Tankless Water Heater Market Size, Application, CAGR Analysis, Growth Factors, Sales, Supply And Future Forecast To 2033

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.

Market Overview -
A tankless water heater is a type of water heating system that heats water directly as it flows through the unit without needing a storage tank. It uses an electric element or gas burner to heat water as it flows through a pipe to the unit, providing a near-endless hot water supply.

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Government Initiatives Fueling Growth In The Tankless Water Heater Market
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.

Competitive Landscape -
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.

Bosch Thermotechnology Unveils Compact And Efficient Electric Tankless Water Heaters For Diverse Applications
Major companies operating in the tankless water heater market are developing innovative products, such as electric tankless water heaters, to better serve customers with advanced features. Electric tankless water heaters are on-demand water heating systems that use electricity as their primary source of power. For instance, in January 2023, Bosch Thermotechnology, a Germany-based provider of heating and hot water products, launched the Tronic 4000 C and Tronic 6100 C. The Tronic 4000 C stands out as one of the most compact and energy-efficient electric tankless water heaters available, specifically designed for point-of-use and under-sink installations. Remarkably small at only 8.5" X 13" and weighing just 4.4 lbs., it can be conveniently wall-mounted directly under the sink. Operating solely on electricity and lacking a water-holding tank, the Tronic 4000 C requires no venting and entails virtually no maintenance, making it an exceptional choice for users seeking space-saving and hassle-free solutions. In contrast, the Tronic 6100 C introduces a distinct feature by providing on-demand hot water for entire households. Bosch, with the Tronic 6100 C, seamlessly combines energy efficiency and convenience into a beautifully streamlined, easy-to-install design that is both compact and lightweight, catering specifically to whole-house applications and ensuring continuous and efficient hot water supply.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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