Tankless Water Heater Market Size, Sales Analysis, Opportunity 2030
The global tankless water heater market is witnessing remarkable growth propelled by the rising demand for energy-efficient water heating solutions. Tankless water heaters, often known as demand-type or instantaneous water heaters, are becoming increasingly popular in both residential and commercial sectors. These water heaters provide hot water immediately and on-demand, offering an unlimited supply while reducing energy consumption by up to 40%.
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Tankless water heaters are highly regarded for their durability and long lifespan, making them a reliable choice for consumers. They can be easily mounted on exterior walls or in closets, providing flexibility for installation. Furthermore, the availability of tankless water heaters with energy star ratings makes them cost-effective and environmentally friendly options, driving their adoption among customers in industrialized countries.
Market leaders in the tankless water heater industry are actively focused on developing energyefficient products to help consumers lower their monthly energy expenses. This effort aligns with changing consumer attitudes towards advanced heating appliances and is further supported by government rebates and subsidies, encouraging the replacement of traditional water heaters with tankless alternatives. As a result, the market is experiencing a significant increase in the replacement of existing water heaters across residential and commercial settings, fueling market expansion.
Although tankless water heaters generally have a higher initial cost compared to conventional 40gallon water heaters, they typically come with longer warranties and have a longer lifespan. This provides customers with added value and peace of mind. However, the higher price point may slightly hinder the market expansion throughout the forecast period.
To meet the growing demand in North America and the Asia Pacific regions, tankless water heater manufacturers are actively engaged in mergers and acquisitions to enhance their production capabilities and technological advancements. By upgrading existing models or adding new ones to their product line-ups, these companies aim to meet the evolving needs of customers. In 2020, Bradford White Corp, a leading manufacturer of heating goods and storage applications, announced the acquisition of Keltech, a producer of commercial electric water heaters, to strengthen its position in the market.
In addition to product development, manufacturers are also focusing on building efficient sales and distribution networks. They are leveraging e-commerce platforms to reach a wider market and improve product availability. Online product research is becoming increasingly popular among consumers, and tankless water heater producers are expanding their online market reach accordingly. Rinnai, a key player in the tankless water heater market, has integrated Amazon Alexa's interoperability with its devices, enabling users to control their tankless water heating systems
through voice commands. Moreover, compatibility with Google Wi-Fi allows consumers to monitor the effectiveness of their tankless water heater recirculation systems.
The condensing category held a significant value share in the global tankless water heater market at the end of 2021, and it is expected to experience rapid growth. Condensing tankless water heaters, known for their energy efficiency, are gaining popularity in emerging nations. This growth is driven by various government and corporate sectors' focus on creating power plants that utilize renewable energy sources, such as solar and wind, resulting in high market concentration.
Europe currently holds the largest market share, driven by increased adoption of tankless water heaters in manufacturing and a shift in consumer demand towards energy- and cost-efficient products. Rising demand from commercial facilities, including hotels, restaurants, and hospitals, is also contributing to the positive market growth. The adoption of tankless water heaters in countries such as Switzerland, Germany, and the United Kingdom is further boosting market demand in the region. North America is expected to achieve the highest compound annual growth rate (CAGR) among all regions throughout the projection period. The presence of strong regional competitors is anticipated to drive the demand for tankless water heaters in the coming years.
Prominent players in the tankless water heater market include A. O. Smith, EcoSmart Green Energy Products, Bradford White Corporation, Inc., Robert Bosch GmbH, GENERAL ELECTRIC, NORITZ Corporation, Navien Inc., Westinghouse Electric Corporation, Stiebel Eltron, Inc., and V-Guard Industries Ltd.
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