Global Tankless Water Heater Market, Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
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“Global Tankless Water Heater Market” report produced by MarketResearch.biz, has been segmented based on product, application, and region. Several primary and secondary research efforts have been conducted to ascertain major factors in the global tankless water heater market and the impact of the factors have on different scenarios and aspects in the target market. All research findings were verified by industry experts to confidently present it in the report.
Tankless water heaters, which are also known as continuous flow, instantaneous, inline, on-demand, instant-on water heaters or flash are water heaters used to instantly heat water as it flows through device and does not retain water internally except for what is in heat exchanger coil. A storage tank is not needed for tankless water heater to make water hot. These water heaters provide only hot water when required. Tankless water heater saves money in the long run. There are tankless electric water heater and gas tankless water heater. Compared to a gas tankless water heater, a tankless electric water heater is cheaper. Efficiency of electric tankless water heaters are generally 99%+, whereas efficiency rating of gas tankless water heaters are just 80 to 85%. Regular maintenance is needed for tankless water heater. During regular maintenance visits, professionals will descale tankless water heater for making sure there are no buildups around heating elements. It is done at least once a year. When a tap for hot water is put on, cold water reaches an electric element, through a pipe, which makes the water hot. This makes tankless water heaters to provide hot water constantly. There are tankless water heater for both commercial and residential requirements.
The major factor fuelling growth of the global tankless water heater market is growing consumer concerns regarding efficient use of energy. For instance, as per the reports from governments, compared to traditional products, tankless water heater is 24–34% more energy-efficient. Technologically advanced water heaters introduced by companies are projected to increase demand for tankless water heater in the global market over the next 10 years. These technologically advanced tankless water heaters are integrated with Wi-Fi connectivity, which enables remote monitoring of water temperature and flow. In addition, these advanced models are increasingly adopted by restaurants, schools, and hotels. Also, these models can be fit into existing water connections and avoids the requirement of cutting installation and re-piping, which is expected to further drive growth of the product in the global tankless water heater market over the 10-year forecast period. Furthermore, the majority heater types manufactured by companies have different special features, which is expected to support growth of the global market. Saving energy and space owing to rapid adoption of tankless water heaters in both commercial and residential sectors is projected to support growth of the market over the 10-year forecast period. Attributed to energy star rating equipment in various tankless water heater, these heaters become economical and eco-friendly, which is further expected to fuel demand for the product in the global tankless water heater market over the 10-year forecast period.
Global Tankless Water Heater Market Segment Analysis:
By Product: Among the product segments, the electric segment is estimated to account for the majority revenue share in the market and is expected to continue over the 10-year forecast period. This growth of the segment is attributed to its efficiency compared to gas tankless water heater. Also, more energy is saved when using tankless electric water heater than other traditional and gas ones.
By Application: The residential segment has been gaining traction owing to increasing inclination of consumers towards adopting energy-efficient tankless water heaters.
Global Tankless Water Heater Market Regional Analysis:
The market in Europe is projected to register highest revenue share over the 10-year forecast period. This can be attributed to shifting consumer preference, higher production adoption, and economical and energy-efficient products.
Global Tankless Water Heater Market Segmentation:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- O. Smith
- Rheem Manufacturing Company
- Rinnai Corporation
- Bradford White Corporation
- Robert Bosch LLC
- EcoSmart Green Energy Products, Inc.
- Stiebel Eltron Inc.
- Noritz America
- Navien Inc.
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