Tankless Electric Water Heater Market In-depth Analysis, Rising Business Opportunities And Estimated Forecast Till 2031 | Stiebel Eltron, Rheem, Bosch, Bradford White Corporation

Market Overview:

Tankless electric water heaters, also known as instant or demand water heaters, heat water instantly without storage tanks when hot water is required. They provide an endless supply of hot water and are more energy efficient than traditional storage tank water heaters.

Market Dynamics:

The tankless electric water heater market is expected to witness significant growth over the forecast period owing to increasing preference for energy-efficient appliances. Tankless electric water heaters provide significant energy savings compared to conventional storage tank water heaters as they heat water only on demand. This results in reduced operating costs. Furthermore, tankless water heaters have a longer lifespan of over 20 years compared to 10-15 years for a typical storage tank water heater, leading to lower maintenance and replacement costs. Their compact design also means they require less space than a traditional water heater.

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Improving Energy Efficiency is Driving the Growth of Tankless Electric Water Heater Market:

With focus on reducing carbon footprint, consumers are increasingly opting for energy efficient appliances. Tankless electric water heaters provide hot water only on demand which helps save significant amount of energy compared to traditional storage water heaters. These water heaters do not require to maintain water at high temperature in a storage tank and thereby reduce energy losses. According to studies, tankless electric water heaters can provide savings of around 25-35% on energy bills. The compact size of tankless models also saves significant space compared to bulk storage tanks. Growing environmental concerns along with monetary benefits are encouraging consumers to switch to tankless electric water heaters thereby driving growth of this market.

Higher initial cost acts as a Market Restrain:

While tankless electric water heaters offer long term savings on energy bills, their initial purchase price is significantly higher than traditional storage tank models. Tankless systems require installation of additional components like circulating pump that adds to the upfront expense. The lack of bulk buying by consumers limits opportunities for price reduction. There is also a need for electric wiring upgrade in many older homes to support continuous power draw of tankless heaters. The premium pricing discourages many cost-conscious buyers and restricts broader acceptance of the technology. To tackle this challenge, manufacturers are working on value engineering and offering financial incentives to make tankless options more affordable. However, high initial cost still remains a key restraint for the tankless electric water heater market.

Growing Replacement Market Presents an Opportunity:

A large number of conventional storage water heaters in existing homes and businesses have completed their average lifespan of 8-12 years. This creates a sizable replacement market opportunity. With increasing awareness about benefits of tankless systems, many consumers are opting to replace old tanks with new energy efficient models. Contractors are actively promoting tankless electric solutions for replacement installations. Manufacturers are targeting this segment through supplier tie-ups and rebate programs. They are also launching lightweight compact models specifically designed for retrofitting in spaces with space constraints. Leveraging on the growing replacement demand presents significant growth prospects for tankless electric water heater market players.

Demand Response Programs are Driving Adoption of Smart Controls:

With rising focus on curbing peak power demand, utilities are actively promoting demand response (DR) initiatives. DR programs incentivize consumers and businesses to voluntarily reduce or shift electricity usage during peak periods in exchange for monetary rewards. Tankless electric water heaters equipped with smart controls and timers allow remote adjustment of operational cycles based on DR signals. This helps utilize stored hot water during peak periods without turning heaters on, thereby cutting peak loads. Major manufacturers are adding advanced communication capabilities to integrate heaters with DR management systems. Growing emphasis of utilities on DR is expected to drive faster adoption of smart and connected tankless water heaters integrated with demand response programs.

List of the Top Key Players of the Tankless Electric Water Heater Market:

✦ Stiebel Eltron
✦ Rheem
✦ Bosch
✦ Bradford White Corporation
✦ Eemax
✦ Hubbell
✦ Atmor
✦ Eccotemp Systems
✦ Drakken
✦ Midea Group

Segmentation by type:

✦ Whole-House
✦ Point-of-Use

Segmentation by Application:

✦ Residential
✦ Commercial

Research Objectives:

➥ Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.

➥ To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).

➥ To analyze the with respect to individual future prospects, growth trends and their involvement to the total market.

➥ To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.

➥ To deliberately profile the key players and systematically examine their growth strategies.

Tankless Electric Water Heater Market Report Answers the Following Questions:

☛ How much revenue will the Tankless Electric Water Heater market generate by the end of the forecast period?
☛ Which regions are currently contributing the maximum share of the overall Tankless Electric Water Heater market?
☛ What are the main strategies of the major players in the Tankless Electric Water Heater market to expand their geographic presence?
☛ What are the key products or services offered in the market, and how do they compare to each other?
☛ What are the current trends and factors driving the market? What challenges and opportunities exist?
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