Portland, OR, July 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global tankless water heater market was estimated at $6.3 billion in 2021 and is expected to hit $12.3 billion by 2031, registering a CAGR of 6.9% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in infrastructural developments, replacement of traditional & tank-based water heaters with modern tankless water heaters, surge in deployment of smart water heaters, and increase building & construction activities across the world drive the growth of the global tankless water heater market. Moreover, rise in focus toward manufacturing tankless electric water heaters with safety awareness, improved quality, and energy efficiency is expected to create lucrative opportunities for the key players in the industry.
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Covid-19 scenario-
- Building & construction activities across the world were on hold during the pandemic, which led to declined demand for tankless water heaters, thus impacting the global market negatively.
- Disruptions in the supply of raw materials and lack of labor force aggravated the condition even more. However, the market has already gotten back to normalcy.
The global tankless water heater market is analyzed across type, energy source, energy factor, end user, and region. Based on type, the condensing segment contributed to more than three-fifths of the total market revenue in 2021, and is projected to lead the trail by 2031. The same segment would also portray the fastest CAGR of 57.2% during the forecast period.
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Based on energy source, the electric segment garnered the highest share, holding nearly three-fifths of the total market revenue in 2021, and is projected to lead the trail by 2031. The same segment would also exhibit the fastest CAGR of 7.3% by 2031.
Based on region, the market across Europe held the major share in 2021, garnering nearly one-third of the global market. The same region would also manifest the fastest CAGR of 7.4% throughout the forecast period.
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The key market players analyzed in the global tankless water heater market report include Bradford White Corporation, EcoSmart Energy Products, Inc., Westinghouse Electric Corporation, General Electric, Noritz Corporation, Navien, Inc., V-Guard Industries, Ltd., Robert Bosch GmbH, A.O. Smith, and Stiebel Eltron, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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