Tankless Water Heater Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis

The Tankless Water Heater Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Tankless Water Heater Market?
The industry of tankless water heaters has witnessed tremendous growth lately. It is expected to expand from a market worth of $4.55 billion in 2024 to a value of $4.95 billion in 2025, marking an 8.8% compound annual growth rate (CAGR). Factors contributing to this growth since the historical period are energy efficiency matters, compact design, extended lifespan, uninterrupted hot water availability, and increasing consumer awareness.

The projected expansion of the tankless water heater market is set to be significant in the subsequent years, with an anticipated value of $6.52 billion in 2029 and a compound annual growth rate (CAGR) of 7.1%. This expected growth during the forecast period can be linked to several factors such as the incorporation with smart homes, initiatives for water preservation, hybrid tankless setups, growth in its commercial usage, and increasing cost-effectiveness. Key trends that are likely to be seen during the forecast period encompass technological advancements, the amalgamation of intelligent technologies, space-efficient and compact designs, hybrid tankless systems, and the advent of sophisticated water heating technologies.

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What Are the Different Tankless Water Heater Market 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

Subsegments:
1) By Condensing: Natural Gas Condensing Water Heaters, Propane Condensing Water Heaters
2) By Non-Condensing: Natural Gas Non-Condensing Water Heaters, Propane Non-Condensing Water Heaters, Electric Non-Condensing Water Heaters

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What Are the Primary Drivers Shaping the Tankless Water Heater Market?
The tankless water heater market is projected to expand due to increasing governmental actions advocating for eco-friendly water heaters. Such efforts encompass a range of initiatives, policies, and schemes launched by governments to address diverse issues, attain specified outcomes, and serve their citizens' needs. Governments can stimulate the shift from conventional tank-based water heaters to energy-efficient tankless ones through enforcing appliance standards and regulations and rolling out incentive schemes geared towards both consumers and producers to foster the adoption of tankless technology. In July 2023, for example, the Department of Energy, a governmental agency in the U.S., launched new energy efficiency criteria projected to generate consumer energy and water bill savings of $11.4 billion annually. The proposed rules, set to take effect in 2029, seek to save Americans $198 billion and cut CO2 output by 501 million metric tons over three decades. This amount is equivalent to the yearly emissions produced by about 63 million households, or approximately half of all U.S. residential units. Hence, the escalating government efforts in promoting eco-friendly water heaters are bolstering the tankless water heater market's growth.

Which Companies Are Leading in the Tankless Water Heater Market?
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.

What Tankless Water Heater Market Trends Are Gaining Traction Across Different Segments?
Leading entities in the tankless water heater market are introducing new, innovative products like electric tankless water heaters integrated with advanced attributes, aimed to enhance customer experience. These instantaneous water heating systems are fueled primarily by electricity. For example, Bosch Thermotechnology, a Germany-originated provider of heating and water heating solutions, rolled out the Tronic 4000 C and Tronic 6100 C in January 2023. The Tronic 4000 C stands apart as one of the smallest and most energy-savvy electric tankless water heaters on the market, specifically tailored for point-of-use and under-sink setups. Its remarkably compact size of 8.5" X 13" along with a weight of a mere 4.4 lbs., allows for it to be conveniently wall-mounted directly below the sink. Operating exclusively on electricity and devoid of water storage, the Tronic 4000 C doesn't require venting and demands virtually no upkeep, making it a superior option for users looking for space-sparing and hassle-free solutions. Conversely, the Tronic 6100 C brings in a unique attribute by supplying on-demand hot water for the entire household. Bosch with the Tronic 6100 C, blends energy conservation and convenience in a sleek, straightforward-to-install design that is both compact and light, designed specifically for whole-house requirements, ensuring a consistent and effective hot water supply.

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What Are the Top Revenue-Generating Geographies in the Tankless Water Heater Market?
Europe was the largest region in the tankless water heater market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the tankless water heater market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Tankless Water Heater Market?
2. What is the CAGR expected in the Tankless Water Heater Market?
3. What Are the Key Innovations Transforming the Tankless Water Heater Industry?
4. Which Region Is Leading the Tankless Water Heater Market?

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