LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global tankless water heater market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global tankless water heater market will grow at a CAGR of close to 7% during the forecast period. Technological innovations in design and higher efficiency is a major factor driving the market’s growth.
The increasing global demand for water heating systems has led to the introduction of tankless water heaters, which are innovative in terms of design and efficiency. The increased sales of tankless water heaters in residential and commercial establishments have influenced the vendors to launch products that meet the evolved design choices of customers. The demand for a specific design depends on the place and ambiance of installation. The tankless water heaters used in residential establishments are designed for mild-use, whereas the tankless water heaters used in commercial establishments must be classy, modern, and innovative with higher efficiency. Several players in the global tankless water heater market offer heavy-duty, square-shaped, cylindrical, and rack system tankless water heaters that are specifically designed for high-volume use.
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In this report, Technavio highlights the rise in preference for energy-efficient tankless water heaters as one of the key emerging trends in the global tankless water heater market:
Rise in preference for energy-efficient tankless water heaters
The preference for tankless water heaters over conventional or storage water heaters is increasing because of the energy-saving capacity of tankless water heaters. Tankless water heaters work on the principle of heating water on demand rather than storing the heated water. Tankless water heaters do not store hot water, and there are no immersion rods that are equipped to keep the water hot continuously. Instead, tankless water heaters get activated only when the faucet or shower is turned on, and it turns off when the faucet or shower is turned off. This ensures a continuous supply of hot water by saving energy.
“Various governments and regulatory agencies in places such as the Americas and Europe have mandated energy rating norms, which should be followed by vendors while manufacturing tankless water heaters. Many tankless water heaters offered nowadays are equipped with energy-star ratings according to their energy consumption. This makes tankless water heaters eco-friendly and economical for users. The increased preference for such energy-efficient tankless water heaters will fuel market growth,” says a senior analyst at Technavio for research on home, kitchen, and large appliances.
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Global tankless water heater market segmentation
This market research report segments the global tankless water heater market into the following products (electric tankless water heater and gas tankless water heater), end-users (residential and commercial), and key regions (the Americas, APAC, and EMEA).
The residential segment held the largest market share in 2017, accounting for nearly 63% of the market. This segment is anticipated to post steady growth during the forecast period.
EMEA dominated the global tankless water heater market in 2017, accounting for a market share of more than 40%. This region will continue to dominate the global market throughout the forecast period.
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