According to a recent market study published by Growth Market Reports, titled, “North America Tankless Smart Water Heater Market. by type, by connectivity type, by price, end-user and by country: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at US$ 16.5 Million in 2021 and is anticipated to grow at 24.2 % a growth rate by the year 2030.

A smart water heater uses water temperature measurements and pairs it with consumption data and preset options. A tankless smart water heater is a heating appliance that heats water using electricity or gas as an energy source. It is different from a traditional water heater, as it does not store and heat water while it flows through the heating unit for a short period of time. These heaters are also known as instantaneous water heaters or demand-type heaters, and provide hot water only as it is needed. Costs are saved, due to the lack of standby energy losses associated with hot water tanks. A tankless water heater boils water instantly without using a hot water storage tank. When the hot water faucet is turned on, the cold water starts flowing through a heat exchanger in the unit, where either an electric element or a natural gas burner heats the water. As a result, instant water heaters supply hot water. Eliminating the wait period for the tank to be filled with enough hot water. However, the capacity of the water heater limits the flow rate.

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The outbreak of coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The pandemic raised concerns among economies and businesses by shifting focus to the online supply of consumer electronic gadgets, thereby creating manufacturing issues. The COVID-19 outbreak affected almost every industry. The long-term effects of the pandemic are expected to affect the growth of various industries during the forecast period, especially in, the US, and across Eastern Europe, European Union, and Eastern & Central Asia.

Key Takeaways from the Study:

  • Key players operating in the market are Rheem Manufacturing Company, Rinnai America Corporation, Bosch Terotechnology Corp, EcoSmart Green Energy Products, Inc, Heatworks Technologies, Ariston Thermo USA LLC, Noritz America, and Navien. These companies are considered as key manufacturers of Tankless Smart Water Heater s based on their revenue, research development (R&D) activities, Gauge Type offerings, regional presence, and supply chain management system.
  • Based on type, the North America tankless smart water heater market is segmented into condensing and non-condensing. The condensing segment is projected to expand at a significant CAGR during the forecast period. This is attributed to the rising demand for condensing tankless smart water heaters for various applications in hotels and buildings. Condensing tankless smart water heaters, which are popular in emerging nations, are more energy efficient than the non-condensing tankless smart water heaters. Hence, the condensing tankless smart water heater segment is expected to gain a significant market share in the forecast period.
  • Based on connectivity type, the North America tankless smart water heater market is segmented into Wi-Fi and Bluetooth. The Wi-Fi segment is projected to expand at a significant CAGR during the forecast period. Bluetooth limits the number of devices that can be connected at a time, whereas Wi-Fi is open to many devices and a large number of users. Wi-Fi tankless smart water heaters offer more security than the Bluetooth tankless smart water heater. Wi-Fi has a maximum speed that is faster than Bluetooth. Hence, the Wi-Fi segment is expected to gain a significant market share in the forecast period.
  • Based on price, the North America tankless smart water heater market is categorized as low, medium, and high. The medium segment is projected to expand at a significant CAGR during the forecast period, due to its affordable price. Consumers prefer medium-priced tankless smart water heater as it has multiple technological advancements supported with affordable prices. The high segment is expected to gain a substantial market share in the forecast period, due to its build quality and additional features. A high-priced tankless smart water heater comes up with the most technological advancements resulting in the highest price compared to low and medium segments.
  • Based on end-user, the North America tankless smart water heater market is categorized as residential and commercial. The residential segment is projected to expand at a significant CAGR during the forecast period. The increasing number of residential units as a result of a growing middle-class population is projected to drive the residential segment. Increasing demand for energy-efficient tankless water heaters in the residential market is attributed to the growing awareness of high energy usage and global warming. The rapid growth in the tourism sector, which in turn increases the construction of buildings, hotels, and restaurants is anticipated to fuel the growth of the market during the forecast period.

Report Scope:

Report Metric

Details

Market Value in 2021

US$ 117.1 Million

Market Growth Rate (from 2015 to 2030)

24.2 %

Historical Data

2019 & 2020

Base Year

2021

Forecast Period

2022 - 2030

Units Considered

Value (US$ Million)

Market Segments

By Type, By Connectivity Type, By Price, By End user and By Country.

Key Companies Profiled

Rheem Manufacturing Company, Rinnai America Corporation, Bosch Thermotechnology Corp, EcoSmart Green Energy Products, Inc, Heatworks Technologies, Ariston Thermo USA LLC, Noritz America, Navien

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Manufacturer, distributors, wholesaler, and Supplier.
  • Demand Side: Residential, Commercial.