Tankless Water Heater Market Projected to Reach US$ 9.5 Billion by 2034, Growing at a CAGR of 4.9%

A new industry report released by Fact.MR values the global tankless water heater market at US$ 4.9 billion for 2024. By the end of 2034, tankless water heater sales are expected to reach US$ 9.5 billion worldwide, growing at a CAGR of 4.9%.

As technology advances and customer demands for more space- and energy-efficient solutions rise, tankless water heaters are becoming a more desirable choice for both residential and commercial use. Tankless water heaters are becoming more and more popular among consumers because they offer faster hot water delivery, more energy efficiency, and longer lifespans than conventional storage tank water heaters.

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The tankless water heater market is experiencing a significant surge in demand as consumers increasingly seek energy-efficient and space-saving solutions for their hot water needs. With advancements in technology and growing awareness of the benefits of tankless systems, this market is poised for substantial growth. This article explores the current trends, key drivers, and future outlook for the tankless water heater market.

Energy Efficiency Driving Demand:

One of the primary drivers of the tankless water heater market is the increasing emphasis on energy efficiency. Unlike traditional water heaters that constantly heat a tank of water, tankless systems heat water on demand. This leads to significant energy savings, as water is only heated when needed. Consumers are becoming more conscious of their energy consumption and environmental impact, making tankless water heaters an attractive option.

Key Companies Profiled:

• A. O. Smith
• Rinnai Corporation
• Haier Smart Home Co Ltd.
• Rheem Manufacturing Company
• Bajaj Electricals Ltd.
• EcoSmart Green Energy Products, Inc.
• Atmor
• Noritz America
• Takagi
• StiebelEltron Inc.
• Navien Inc.
• Bradford White Corporation

Space-Saving Solutions:

Tankless water heaters are popular for their compact size, which frees up valuable space in homes and commercial properties. These units can be installed on walls or in small closets, making them ideal for urban apartments, small homes, and businesses with limited space. The convenience of a space-saving design is a significant factor driving the adoption of tankless water heaters.

Technological Advancements:

Advancements in technology are enhancing the performance and reliability of tankless water heaters. Modern units come equipped with features such as Wi-Fi connectivity, allowing users to control their water heaters remotely through smartphone apps. Improved heating elements and enhanced safety features also contribute to the growing popularity of these systems. Manufacturers are continuously innovating to offer more efficient and user-friendly products.

Rising Adoption in Commercial Sector:

The commercial sector is increasingly adopting tankless water heaters due to their efficiency and cost-effectiveness. Businesses such as hotels, restaurants, and healthcare facilities require large amounts of hot water on demand. Tankless systems provide a continuous supply of hot water without the need for bulky storage tanks, making them an ideal solution for commercial applications. The growing commercial demand is a significant contributor to market growth.

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Government Incentives and Regulations:

Government incentives and regulations promoting energy-efficient appliances are also boosting the tankless water heater market. Many regions offer rebates and tax incentives to consumers who install energy-saving devices, including tankless water heaters. Additionally, stricter energy efficiency standards are encouraging the replacement of traditional water heaters with more efficient tankless models.

Competitive Landscape:

Key players in the tankless water heater industry include A. O. Smith, Rinnai Corporation, Fofatti Inc., Haier Smart Home Co Ltd., Rheem Manufacturing Company, Bajaj Electricals Ltd., EcoSmart Green Energy Products, Inc., Atmor, Noritz America, Takagi, Stiebel Eltron Inc., Navien Inc., and Bradford White Corporation.

In September 2023, A.O. Smith introduced its Concentric Vent Non-condensing Tankless Water Heater range, featuring the innovative X3 Scale Prevention Technology. Earlier, in March 2023, to commemorate the 20th anniversary of its parent company, Fogatti launched the 8pro RV Tankless Water Heater (55000 BTU RV). This new model boasts advanced features such as a high altitude suitability mode, instant hot water delivery (2.9 gallons per minute), enhanced energy efficiency, and technology focused on consumer safety.

Segmentation of Tankless Water Heater Market Research:

• By Technology :
o Condensing Tankless Water Heaters
o Non-Condensing Tankless Water Heaters
• By Energy Source :
o Electric Tankless Water Heaters
o Gas Tankless Water Heaters
• By Energy Factor :
o 0 to 0.79 EF
o 0.80 to 0.89 EF
o 0.90 & Above
• By Application :
o Indoor Tankless Water Heaters
o Outdoor Tankless Water Heaters
• By End User :
o Residential
o Commercial
• By Sales Channel :
o Hypermarkets/ Supermarkets
o Specialty Stores
o Consumer Electronic Stores
o Online Retailers
o Direct Sales
• By Region :
o North America
o Europe
o Latin America
o East Asia
o South Asia & Oceania
o Middle East & Africa

The tankless water heater market is experiencing significant growth, driven by the increasing demand for energy-efficient and environmentally friendly solutions. Advances in technology have made tankless water heaters more reliable, cost-effective, and user-friendly, further boosting their adoption. The market is also benefitting from rising consumer awareness about energy conservation and the ongoing shift towards sustainable living.

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This release was published on openPR.