Conventional water heaters consumer a massive amount of energy which is a factor for energy shortage. To tackle this issue, tankless water heaters are a solution as they consume less energy and provide instantaneous hot water. The result is a high efficiency unit that has generated massive demand in the global tankless water heater market. The market valuation for 2016 is estimated at US$16.93 bn and this is projected to rise at a healthy CAGR of 5.3% by 2024 to reach US$25.50 bn by the end of the forecast period.
Compactness and Cost Efficiency of Tankless Water Heaters Driving Global Market
Tankless water heaters are compact units, which prove to be a boon for today’s world where real estate is at a huge premium. People with smaller homes are incapable of housing large conventional water heaters and this is driving the global tankless water heaters market. Moreover, tankless water heaters have a high service interval and low running cost, making them hassle-free to own and use. These heaters are available in gas and electric types, among which, gas tankless water heaters are growing at the fastest CAGR.
Governments across the globe are promoting the use of tankless water heaters owing to their low energy consumption. Governments have been providing several subsidies to attract consumers toward tankless water heaters. This has given the global tankless water heaters market a major boost.
Tankless water heaters today are fast and precise with manufacturers focused on innovation in order to make them more sophisticated. Special algorithms and sensors are being put to use by manufacturers to provide additional functions such as temperature control. This has resulted in a sharp rise in the demand for tankless water heaters, thus driving the global market.
Condensing Tankless Water Heater Segment Registering Fastest Growth
The global tankless water heaters market is segmented by technology into condensing and non-condensing water heaters. The condensing segment is projected to register the fastest growth owing to its higher efficiency compared to non-condensing tankless water heaters. The condensing technology segment of tankless water heaters is projected to rise at a steady 6.9% CAGR for the forecast period.
Europe Dominating Global Tankless Water Heaters Market
High sales volume and growing awareness among consumers has resulted in Europe emerging as the dominant regional market in the global tankless water heaters market. The region is expected to expand at a steady 3.8% CAGR, with the sales of tankless water heaters expected to increase by 1.3 times in terms of volume.
North America follows next, with Asia Pacific emerging as the third largest regional market for tankless water heaters. North America is anticipated to expand at the fastest pace during the forecast period.
Key players in the global tankless water heaters market include StiebelEltron GmbH & Co. KG, Bajaj Electricals Ltd., Haier Electronics Group Co, Ltd., A.O. Smith, Rinnai Corporation, KyungdongNavien Co. Ltd., Ariston Thermo Group, Rheem Manufacturing Company, Bradford White Corp., and Noritz America Corp.
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