The global tankless water heater market is projected to grow at a significant CAGR of 8.2% during the forecast period (2020-2026). The tankless water heater has a significant application in the residential and commercial sectors that further contribute to the growth of the market. Extreme climatic conditions along with rising industrialization combinedly drive the demand for water heaters in the commercial sector. The US is a prominent technological hub, which witnesses the introduction of novel heating technologies such as automatic control systems and integrated remote monitoring, which substantially fuels the product’s heating performance. Therefore, the demand for water heating system is continuously increasing in the region. Moreover, the replacement of existing water heating systems with compact design and more efficient systems such as heat pump water heaters (HPWH), makes the deployment of tankless water heaters inevitable in the commercial industry.
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A rising shift in the preference for tankless water heaters over conventional water heaters has been observed due to the energy-saving capacity of tankless water heaters that further provide significant growth to the market. Tankless water heaters heat the water on demand instead of storing hot water, and no immersion rod is equipped for keeping the water hot continuously. Unlike conventional water heating systems, tankless water heater gets activated when the shower or faucet is turned on and gets deactivated when turned off, ensuring a continuous supply of hot water by saving energy. In addition, mandatory rating norms by several governments in the Americas and Europe have made tankless water heaters eco-friendly and economical for the users, surging their preference for such water heaters.
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Global Tankless Water Heater Market – Segmentation
By Product Type
- Electric Water Heater
- Gas Water Heater
By Application
- Residential
- Commercial
Global Tankless Water Heater Market – Segmentation by Region
North America
- United States
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- O. Smith Corporation
- ALPHA ELECTRIC CO. SDN BHD
- Ariston Thermo Group SpA
- Bosch GmbH
- Bradford White Corp.
- Bradley corp.
- CHOFU SEISAKUSHO Co., Ltd.
- Chronomite, Inc.
- EZ Tankless, Inc.
- Hubbell, Inc.
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