Press release
Tankless Water Heater Market Projected to Touch USD 7.38 Bn by 2032 | Persistence Market Research Report
The growing adoption of tankless water heaters in both residential and commercial sectors is anticipated to drive market growth, primarily due to their space-saving and energy-efficient design. Additionally, many of these heaters come with Energy Star ratings, making them an eco-friendly and cost-effective choice for consumers. While tankless water heaters typically have a higher upfront cost compared to conventional 40-gallon models, they often come with extended warranties and boast greater longevity.
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Commercial-grade tankless water heaters feature built-in cellular Wi-Fi connectivity, enabling remote monitoring of water flow and temperature. These models are specifically designed for establishments such as schools, restaurants, and hotels, seamlessly integrating into existing plumbing systems to eliminate the need for re-piping and significantly reduce installation time.
Moreover, leading manufacturers incorporate advanced features into their tankless water heater models. For example, Stiebel Eltron holds a patent for its Advanced Flow Control technology, which automatically adjusts the flow rate to maintain consistent performance during peak demand.
The demand for energy-efficient water heating solutions has significantly increased over recent years, driven by advancements in technology and shifting consumer preferences. Tankless water heaters, also known as on-demand water heaters, are gaining traction as they offer improved efficiency, reduced energy consumption, and compact designs compared to traditional storage water heaters.
Key Growth Determinants
Energy Efficiency and Sustainability Trends - Consumers and industries are increasingly adopting tankless water heaters due to their ability to reduce energy consumption and minimize carbon footprints.
Technological Advancements - Innovations such as smart temperature control, Wi-Fi connectivity, and enhanced safety features are fueling market expansion.
Rising Consumer Awareness - Growing awareness regarding energy savings and long-term cost benefits is encouraging residential and commercial users to opt for tankless systems.
Government Regulations and Incentives - Supportive policies, rebates, and tax incentives promoting energy-efficient appliances are accelerating adoption rates.
Major Growth Barriers
High Initial Costs - Compared to conventional water heaters, tankless models require a higher upfront investment, which can deter some consumers.
Complex Installation Requirements - Retrofitting an existing home or commercial space with a tankless system may involve additional infrastructure modifications.
Performance Limitations in High-Demand Settings - In households or businesses with high hot water demand, a single tankless unit may not be sufficient, leading to the need for multiple units.
Key Trends and Opportunities to Look At
Smart Water Heating Solutions - Integration of IoT-based control systems and AI-driven temperature regulation is shaping the future of the market.
Growth in Commercial Applications - Hotels, restaurants, and hospitals are increasingly investing in tankless systems to ensure uninterrupted hot water supply while reducing operational costs.
Rise in Green Building Initiatives - The growing adoption of eco-friendly construction methods is boosting demand for tankless water heaters.
Expanding Sales via E-commerce - Online distribution channels are playing a pivotal role in making these products more accessible to consumers worldwide.
Regional Frontrunners
North America - Leading the global market due to stringent energy efficiency regulations and high consumer awareness.
Europe - Driven by government initiatives supporting green energy solutions and significant adoption in residential and commercial sectors.
Asia Pacific - Rapid urbanization, rising disposable incomes, and increasing investments in smart home technologies are propelling growth.
Latin America & Middle East & Africa - Emerging markets are showing potential due to improving infrastructure and growing adoption of energy-efficient appliances.
Key Market Players
Rinnai Corporation
Noritz Corporation
A. O. Smith Corporation
Rheem Manufacturing Company
Bosch Thermotechnology
Stiebel Eltron
Bradford White Corporation
EcoSmart Green Energy Products
Navien Inc.
Takagi Industrial Co., Ltd.
Segmentation of Tankless Water Heater Industry Research
Tankless Water Heater Market by Technology Type:
Condensing Tankless Water Heaters
Non-Condensing Tankless Water Heaters
Tankless Water Heater Market by Energy Factor:
0 to 0.79 EF
0.80 to 0.89 EF
0.90 EF and Above
Tankless Water Heater Market by Energy Source:
Electric Tankless Water Heaters
Gas Tankless Water Heaters
Tankless Water Heater Market by Application:
Indoor Tankless Water Heaters
Outdoor Tankless Water Heaters
Tankless Water Heater Market by End User:
Residential Tankless Water Heaters
Commercial Tankless Water Heaters
Tankless Water Heater Market by Sales Channel:
Hypermarkets/ Supermarkets
Specialty Stores
Consumer Electronic Stores
Online Retailers
Direct Sales
Other Sales Channels
Tankless Water Heater Market by Region:
North America Tankless Water Heater Market
Latin America Tankless Water Heater Market
Europe Tankless Water Heater Market
East Asia Tankless Water Heater Market
South Asia Tankless Water Heater Market
Oceania Tankless Water Heater Market
MEA Tankless Water Heater Market
Market Projection
The global tankless water heater market is set to experience steady growth, expanding at a 6.3% CAGR during the forecast period. The market valuation is expected to reach approximately US$ 7.38 billion by 2032, rising from US$ 4 billion in 2022. This upward trend is primarily driven by increasing demand for energy-efficient home appliances, smart heating solutions, and ongoing government initiatives promoting sustainable energy use.
About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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