New York, July 26, 2022 (GLOBE NEWSWIRE) -- Sales of tankless water heaters account for 7%-10% share of the global water heater market at present.
More and more individuals are currently seeking IoT-based home management devices such as tankless water heaters to satisfy their ever-expanding needs. Several companies are using new software that is based mainly on the IoT capabilities of their devices to help them better manage and maintain heat load on the grid. They are using programs to automatically turn off their tankless water heating systems when not in use, using a smartphone or other mobile devices.
Manufacturers are not only focusing on developing innovative product features but also on efficiently developing their sales, distribution, and marketing processes. Consumers are increasingly doing online product research before purchasing products that come from, or are made up for better efficiencies. To cater to rising consumer needs, the online presence of companies has increased significantly with better product portfolios.
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Growing disposable income of the middle-class urban population, in combination with rising aspirations toward better living, is fueling the demand for cost-effective tankless water heaters. Demand for continuous hot water with long-term energy savings is anticipated to drive the demand for cost-efficient tankless water heaters.
Key Takeaways from Market Study
- In terms of regional analysis, East Asia and North America are expected to register rapid growth in the market, driven by shifting consumer preference for energy-efficient and economical products.
- Strong growth in developing countries such as India, China, Saudi Arabia, and Russia, among others, is largely driven by the desire for modern life and the booming tourism sector, coupled with the development of high-rise building establishments.
- The residential sector is expected to experience steady growth in the global tankless water heater market over the forecast period. Rising demand for eco-friendly and energy-efficient products, including tankless water heaters, is a major factor driving market demand in the residential sector.
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“Product launches offering extensive features will stimulate the replacement of old water heaters and promote the use of tankless water heaters,” says an analyst at Persistence Market Research.
Key Market Players
The report highlights internationally insightful findings on the competitive matters of the global tankless water heater market, including the strategic approaches adopted by manufacturers that empower their dominance.
Some of the key players identified across the value chain include A. O. Smith Corp., Ariston Thermo Spa, Bradford White Corporation, Dometic Group AB, Haier Smart Home Co. Ltd., NORITZ Corp., Rheem Manufacturing Co., Rinnai Corporation, Robert Bosch GmbH, Westinghouse Electric Corp., Navien Inc., Takagi, Stiebel Eltron Inc., EcoSmart Green Energy Products Inc., and General Electric Co., among others.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the global tankless water heater market, covering global industry analysis of 2017-2021 and forecast for 2022 to 2032. This research report provides compelling insights on the basis of technology type, energy source, energy factor, application, end user, sales channel, and seven major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global tankless water heater market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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