Global Tankless Water Heater Market

Global Tankless Water Heater Market Research, 2031

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

Globally 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.This has further declined the need for tankless water heaters, which, in turn, has hampered the growth of the tankless water heater market.

A tankless water heater is a heating equipment that heats water by using electricity or gas as its energy source. 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. An increase in infrastructural developments, replacement of traditional & tank-based water heaters with modern tankless water heaters, as well as deployment of smart water heaters, and building & construction activities across the globe are the major drivers that boost growth of the global tankless water heater market. Conversely, rise in focus toward manufacturing of tankless electric water heater with safety awareness, enhanced quality, and energy efficiency is expected to create potential growth opportunity for key players that operate in this market.

The tankless water heater market forecast is segmented on the basis of type, energy source, energy factor, and region. By type, the market is bifurcated into condensing and non-condensing. By energy source, it is divided into electric and gas. On the basis of energy factor, it is segmented into 0.80 to 0.90 EF and 0.91 to 0.99 EF. By end user, it is divided into residential and commercial. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global tankless water heater market covers in-depth information of the major tankless water heater industry participants. Some of the major players in the tankless water heater market 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.

Key players have adopted numerous strategies such as product launch, agreement, partnership, acquisition, and business expansion to stay competitive in the tankless water heater market.

For instance, in January 2022, Bradford White Corporation introduced the KwickShot, a dependable and simple-to-install tankless electric water heater available in thermostatic and non-thermostatic models to meet a wide range of water temperature requirements in a wide range of everyday applications. This has enhanced the product portfolio of the company.

The tankless water heater market is analysed and estimated in accordance with impacts of drivers, restraints, and opportunities. The period studied in this report is 2021–2031. The report includes the study of the tankless water heater market with respect to growth prospects and restraints based on regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

By type, the condensing segment dominated the global tankless water heater market in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rise in demand for condensing heater various applications such as hotels, buildings etc. is the major factor to derive the growth of the market during the forecast period.

By energy source, the electric segment dominated the global tankless water heater market in 2021, and is projected to remain the fastest-growing segment during the forecast period.  Rise in demand for electric tankless water heater in various applications that includes commercial, residential and industrial is expected to drive the growth of market during the forecast period.

By energy factor, the 0.91 to 0.99 EF segment dominated the global tankless water heater market in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in research & development activities toward development of highly efficient tankless water heaters.

By end user, the commercial segment dominated the global tankless water heater market share in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rapid growth in tourism sector, which in turn increses the construction of building, hotels, and restaurant that is anticipated to fuel the growth of market during the forecast period.

By region, Europe dominated the global tankless water heater market industry in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to increase in investment in low carbon electricity generation and surge in demand for replacement of existing conventional water, which leads to fuel the growth of tankless water heater in this region

IMPACT OF COVID-19 ON THE GLOBAL TANKLESS WATER HEATER MARKET

The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Decline 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. This has further declined the need for tankless water heaters, which, in turn, has hampered the growth of the tankless water heater market in 2020. In Europe , economies such as Germany, France, Spain and, Italy follow stringent measures such as attaining social distancing and limiting movements to prevent the spread of coronavirus.

Furthermore, building & construction activities across the globe were on hold during the pandemic period owing to strict measures of social distancing, lack of labor, and raw material supply disruptions. This further declined the growth of the market in 2020. Moreover, temporary shutdown of factories, manufacturing bases, and other processing industries hampered the growth of the tankless water heater market. Thus, all these factors collectively led to decreased the global tankless water heater market growth in 2020, and are expected to foster the market growth by the end of the second quarter of 2021.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global tankless water heater market analysis from 2021 to 2031 to identify the prevailing global tankless water heater market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global tankless water heater market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global tankless water heater market trends, key players, market segments, application areas, and market growth strategies.

 Global Tankless Water Heater Market Report Highlights