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Tankless Water Heater Market is Likely to Witness a Healthy US$ 25,498.5 Mn by 2024
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The condensing technology segment is anticipated to register the fastest growth due to growing consumer inclination towards energy efficient systems. Moreover, government initiatives to promote energy efficient systems via subsidies and rebates anticipated to drive demand for condensing technology type tankless water heaters. Tankless water heaters with condensing technology are slated to register CAGR of 6.9% over the forecast period. Sales volume of tankless water heaters is expected to increase from 26,740 thousand units in 2015 to 43,484 thousand units in 2024, increasing at a CAGR of 5.6% over the forecast period.
Europe accounted for the largest value share of the global tankless water heater market in 2015, and the market in the region is anticipated to expand at a CAGR of 3.8% over the forecast period. Sales volume of tankless water heater in Europe is projected to increase by 1.3X between 2016 and 2024. In terms of value and volume, North America is anticipated to register the highest growth, followed by Asia Pacific over the forecast period.
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A. O. Smith, Ariston Thermo Group, Kyungdong Navien Co.,Ltd., Rinnai Corporation, Rheem Manufacturing Company are amongst the leading players in the global tankless water heater market. Other market players include Stiebel Eltron GmbH & Co. KG, Noritz America Corp., Bradford White Corp., Haier Electronics Group Co, Ltd., and Bajaj Electricals Ltd.
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