Tankless water heater Market

Tankless Water Heater Market by Products (Electric and Gas), Technology (Condensing and Non-Condensing), Applications (Commercial and Residential), and Regions (AsiaA Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021–2028

  • Report ID: CG-340
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 178
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The global tankless water heater market is projected to expand at a CAGR of 7.4% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing consumer concerns regarding the sustainable use of energy.

Tankless Water Heater Market Key Takeaways

Tankless water heaters are also called as inline, continuous flow, on-demand, or flash water heaters. They are used to instantly heat water as it flows through the device and does not reserve water internally except in heat exchanger coil. These water heaters provide hot water only when required and thus does not require a storage tank with it. These heaters are around 30% more energy efficient as compared to the traditional water heaters.

Companies are focusing on technological advancements in tankless water heaters, which are expected to increase the adoption of these heaters in the foreseeable future. For instance, in April 2019, Intellihot Inc. announced the launch of neuron series of water heaters, which offers cellular Wi-Fi connectivity to monitor flow and water temperature. Tankless water heaters are usually used in schools, hotels and restaurants. They can be installed in existing water connections, thus reducing the time required for re-piping and installation by 50%.

Market Drivers, Restraints, Trends, and Opportunities

  • Increasing adoption of tankless water heaters owing to its capability of saving space and energy is projected to spur the market growth during the forecast period.
  • Rising demand for water heating systems owing to increasing disposable income and rapid urbanization is expected to drive the market growth.
  • High cost of installation and maintenance restrains the growth of the market.
  • High cost of tankless water heater can impede the market growth. However, higher durability of these products as compared to conventional heaters can stimulate the market growth.
  • Government initiatives to promote energy efficient systems have positively impacted the market growth.
  • Increasing demand for solar water heating systems is expected to restrain the market growth.

Scope of the Report

The report on the global tankless water heater market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Tankless Water Heater Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Products (Electric and Gas), Technology (Condensing and Non-Condensing), Applications (Commercial and Residential)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

A. O. Smith, Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, Robert Bosch LLC, EcoSmart Green Energy Products, Inc., Stiebel Eltron Inc., Takagi, Noritz America, and Navien Inc., and Intellihot Inc.


Global Tankless Water Heater Market Segment Insights

Electric water heaters accounts for a large market share.
Based on products, the market is segmented into electric and gas. The electric segment is expected to witness a substantial growth during the forecast period owing to its easy installation and low cost maintenance. Additionally, electric tankless water heaters are durable and has low operating cost. Moreover, they can be installed in small spaces and do not require extra ventilation as compared to traditional water heaters. On the other hand, gas water heater requires regular maintenance by trained professionals, which is restraining the growth of the gas segment.

Condensing segment expected to account for a large market share.
On the basis of technology, the market is dived into condensing and non-condensing. The condensing segment is anticipated to witness a substantial growth rate during the forecast period. Condensing type tankless water heaters are more energy efficient as compared to non-condensing water heaters.

Tankless Water Heater Market By Technology

Residential segment projected to account for a large market share.
Based on applications, the market is segmented into residential and commercial. The residential sector is anticipated to witness a healthy growth rate owing to rising adoption of eco-friendly and energy efficient products in this sector. Additionally, improving standard of living along with shift in consumer preference towards energy efficient product is projected to spur the market growth.

The commercial segment is projected to expand at a substantial CAGR owing to the increasing product visibility due to the increasing innovation in the market. Rising demand for hot waters in places such as restaurants, hotels and resorts is expected to positively impact the market growth. Furthermore, increasing awareness and government policies to increase the adoption of eco-friendly water heaters are expected to fuel the demand during the forecast period.

Europe anticipated to account for a significant market share.
In terms of regions, the market is classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to account for a large market share owing to shifting consumer preference for tankless water heater owing to its benefits. Additionally, increasing demand for the product in commercial spaces such as restaurants, hotels and resorts is expected to spur the market growth in the region.

The market in North America is expected to register a substantial CAGR owing to growing inclination toward eco-friendly products. Furthermore, the presence of prominent manufacturers in this region is anticipated to positively impact the market growth.

Segments

Segments covered in the report
The global tankless water heater market report is segmented on the basis of

Products
  • Electric
  • Gas
Technology
  • Condensing
  • Non-condensing
Applications
  • Residential
  • Commercial
Regions
  • Asia Pacific
  • North America
  •  Latin America
  •  Europe
  • Middle East & Africa
Key Players
  • A. O. Smith
  • Rheem Manufacturing Company
  • Rinnai Corporation
  • Bradford White Corporation
  • Robert Bosch LLC
  • EcoSmart Green Energy Products, Inc.
  •  Stiebel Eltron Inc.
  •  Takagi
  •  Noritz America
  •  Navien Inc.
  • Intellihot Inc.

Competitive Landscape

Some of the key manufacturers in the tankless water heater market are A. O. Smith, Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, Robert Bosch LLC, EcoSmart Green Energy Products, Inc., Stiebel Eltron Inc., Takagi, Noritz America, Navien Inc., and Intellihot Inc.

Companies are indulging in mergers and acquisitions to improve their market share, in terms of revenue. They are focusing on product innovations to increase their product offering. For instance, Rinnai Corporation offered Amazon’s Alexa integration with its products. This allows users to ask Alexa to start circulation, thus enabling tankless water heater to turn into action.

Tankless Water Heater Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Tankless water heater Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Tankless water heater Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Tankless water heater Market - Supply Chain
  4.5. Global Tankless water heater Market Forecast
     4.5.1. Tankless water heater Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Tankless water heater Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Tankless water heater Market Absolute $ Opportunity
5. Global Tankless water heater Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Tankless water heater Market Size and Volume Forecast by Applications
     5.3.1. Residential
     5.3.2. Commercial
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Tankless water heater Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Tankless water heater Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Tankless water heater Demand Share Forecast, 2019-2026
7. North America Tankless water heater Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Tankless water heater Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Tankless water heater Market Size and Volume Forecast by Applications
     7.4.1. Residential
     7.4.2. Commercial
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Tankless water heater Demand Share Forecast, 2019-2026
8. Latin America Tankless water heater Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Tankless water heater Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Tankless water heater Market Size and Volume Forecast by Applications
     8.4.1. Residential
     8.4.2. Commercial
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Tankless water heater Demand Share Forecast, 2019-2026
9. Europe Tankless water heater Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Tankless water heater Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Tankless water heater Market Size and Volume Forecast by Applications
     9.4.1. Residential
     9.4.2. Commercial
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Tankless water heater Demand Share Forecast, 2019-2026
10. Asia Pacific Tankless water heater Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Tankless water heater Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Tankless water heater Market Size and Volume Forecast by Applications
     10.4.1. Residential
     10.4.2. Commercial
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Tankless water heater Demand Share Forecast, 2019-2026
11. Middle East & Africa Tankless water heater Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Tankless water heater Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Tankless water heater Market Size and Volume Forecast by Applications
     11.4.1. Residential
     11.4.2. Commercial
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Tankless water heater Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Tankless water heater Market: Market Share Analysis
  12.2. Tankless water heater Distributors and Customers
  12.3. Tankless water heater Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. A. O. Smith
     12.4.2. Rheem Manufacturing Company
     12.4.3. Rinnai Corporation
     12.4.4. Bradford White Corporation
     12.4.5. Robert Bosch LLC
     12.4.6. EcoSmart Green Energy Products, Inc.
     12.4.7.  Stiebel Eltron Inc.
     12.4.8.  Takagi
     12.4.9.  Noritz America
     12.4.10.  Navien Inc.
Segments covered in the report
The global tankless water heater market report is segmented on the basis of

Products
  • Electric
  • Gas
Technology
  • Condensing
  • Non-condensing
Applications
  • Residential
  • Commercial
Regions
  • Asia Pacific
  • North America
  •  Latin America
  •  Europe
  • Middle East & Africa
Key Players
  • A. O. Smith
  • Rheem Manufacturing Company
  • Rinnai Corporation
  • Bradford White Corporation
  • Robert Bosch LLC
  • EcoSmart Green Energy Products, Inc.
  •  Stiebel Eltron Inc.
  •  Takagi
  •  Noritz America
  •  Navien Inc.
  • Intellihot Inc.

Some of the key manufacturers in the tankless water heater market are A. O. Smith, Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, Robert Bosch LLC, EcoSmart Green Energy Products, Inc., Stiebel Eltron Inc., Takagi, Noritz America, Navien Inc., and Intellihot Inc.

Companies are indulging in mergers and acquisitions to improve their market share, in terms of revenue. They are focusing on product innovations to increase their product offering. For instance, Rinnai Corporation offered Amazon’s Alexa integration with its products. This allows users to ask Alexa to start circulation, thus enabling tankless water heater to turn into action.

Tankless Water Heater Market By Key Players

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