New York, NY, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Tankless Water Heater Market Share, Size, Trends, Industry Analysis Report, By Product (Electric Tankless Water Heater and Gas Tankless Water Heater); By Energy Factor; By Application; By Region; Segment Forecast, 2022 - 2030” in its research database.
“According to the latest research study, the global Tankless Water Heater Market size & share are expected to generate revenue of USD 6.97 Billion By 2030 and are estimated to be valued at USD 3.36 billion in 2021, at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030”
What is Tankless Water Heater? How Big is Tankless Water Heater Market Size & Share?
- Report Overview
Tankless water heaters, also known as on-demand water heaters, provide hot water only when it is needed. They use advanced features to heat the water as it passes through the pipe into the unit. They are also called on-demand water heaters because they do not store hot water but create and deliver a continuous supply of hot water on demand. When a hot water button is switched on, an electric element or gas burner heats the cold water while running a heat exchanger.
There are numerous benefits provided by tankless water heaters, including an Endless Supply of Hot Water, Energy Efficiency, requiring less space, and longer life expectancy. The tankless water heater market demand is experiencing massive growth due to the factors such as the increasing adoption of tankless water heaters in both urban and rural sectors as it requires less space and energy. Also, increased energy consumption has become a prime concern which is driving the demand for these heaters and market growth across the globe.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- The updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Tankless Water Heaters Market Report Highlights
- Electric tankless water heaters accounted for a significant global revenue share, in 2021, due to their wide range of benefits, such as lower maintenance costs and ease to setup and installation.
- The residential segment held a significant share in 2021, owing to a rapid increase in the adoption of eco-friendly and energy-efficient tankless water heaters along with the rising number of residential and commercial applications.
- North America is expected to witness growth throughout the forecast period, which is accelerated by increasing consumer awareness of the availability of ecological products and the high spending capacity of consumers in the region.
Some of the Top Market Players Are:
- A.O. Smith
- Rheem Manufacturing
- Bradford White Corporation
- Noritz America
- Navien Inc.
- Rinnai Corporation
- Robert Bosch
- Bajaj Electricals
- Whirlpool Corporation
- Hubbell Electric Heater
- Stiebel Eltron
- EcoSmart Green Energy Products
- Ariston Thermo
- Haier Smart Home
- Lennox International
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Market Dynamics:
Key Growth Driving Factors
- Rising construction industry across the world flourishing the market growth.
Growing disposable income middle-class in urban population, the rapidly growing construction industry, and the increased trend of adopting a superior lifestyle are some of the leading factors propelling the growth of the tankless water heater market. Advantages of these heaters, such as easy installation, fewer maintenance procedures, a longer lifespan, and cutting-edge design, are mainly expected to contribute to the tankless water heater industry's growth. In addition, a surge in demand for a continuous supply of hot water, along with the growing need for saving money and reducing energy consumption, remain the prominent tankless water heater market trends anticipated to boost its growth throughout the forecast period.
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Recent Trends Influencing the Market
Increasing launch of advanced tankless water heaters to push the industry growth
- Rapid development of innovative and modern technology fuels market growth. Major companies in this industry are focusing on strengthening their presence by developing novel products and introducing effective ways to promote their products across the world, which is bolstering the adoption of these heaters.
- Increasing development of tankless water heaters by industrial manufacturers with better quality and energy efficiency is estimated to create growth opportunities in the tankless water heater market.
- For instance, in August 2022, Rinnai Corporation, a global manufacturer of tankless water heaters, launched its new RE Series Tankless Water Heaters combined with Smart-Circ Intelligent Recirculation. The newly created RE Series Tankless Water Heaters have the ability to fit with the Wi-Fi module regulator for required operations.
Segmental Analysis
- Electric tankless water heaters segment dominated the market
Due to the low maintenance cost and easy installation, the electric tankless water heater product segment is anticipated to lead the market over the foreseen period. Also, increasing innovations in these heaters and comparatively their longer lifespan makes them highly suitable in small spaces. This is another crucial factor positively influencing segment growth.
- Residential segment accounted for the major revenue share in 2021
Based on application, the residential category witnessed the largest tankless water heater market share in 2021 owing to the growing adoption of energy-efficient and eco-friendly water heaters. A surge in the number of residential units because of the growing middle-class population, mostly in developing economies such as China, India, and Indonesia, is expected to drive market sales throughout the anticipated period. Further, rising health issue awareness related to gas and other types of heaters and standardized consumer living among consumers are projected to boost the segment growth.
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Tankless Water Heater Market Report Scope & Trends:
| Report Attribute | Details |
| Revenue forecast in 2030 | USD 6.97 Billion |
| Market size value in 2022 | USD 3.64 Billion |
| Expected CAGR Growth | 8.5% from 2022 – 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 – 2030 |
| Top Market Players | A.O. Smith, Rheem Manufacturing, Bradford White Corporation, Noritz America, Navien Inc., Rinnai Corporation, Robert Bosch LLC, Bajaj Electricals Ltd., Whirlpool Corporation, Hubbell Electric Heater Company, Stiebel Eltron Inc., EcoSmart Green Energy Products, Ariston Thermo Spa, Haier Smart Home Co. Ltd., and Lennox International Inc. |
| Segments Covered | By Product, By Energy Factor, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- The demand in North America is estimated to experience a significant growth
In terms of geography, tankless water heater market in North America is likely to grow at a significant rate over the predicted period due to the growing consumer awareness about ecological products coupled with increased growth in product exposure. In addition, we are increasing consumer spending power in the region fueling market growth in North America. Growing adoption of tankless water heaters in various industrial applications and rapid technological developments are the factor estimated to create lucrative growth opportunities in the market during the forecast period.
Moreover, Europe held the greatest market share in 2021 and is expected to retain its dominance over the study period. This share growth can be attributed to the high product innovation and rising spending on the development of economical and energy-efficient products.
Browse the Detail Report “Tankless Water Heater Market Share, Size, Trends, Industry Analysis Report, By Product (Electric Tankless Water Heater and Gas Tankless Water Heater); By Energy Factor; By Application; By Region; Segment Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/tankless-water-heater-market
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Recent Developments
- In January 2022, Bradford White Corporation, announced the launch of Kwick Shot tankless electric water heater. The newly developed heater is totally dependable and easy-to-install.
- In December 2021, A. O. Smith, global largest manufacturer of water heater, launched Zip Digital Tankless Water Heater in Mumbai, India.
Some of The Important Questions Answered in the Market:
- Which region offers the most rewarding open doors for the market?
- What are the business threats and variable scenarios concerning the market?
- Who are the significant players confronting and developing in the market?
- What is the projected size of the market at the end of the forecast period?
- What are the opportunities and threats to which players are exposed in the market?
Polaris Market Research has segmented the tankless water heaters market report based on product, energy factor, application, and region:
By Product Outlook
- Electric Tankless Water Heater
- Gas Tankless Water Heater
- By Energy Factor Outlook
- 0.80 to 0.90
- 0.91 to 0.99
By Application Outlook
- Residential
- Commercial
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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