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The Global Tankless Water Heater Market was Valued at US$ 4.6 Bn in 2019 and it is Expected to Reach More than US$ 7.8 Bn by 2028, Likely to Grow with the CAGR of 6.1 % During the Forecast Period.
The tankless water does not have any storage tank and it heats the water directly. The cold water passes through a pipe into the unit where it is heated by an electric element or gas burner. The global tankless water heater has shown a considerable growth since last few years and projected to grow rapidly in coming years. Some of the factors fuelling the growth of global market include rising awareness regarding benefits of energy efficient products, product innovation, and rising purchasing power.
Advantages Over Conventional Water Heaters are Anticipated to Propel the Market Growth
The conventional water tanks or heaters consume a huge amount of thermal energy to heat the stored water for hot-water supply. This loss of energy can be minimized with the use of tankless water heater as these products are able to supply required amount of hot water without storing it. As per an Energy.gov publication, the tankless water heaters consume more than 20% energy as compared with the traditional substitutes and can save more than US$ 100 -US$ 200 electricity bill per year. Also, these products do not need re-piping and can fit in existing setup of water connection therefore it is being popular among hotels, restaurants, and schools. Some of the manufacturers are launching eco-friendly heaters which make it preferable among large consumer base.
However, the tankless water heaters are costlier than traditional products which might hamper the growth of global market during the forecast period.
Based on product type, the electric segment led the global market by occupying maximum share in 2019
On the basis of product type, the electric heater segment is expected to lead the global market throughout the forecast period. The segment is projected to grow rapidly during the forecast timespan. These products require low cost in installation and maintenance. Also, the electric heaters are easy to install and ideal for small space and require very less or no maintenance which makes preferable as compared with gas heaters.
Residential Segment is estimated to dominate the Global Market Whereas the Commercial Segment is expected to Witness Rapid Growth throughout the Forecast Period
Based on end-user the residential sector led the global market. The rising demand for eco-friendly and energy efficient products from households is expected to fuel the growth of residential sector. Additionally, rising number of residential buildings coupled with growing middle-class population is fuelling the demand for these products. The changing lifestyle and rising purchasing power support the segment growth.
On the other hand, the commercial sector is anticipated to show robust growth in coming years. This is mainly due to the advanced features associated with these products. The manufacturers offer two years of remote monitoring for serviceable parts. Moreover, the rising tourism industry resulting in rising adoption for these products to improve the customer service in restaurants and hotels. Moreover, the government is taking initiatives to spread awareness regarding the benefits of energy efficient products by conducting several campaigns which is expected to boost the demand for these products in commercial sector.
Europe is anticipated to lead the Global Market during the Forecast Timespan
By geography, Europe is anticipated to dominate the global market by holding maximum share throughout the forecast period. The growth of the region can be credited to the rising popularity of economic and energy efficient products and huge production capability. Additionally, the increasing commercial sector such as hospital, hotels, and restaurants is expected to favour the regional growth.
Furthermore, North America is projected to grow rapidly during the forecast period. This is mainly due to the growing preference for ecological products coupled with availability of wide range of products in U.S. and Canada. Moreover, presence of prominent players in the region is expected to poise a positive impact on the regional growth.
Key players operating in global Tankless Water Heater market include Navien Inc, A. O. Smith, Noritz America, Rheem Manufacturing Company, Takagi, Bradford White Corporation, Stiebel Eltron Inc., EcoSmart Green Energy Products, Inc., and Robert Bosch LLC.
Global Tankless Water Heater Market by Product Type
Global Tankless Water Heater Market by End-User
Global Tankless Water Heater Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America