Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Tankless Water Heater Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global tankless water heater market is experiencing significant growth during forecast period. By the end of 2031, the market is poised to reach a valuation of US$ 7 billion, a substantial increase from an estimated US$ 4.2 billion in 2024.
Driving Forces Behind Market Progress
The tankless water heater industry is witnessing a surge in mergers and acquisitions, driving both market expansion and product development. Manufacturers are strategically enhancing their technological and manufacturing capabilities across the value chain to meet the increasing demand from regions such as North America and Asia Pacific. These efforts aim to introduce new versions or complement existing product lines.
E-commerce Revolutionizes Sales Manufacturers are not only focusing on innovative product development but also establishing robust sales and distribution networks online. Consumer preferences are shifting towards online research for product information, prompting tankless water heater manufacturers to increase their online presence and product accessibility.
Country-specific Insights
U.S. Tankless Water Heater Market: The U.S. market is expected to witness a surge in demand for tankless water heaters due to ongoing technological advancements and high commercial usage. Seasonal weather fluctuations and the growing adoption of modern technology are driving the latest trends in tankless water heater production.
U.K. Dominates Europe: The U.K. holds a prominent position in the European tankless water heater market. Its dominance is attributed to the country's embrace of energy-efficient and cost-effective products. Key market players have increased their manufacturing investments in the U.K., resulting in enhanced customer experiences.
Opportunities in Australia: Australia presents significant growth opportunities in Oceania, driven by the presence of a large number of both domestic and foreign companies. The market is brand-driven, prompting entrepreneurs to seek market share expansion through mergers and acquisitions.
Key Market Players
The global tankless water heater market is characterized by the presence of several key players, including:
- A. O. Smith Corp.
- Ariston Thermo Spa
- Bradford White Corporation
- Haier Smart Home Co Ltd.
- NORITZ Corp.
- Rheem Manufacturing Co.
- Rinnai Corporation
- Robert Bosch GmbH
- Bajaj Electricals Ltd.
- Kyungdong Navien Co. Ltd.
- Whirlpool Corporation
- Atmor
- Hubbell Electric Heater Company
- Stiebel Eltron Inc.
- EcoSmart Green Energy Products, Inc.
- Others (on request)
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
For more information about this report visit https://www.researchandmarkets.com/r/wox8qe
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