They serve the crucial goal of providing a consistent and ongoing supply of water. They can be powered by electricity or gas, with gas water heaters offering quicker heating and electric variants often costing less. Hot water heaters used in homes that warm potable water for uses other than space heating are referred to as domestic hot water heaters (DHW). Tankless water heaters are one of the more recent technologies. As they are electric, no water storage system is needed.

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Asia-Pacific water Heater Market – By Application

Based on application, the Asia-Pacific water Heater market is segmented into residential and commercial. The residential segment accounts for a higher market share owing to the increasing disposable income of the consumers along with substantial growth in the demand for heating appliances in single and multifamily apartments. Increasing utility costs especially in urban regions are also propelling the demand for energy-efficient appliances, propelling the overall Asia-Pacific water heater market growth. The commercial segment is also expected to register substantial growth during the forecast period.

Impact of COVID-19 on the Asia-Pacific water Heater Market

The Asia-Pacific water heater market registered significant losses during the COVID-19 pandemic in 2020. The production and supply chain for water heaters were completely halted, due to which manufacturers had to endure huge losses during this period. The reduced purchasing power of the consumers along with low demand for water heaters from commercial facilities, such as hotels. However, the demand for water heaters spiked from the healthcare facilities to mitigate the risk of healthcare-associated infections during the virus spread. The market is anticipated to get back on its track as the companies are launching affordable and low-priced water heaters.

Competitive Landscape

Major players operating in the Asia-Pacific water heater market include Rinnai Corporation, Bradford White Corporation, Ariston Holding N.V., Haier, Whirlpool Corporation, State Industries, Racold, FERROLI S.p.A, Hubbell Heaters, LINUO RITTER INTERNATIONAL CO. LTD., Jaquar India, GE Appliances, Viessmann, STIEBEL ELTRON GmbH & Co. KG, Havells India Ltd., Bajaj Electricals Limited, AQUA MAX AUSTRALIA PTY. LIMITED, Deka Fan Malaysia, and Joven Electric Corporation.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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Water Heater Market - Forecast (2022 - 2027)

Water Heater Market size is estimated at $28.5 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Water Heater is an Electric Heater appliance that heats water for a variety of uses. Water heaters are available because of their energy efficiency and small scale. Electric Heater geysers have become very common for home use. Moreover, the Water Heater industry is growing, owing to the rising demand and widespread domestic applications such as hot water for cooking, bathing and cleaning. The water heater market would benefit from rising demand for energy efficient systems and geysers, as well as favorable regulatory policies on carbon emissions. For instance, in 2016, the United Arab Emirates invested $3Million in the area to introduce green strategies. Besides this, the growing number of strategies adopted by key players such as partnership, acquisition and collaboration to expand their presence and innovation in water heating technology to gain the market traction is set to drive its water heater industry.

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Water Heater Market Report Coverage

The report: “Water Heater Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Water Heater Market.

By Product Type: Solar Heater, Electric Heater and Solar Heater.

By Technology: Tankless, Hybrid and Storage Heater.

By Application: Residential, Industrial and Commercial.

By Geography: North America (U.S, Canada and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America) and RoW (Middle East and Africa).

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Key Takeaways

Water Heater market growth is being driven by technological advances, adoption of new techniques, and the innovation are resulting in the production of low-cost heaters and energy-efficient.

Geographically, North America Water Heater Market held the largest revenue share of 38% in 2020 owing to the presence of potential players who are creating new products, high investments in R&D, and government funding. The scope of the Water Heater Market for various regions will be provided in the final report.

The Water Heater Industry is expanding owing to rising perception of the product’s benefits in various applications and consumer preferences are expected to shift as quality levels increase.

The growing demand for Storage Heater owing to easy installation and maintenance is a significant factor that is expected to push the Water Heater industry during the forecast period 2021-2026.

Water Heater Market Segment Analysis – By Product Type:

Based on Product Type, Electric Heater Segment accounted for the largest revenue market share of around 75% in 2020 and is also anticipated to grow with the fastest CAGR. Electric Heater water heaters are becoming more popular as people become more concerned about energy efficiency and have huge growth in the number of pre-plumbed unvented systems in new constructions. To make Electric Heaters easier to use, manufacturers are incorporating smart heating controls. Electric Heaters are widely used in the commercial sector to help with production and for workers comfort. Water heaters are also being replaced more often as a result of energy efficiency laws variance in different countries. As a result, demand for highly efficient tankless Electric water heaters is growing and thus driving the Water Heater Industry. Solar Heater segment is anticipated to grow with the second fastest CAGR of 5.8% in the forecast period 2021-2026, attributed to the rising customer awareness of Solar water heaters and their cost-effective and environmentally friendly benefits in both the residential and commercial sectors. Furthermore, the government's initiatives to promote Solar Heater products in India, as well as increasing product technical advances and rapid urbanization, are expected to drive segment growth.

Water Heater Market Segment Analysis – By Application:

Based on Application, Commercial accounted for the largest revenue market share in 2020. The demand for water heaters is being driven by the expansion of commercial infrastructure in various countries. Water heaters are used by small to mid-sized businesses in their everyday operations. Companies are adopting highly effective water heaters in the meantime to reduce energy consumption and operating performance. Commercial water heaters must be upgraded owing to increased use. As a result, manufacturers are incorporating new innovations that can serve as a cue for commercial water heater upgrades. Tankless heaters & Electric Heaters are gaining popularity in the commercial sector, owing to their ability to supply a large amount of hot water for an extended period of time driving the Water Heater Industry. Residential is projected to witness the fastest CAGR of 5.3% during the forecast period 2021-2026. Continuous infrastructure growth, combined with an increase in the deployment of energy efficient heating systems, would propel the segment forward. According to the IBEF, India would need over USD 777 billion in infrastructure investment by 2022. The industry will benefit from the ongoing rollout of smart cities with strict building efficiency codes and standards.

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Water Heater Market Segment Analysis – By Geography:

Based on Geography, North America Water Heater Market accounted for the 38% revenue share in 2020. More than 9 million water heaters are sold in the United States per year, indicating that there is a strong demand for water heaters in North America, which accounts for a large portion of the industry. Tankless water heaters in the United States are compact, dependable, and long-lasting devices that provide high performance and much better energy efficiency than tank units. Due to the cold weather conditions in the area, demand for heating appliances is extremely high in most North American countries. In July 2017, Rinnai America has announced that it has expanded its North American headquarters by constructing a new two-story headquarters building and opening a North America Innovation and Training Center accelerating water heater expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards economic growth in countries like China, Japan, Australia and India

Water Heater Market - Drivers

The Growing Demand for Storage Heater:

By using hot water Storage Heater tanks, Storage Heater water heaters help to maximize heating ability. Manufacturers provide Storage Heater in a range of sizes to meet the needs of customers. Storage Heater are less costly to install than other types of water heaters, and they are also simple to maintain and repair. However, since Storage Heater have been known to burst, vendors are focusing on offering standard water heater services. Furthermore, Storage Heater necessitate space for the tank; as a result, manufacturers are concentrating on reducing the size of Storage Heater to alleviate the space problem driving the Water Heater Industry. 

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Water Heater Market - Challenges

Increase In Electric Prices: 

Rising electricity prices are expected to restrict the growth of the water heater industry. Water heating systems, such as electric heaters, are the second largest consumer of electricity in the home, accounting for 18 percent of total electricity costs, according to the US Department of Energy. Furthermore, an average water heater operates for three hours every day, as per study thereby, hampering the industry development.

Water Heater Market - Landscape:

The Water Heater Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Water Heater Market top 10 companies are State Industries, Ariston Thermo, Haier Electronics, Fast Water Heater, Neighbourly Company Viessmann, Rinnai, A.O Smith, Rheem Manufacturing, Whirlpool Corporation and American Residential Services.

Acquisitions/Product Launches:

In August 2020, A.O Smith launched MiniBot, a 3-litre instant water heater with modern technology. MiniBot's inner tank is filled with Blue Diamond glass, which provides superior corrosion resistance to traditional glass-lined items. It also protects against premature tank failure due to India's hard and polluted water, extending the life of the water heater.

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Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version)

Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version)/caption]

Due to the pandemic, we have included a special section on the Impact of COVID 19 on the Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) 2020-2026 which would mention How the Covid-19 is Affecting the Industry, Market Trends and Potential Opportunities in the COVID-19 Landscape, Key Regions and Proposal for Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) Players to battle Covid-19 Impact.

Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) 2020-2026The

Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) 2020-2026

report is one of the most comprehensive and important data about business strategies, qualitative and quantitative analysis of Global Market. It offers detailed research and analysis of key aspects of the Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version). The market analysts authoring this report have provided in-depth information on leading growth drivers, restraints, challenges, trends, and opportunities to offer a complete analysis of the Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version).

Top Leading players covered in the Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) report : Rheem Manufacturing Company Rinnai Corporation A.O. Smith NORITZ AMERICA CORP. Ariston Thermo Group Kyungdong Navien Co.,Ltd. Stiebel Eltron GmbH & Co. KG Bradford White Corp. Haier Electronics Group Co, Ltd. Bajaj Electricals Ltd. Bosch Eemax Siemens Media​​​​​​​​​​​ and More...

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The report offers clear guidelines for players to cement a position of strength in the global Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version). It prepares them to face future challenges and take advantage of lucrative opportunities by providing a broad analysis of market conditions. the global Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) will showcase a steady CAGR in the forecast year 2020 to 2026.

Market Segment by Type covers: Electric Gas

Market Segment by Application covers: Residential Commercial

Our Complimentary Sample Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) Report Accommodate a Brief Introduction of the research report, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology.

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Regions Covered in the Global Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version):

• The Middle East and Africa (GCC Countries and Egypt)

• North America (the United States, Mexico, and Canada)

• South America (Brazil etc.)

• Europe (Turkey, Germany, Russia UK, Italy, France, etc.)

• Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

Years Considered to Estimate the Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version) Size:

History Year: 2015-2019

Base Year: 2019

Estimated Year: 2020

Forecast Year: 2020-2026

Highlights of the Report:

• Accurate market size and CAGR forecasts for the period 2019-2026

• Identification and in-depth assessment of growth opportunities in key segments and regions

• Detailed company profiling of top players of the global Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version)

• Exhaustive research on innovation and other trends of the global Tankless Water Heater Market Status and Trend Analysis 2017-2026 (COVID-19 Version)

• Reliable industry value chain and supply chain analysis

• Comprehensive analysis of important growth drivers, restraints, challenges, and growth prospects

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Tankless Water Heater Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Product Type, Application, and Geography

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Tankless Water Heater Market Research Report by Product Type 2018-2025

Tankless Water Heater Market Research Report by Product Type 2018-2025

About Tankless Water Heater

Tankless water heaters operate without using storage tanks. When a water tap is turned on, normal water flows through a pipe into the unit. Subsequently, a gas burner or an electric element heats the water. This enables tankless water heaters to deliver hot water efficiently.

Technavio’s analysts forecast the global tankless water heater market to grow at a CAGR of…

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Tankless Water Heater Market Research, Outlook, Trends & Forecast to 2031

Tankless Water Heater Market Companies

The key players that operate in the tankless water heater market are profiled in the report, which include A.O. Smith, Bradford White Corporation, EcoSmart Energy Products, Inc., General Electric, Noritz Corporation, Navien, Inc., Robert Bosch GmbH, Stiebel Eltron, Inc., Westinghouse Electric Corporation, and V-Guard Industries, Ltd. Other players that operate in the value chain of the global tankless water heater market include Takagi, Rheem Manufacturing, Co., Bajaj Electricals Ltd., Atmor, Hubbel Electric Water Heater Company, Rinnai Corporation, and others.

The global tankless water heater market size was valued at $6.3 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

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In 2021, the condensing segment accounted for about 62.7% of the share in the global tankless water heater market, and is expected to maintain its dominance till the end of the forecast period.

In 2021, the electric segment accounted for 56.7% tankless water heater market share in the year 2021, and is anticipated to grow at a rate of 7.3% in terms of revenue, increasing its share in the global tankless water heater market.

Commercial is the fastest-growing application segment in the global tankless water heater market, expected to grow at a CAGR of 7.1% during 2022–2031.

Europe is expected to grow at the fastest rate, registering a CAGR of 7.4%, throughout the forecast period.

In 2021, Europe dominated the global tankless water heater market with more than 31.4% of the share, in terms of revenue.

These water heaters have proved to be very useful in commercial as well as residential sectors, which, in turn, gives traction to the tankless water heater market growth globally. There are numerous advantages associated with tankless water heaters such as compactness, energy & cost saving, and efficiency. Hence, to improve global sales, manufacturers of tankless water heaters have developed new and innovative tankless water heaters, which are cost-effective in design.

Rise in demand for tankless water heater from residential consumers, rapid growth of smart city infrastructure, and rise in investment toward upgradation of aged government infrastructure are the key factors that significantly contribute toward the growth of the global tankless water heater market.

Europe garnered a dominant share in 2021, and is anticipated to maintain this dominance in the tankless water heater market during the forecast period. This is attributed to presence of key players and huge consumer base in the region.

In addition, tankless water heaters have gained importance owing to increase in electrification rate, rise in disposable income in European economies, and rapid urbanization, which, in turn, is expected to augment the growth of the tankless water heater market during the forecast period.

Impact of Covid-19

The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, automotive, and energy sectors owing to the lockdown imposed, globally.

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Tankless water heater is a heating equipment that heats water by using electricity or gas as its energy sources. It is different from traditional or tanked water heaters as it does not store water and heats water as water passes through the heating units in a short time. There is a water flow sensor in tankless water heaters that starts automatically when it senses the water flow.

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