Tankless Water Heater Market Worth $12.3 Bn by 2031 | General Electric, Noritz, Navien, Robert Bosch, Takagi, Bajaj Electricals, Atmor, Hubbel Electric

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.

A tankless water heater, also known as an on-demand water heater or instantaneous water heater, is a type of water heating system that heats water only when it is needed, without the use of a storage tank. Unlike traditional water heaters that store and continuously heat a large volume of water, tankless water heaters heat water directly as it passes through the unit, providing hot water on demand.

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Benefits of Tankless Water Heaters:

Energy Efficiency: Tankless water heaters are more energy-efficient compared to traditional storage tank water heaters. They only heat water when needed, eliminating standby heat loss associated with keeping a tank of water constantly hot.

Space Savings: Tankless water heaters are compact and wall-mounted, saving valuable floor space compared to larger storage tank water heaters.

Endless Hot Water: Since tankless units heat water on demand, they can provide a continuous supply of hot water, as long as the unit's flow rate capacity matches the demand.

Longevity: Tankless water heaters often have longer lifespans than storage tank water heaters, potentially lasting 20 years or more with proper maintenance.

Reduced Water Heating Costs: Due to their energy efficiency and lack of standby heat loss, tankless water heaters can lead to lower energy bills over time.

Less Environmental Impact: The energy savings associated with tankless water heaters can contribute to reduced carbon emissions and environmental impact.

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.

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.

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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.

Here's how a tankless water heater works:

Cold Water Inlet: Cold water from the main supply enters the tankless water heater unit.

Heat Exchanger: Inside the unit, a heat exchanger (typically made of copper, stainless steel, or other heat-conductive materials) rapidly heats the cold water as it flows through. This process is triggered by the activation of a hot water tap or fixture in the building.

Burner or Electric Heating Element: For gas-powered tankless water heaters, a burner fueled by natural gas or propane heats the water in the heat exchanger. For electric tankless water heaters, an electric heating element performs the heating.

Hot Water Outlet: The heated water exits the tankless water heater and is delivered directly to the desired faucet, shower, or appliance.

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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