SEATTLE--(BUSINESS WIRE)--Tankless water heaters are an energy-efficient option to hot water that features excellent cost efficiency over traditional tank water heaters. Tankless water heaters, also known as instant, constant flow, tank-less, direct-vent, or flash hot water heaters are devices that do not hold any water in internal tanks but instead rapidly heat large volumes of water from a supply source, by convection. The heat is then sent to a system of showerheads, faucets, or baths where the water is heated directly. Tankless heaters are ideal for applications where there is not an adequate supply of natural gas or propane gas, or where the expense of fuel becomes an issue.
The global Tankless Water Heater market is estimated to account for US$ 29.7 Bn in terms of value by the end of 2027, witnessing a CAGR of 5.7% during the forecast period (2020-2027)
1. Rapid urbanization in both developed and emerging economies is expected to drive growth of the global tankless water heater market during the forecast period.
Both developed and emerging economies are witnessing rapid urbanization. According to the United Nations (UN), around 68% of the global population is expected to live in urban areas by 2050, increasing from 55% in 2018. According to the same source, in 2018, around 4.2 billion people were living in urban areas, increasing from 751 million in 1950. As a result of this, the demand for tankless water heaters is increasing. Hence, such factors are expected to drive growth of the global tankless water heater market during the forecast period.
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2. Growing demand for energy-efficient water heaters is expected to propel the global tankless water heater market growth over the forecast period.
Consumers in developed countries are increasingly demanding energy-efficient water heaters. As a result of this, key players in the market are focused on introducing energy-efficient products that can minimize energy bills and lead to the deployment of more and more energy-efficient heating appliances. Thus, these factors are expected to propel the global tankless water heater market growth over the forecast period.
1. Increasing demand for instant water heater over storage units can present lucrative growth opportunities in the global tankless water heater market
2. Rising construction activities can provide major business opportunities in the global tankless water heater market
1. Continuous research and development activities is a key trend in the market
Key players in the market are focused on continuous research and development activities, in order to expand their product availability and gain a competitive edge in the market. For instance, in August 2020, AO Smith launched MiniBot, a 3-liter instant water heater with a unique design and new technology.
2. High demand for electric water heaters is another key trend in the market
Electric heaters are witnessing high demand in the global tankless water heater market. This is due to the fact that they are easy to install and require fewer maintenance operations. Besides, electric products last long and have low operating costs. Furthermore, the innovative design of these heaters makes them feasible to install in small spaces and does not require ventilation as compared to gas water heaters.
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Major companies involved in the global tankless water heater market are Rheem Manufacturing Company, Bajaj Electricals Ltd., Rinnai Corporation, Haier Electronics Group Co, Ltd., A. O. Smith, Bradford White Corp., Noritz America Corp., Stiebel Eltron GmbH & Co. KG, Ariston Thermo Group, and Kyungdong Navien Co., Ltd.
For instance, in March 2021, Navien Inc., a provider of tankless water heaters, launched new NPE-2 series with advanced multi-line control.
- By Energy Source
By Energy Factor
- 0 to 0.79 EF
- 0.80 to 0.89 EF
- 0.90 EF and Above
By End User
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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