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2022

Tankless Water Heater Market

Tankless Water Heater Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Energy Source, by Energy Factor, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031

EP : Equipment and Devices

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Author's: Mohd Arbaz | Eswara Prasad
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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.

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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.

Tankless Water Heater Market by Type

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.

Tankless Water Heater Market by Energy Source

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.

Tankless Water Heater Market by Energy Factor

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.

Tankless Water Heater Market by End User

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.

Tankless Water Heater Market by Region

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.

Tankless Water Heater Market Report Highlights

Aspects Details
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By Type
  • Condensing
  • Non-Condensing
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By Energy Source
  • Electric
  • Gas
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By Energy Factor
  • 0.80 to 0.90 EF
  • 0.91 to 0.99 EF
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By End User
  • Residential
  • Commercial
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, United Kingdom, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest Of Asia Pacific)
  • LAMEA  (Brazil, South Africa,, Saudi Arabia, Rest of LAMEA)
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Key Market Players

A. O. Smith, GENERAL ELECTRIC, Robert Bosch GmbH, Navien Inc., NORITZ Corporation, V-Guard Industries Ltd., Bradford White Corporation, Stiebel Eltron, Inc., Westinghouse Electric Corporation, EcoSmart Green Energy Products, Inc.

Analyst Review

According to the insights of CXOs of leading companies, demand for tankless water heaters is fueled by increased construction renovation activities, surge in use of heating & cooling components in the smart city infrastructures, replacement of old units, rapid growth of electric water heater sector, and mainstream adoption of renewable energy based tankless electric water heater market.

Rise in demand for tankless electric water heater from commercial applications such as restaurants, food processing, laundry, and others is drives the growth of the market, globally. However, power outages & discontinuous power supply in some developing economies such as India, Brazil, South Africa, & others and high cost of vent materials in non-condensing tankless water heaters are expected to be major restraining factors for the global tankless water heater market growth. On the contrary, R&D activities for highly efficient tankless water heater products are growing and investments toward smart public infrastructures are anticipated to create opportunities in the global tankless water heater market during the forecast period.

Among the analyzed regions, Europe is expected to account for the highest revenue in the market during the forecast period, followed by Asia-Pacific, North America, and LAMEA. Europe accounted for 31.4% of the total global tankless water heater market share in 2021, and is expected to maintain its dominance during the forecast period.

Author Name(s) : Mohd Arbaz | Eswara Prasad
Frequently Asked Questions?

Rise in demand for condensing tankless water heaters from various end user applications including apartment buildings, nursing homes, hotels are the upcoming trends of Global Tankless Water Heater Market

A.O. Smith, Bradford White Corporation, EcoSmart Energy Products, Inc., General Electric are the top companies to hold the market share in Global Tankless Water Heater Market

the electric segment registered the highest market share in 2021, and is expected to maintain its dominance during tankless water heater market forecast period.

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.

The global tankless water heater market is projected to reach $12.3 billion by 2031

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Tankless Water Heater Market

Global Opportunity Analysis and Industry Forecast, 2021-2031