The global tankless water heater market size was valued at $6.3 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031. These water heaters have proved to be very useful in commercial as well as residential sectors, which, in turn, gives traction to the tankless water heater market growth globally. There are numerous advantages associated with tankless water heaters such as compactness, energy & cost saving, and efficiency. Hence, to improve global sales, manufacturers of tankless water heaters have developed new and innovative tankless water heaters, which are cost-effective in design.
Rise in demand for tankless water heater from residential consumers, rapid growth of smart city infrastructure, and rise in investment toward upgradation of aged government infrastructure are the key factors that significantly contribute toward the growth of the global tankless water heater market.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/16945
Depending on type, the condensing segment registered the highest tankless water heater market share of about 62.7% in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for condensing tankless water heaters from various end user applications including apartment buildings, nursing homes, hotels, and others. For the consumers with continuous demand for hot water, condensing tankless water heater is the best option owing to its capacity to provide more hot water as compared to non-condensing tankless water heaters, which in turn is anticipated to fuel the market growth in the coming years.
Depending on energy source, the electric segment registered the highest market share of about 56.7% in 2021, and is expected to maintain its dominance during tankless water heater market forecast period. This is attributed to rise in demand for hot water from various types of applications including residential, commercial, and industrial. In addition, benefits associated with tankless electric water heater such as high efficiency, low operating & energy costs, long life, minimized standby energy losses, and others are anticipated to fuel the growth of the tankless electric water heater market from 2022 to 2031.
By energy factor, the 0.91 to 0.99 EF segment registered the highest market share of about 71.7% in 2021, and is expected to maintain its dominance during the forecast period. Rise in demand for highly efficient water heaters is expected to drive the growth of this segment in the tankless water heater market during the forecast period. In addition, advantages such as longer lifespan, utility cost saving, sustainability, lower operational cost, and others along with high energy factor are anticipated to fuel the growth of the tankless water heater market for this segment and hence contribute toward the overall market growth in the coming years.
On the basis of end user, the commercial segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 7.1%. Rapid urbanization is the key factor that exhibits the growth of commercialization by fulfilling the need of urban population by building commercial infrastructures. This is expected to fuel the growth of the tankless water heater market during the forecast period. In addition, surge in demand for tankless water heaters from commercial applications such as hotels, warehouses, educational sites, offices, food sales/services, healthcare, and others are anticipated to drive the growth of the market from 2022 to 2031.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/16945
On the basis of region, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe garnered a dominant share in 2021, and is anticipated to maintain this dominance in the tankless water heater market during the forecast period. This is attributed to presence of key players and huge consumer base in the region.
In addition, tankless water heaters have gained importance owing to increase in electrification rate, rise in disposable income in European economies, and rapid urbanization, which, in turn, is expected to augment the growth of the tankless water heater market during the forecast period.
The market analysis covers in-depth information of the major tankless water heater industry participants. The key players that operate in the market are profiled in the report, which include A.O. Smith, Bradford White Corporation, EcoSmart Energy Products, Inc., General Electric, Noritz Corporation, Navien, Inc., Robert Bosch GmbH, Stiebel Eltron, Inc., Westinghouse Electric Corporation, and V-Guard Industries, Ltd.
Impact of Covid-19 Outbreak on the market
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, automotive, and energy sectors owing to the lockdown imposed, globally.
This has further declined the need for tankless water heaters, which, in turn, has hampered the growth of the tankless water heater market in 2020. In the Europe region, economies such as Germany, France, Spain and, Italy follow stringent measures such as attaining social distance and limiting movements to prevent the spread of coronavirus.
Furthermore, building & construction activities across the globe were on hold during the pandemic period owing to strict measures of social distancing, lack of labor, and raw material supply disruptions. This further declined the growth of the market in 2020. Moreover, temporary shutdown of factories, manufacturing bases, and other processing industries hampered the growth of the tankless water heater market. Thus, all these factors collectively led to decreased growth of the global tankless water heater market in 2020, and are expected to foster the market growth by the end of the second quarter of 2021.
Request Customization [“COVID-19 impact”]: https://www.alliedmarketresearch.com/request-for-customization/16945?reqfor=covid
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
