Press release
Tankless Water Heater Market: $6.97 Billion by 2030, 8.5% CAGR
Tankless Water Heater Market
The global tankless water heater market was valued at USD 3.36 billion in 2021 and is expected to grow to USD 6.97 billion by 2030. The market is expected to expand at a CAGR of 8.5% from 2022 to 2030.
Overview
Tankless water heaters offer hot water only as it is required. They don't generate the replaced energy losses linked with storage water heaters that preserve money. They heat water immediately without the storage of heater tanks. When the hot water faucet is switched-on, cold-water gushes through a heat exchanger in the unit, and either a natural gas burner or an electric component heats the water. Thus, tankless water heaters convey a continuous supply of hot water. One is not required to hold back for a storage tank to be occupied with sufficient hot water. However, such water heater yield restricts the flow rate. Commonly, they offer hot water at a momentum of 2-5 gallons per minute.
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Growth Factors and Opportunities
Speedy urbanization globally and an elevated reach of heaters from several industrialized nations are expected to drive up the demand for tankless water heaters. Moreover, the ongoing advancement of progressive and contemporary technology and the growing acquisition of these heaters in hotels and restaurants will propel the tankless water heater market forward.
Key Participants
Prominent market contenders are funding massively in R&D so as to augment their offerings which will assist the market to grow even more. Some of the major players participating in the tankless water heater market are:
Key players include A.O. Smith, Rheem Manufacturing, Bradford White Corporation, Noritz America, Navien Inc., Rinnai Corporation, Robert Bosch, Bajaj Electricals, Whirlpool Corporation, Hubbell Electric Heater, Stiebel Eltron, EcoSmart Green Energy Products, Ariston Thermo, Haier Smart Home, and Lennox International.
Country-Wise Insights:
Tankless Water Heater Market, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
• North America
• Product Outlook
• Electric Tankless Water Heater
• Gas Tankless Water Heater
• Energy Factor Outlook
• 0.80 to 0.90
• 0.91 to 0.99
• Application Outlook
• Residential
• Commercial
• Europe
• Product Outlook
• Electric Tankless Water Heater
• Gas Tankless Water Heater
• Energy Factor Outlook
• 0.80 to 0.90
• 0.91 to 0.99
• Application Outlook
• Residential
• Commercial
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Market Segmentation:
Tankless Water Heater Market, Product Outlook (Revenue - USD Billion, 2018 - 2030)
• Electric Tankless Water Heater
• Gas Tankless Water Heater
Tankless Water Heater Market, Energy Factor Outlook (Revenue - USD Billion, 2018 - 2030)
• 0.80 to 0.90
• 0.91 to 0.99
Tankless Water Heater Market, Application Outlook (Revenue - USD Billion, 2018 - 2030)
• Residential
• Commercial
The tankless water heater analysis is mainly based on product, energy factor, application, and region. Based on the product, the electric tankless water heaters segment witnessed the fastest growth. Also, according to the application, the residential segment holds a significant revenue share. This segment is surging due to energy-efficient and green water heaters.
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