Press release
Tankless Water Heater Market: Market Trends, Growth Potential, and Competitive Landscape Analysis in Energy-Efficient Appliances
Tankless Water Heater Market
The Business Research Company presents an extensive market research report on the Tankless Water Heater Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The tankless water heater market size has grown strongly in recent years. It will grow from $4.17 billion in 2023 to $4.55 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to energy efficiency concerns, space-saving design, longer lifespan, continuous hot water supply, rising consumer awareness.
The tankless water heater market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to smart home integration, water conservation efforts, hybrid tankless systems, expansion in commercial application, increasing affordability. Major trends in the forecast period include advancements in technology, integration of smart technologies, compact and space-saving designs, hybrid tankless systems, advanced water heating technologies.
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Key Market Players:
Major companies operating in the tankless water heater market report are Robert Bosch GmbH, General Electric, Haier Group Corporation, Honeywell International Inc., Whirlpool Corporation, Paloma Industries Ltd., Westinghouse Electric Corporation, Vaillant Group , A.O. Smith Corporation , Rinnai Corporation, Ariston Thermo Group, Rheem Manufacturing Company, Stiebel Eltron GmbH & Co. KG, Bajaj Electricals Ltd., Groupe Atlantic, Ferroli S.p.A., V-Guard Industries Ltd., Bradford White Corporation, Noritz Corporation, EcoSmart Green Energy Products, Inc., Navien Inc., Hubbell Electric Heater Company, Laars Heating Systems, Eccotemp Systems LLC , Takagi Industrial Co. Ltd.
Market Drivers:
The growing government efforts to promote environmentally friendly water heaters are expected to propel the growth of the tankless water heater market going forward. Government efforts refer to the actions, initiatives, and programs undertaken by a government to address various issues, achieve specific goals, and meet the needs of its citizens. Governments can encourage the adoption of energy-efficient tankless water heaters over traditional tank-based models by establishing standards and regulations for appliances while also implementing incentive programs aimed at both consumers and manufacturers to promote the uptake of tankless technology. For instance, in July 2023, according to the Department of Energy, a US-based government agency, the U.S. Department of Energy put forth new energy efficiency standards, aiming to achieve annual savings of $11.4 billion for consumers on their energy and water bills. Aiming to save $198 billion for Americans and reduce 501 million metric tons of CO2 over 30 years, the proposed regulations, which take effect in 2029, are equal to the yearly emissions of 63 million households, or roughly 50% of all dwellings in the United States. Therefore, the growing government efforts to promote environmentally friendly water heaters are driving the growth of the tankless water heater market.
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https://www.thebusinessresearchcompany.com/report/tankless-water-heater-global-market-report
The tankless water heater market covered in this report is segmented -
1) By Type: Condensing, Non-Condensing
2) By Energy Source: Electric, Gas
3) By Application: Residential, Commercial
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