Global Tankless Water Heater Market, 2016-2024

Global Tankless Water Heater Market, 2016-2024
Persistence Market Research
Revenue Generated from Sales of Tankless
Water Heaters is Expected to Increase to
US$ 25,498.5 Mn by 2024: Persistence
Market Research
Persistence Market Research
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Global Tankless Water Heater Market, 2016-2024
According to the latest market report published by Persistence Market Research titled
‘Tankless Water Heater Market: Global Industry Analysis and Forecast, 2016 2024’, globally, the revenue generated from sales of tankless water heater market is
estimated to be valued at US$ 16.9 Bn by 2016 end, and is expected to increase at a CAGR
of 5.3% during the forecast period (2016–2024).
Tankless water heaters, also called inline, flash, instantaneous, continuous flow, on demand,
or instant-on water heater are used to heat water on demand and instantly.Tankless water
heaters are used in residential and commercial applications for water heating. The source of
energy can be electric or gas. Attributes such as low space utilization, high energy
efficiency, and superior service life of tankless water heaters are factors driving demand for
a tankless water heater. Tankless water heaters are anticipated to be effective alternatives
for high energy consuming conventional water heater. Tankless water heaters can be
installed for residential as well as commercial use at indoor or outdoor locations depending
on consumer requirement.
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The condensing technology segment is anticipated to register the fastest growth due to
growing consumer inclination towards energy efficient systems. Moreover, government
initiatives to promote energy efficient systems via subsidies and rebates anticipated to drive
demand for condensing technology type tankless water heaters. Tankless water heaters with
condensing technology are slated to register CAGR of 6.9% over the forecast period. Sales
volume of tankless water heaters is expected to increase from 26,740 thousand units in
2015 to 43,484 thousand units in 2024, increasing at a CAGR of 5.6% over the forecast
period.
Europe accounted for the largest value share of the global tankless water heater market in
2015, and the market in the region is anticipated to expand at a CAGR of 3.8% over the
forecast period. Sales volume of tankless water heater in Europe is projected to increase by
1.3X between 2016 and 2024. In terms of value and volume, North America is anticipated to
register the highest growth, followed by Asia Pacific over the forecast period.
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Global Tankless Water Heater Market, 2016-2024
A. O. Smith, Ariston Thermo Group, Kyungdong Navien Co.,Ltd., Rinnai Corporation, Rheem
Manufacturing Company are amongst the leading players in the global tankless water heater
market. Other market players include Stiebel Eltron GmbH & Co. KG, Noritz America Corp.,
Bradford White Corp., Haier Electronics Group Co, Ltd., and Bajaj Electricals Ltd.
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Market Bytes:
Tankless water heaters, also called inline, flash, instantaneous, continuous flow, on demand,
or instant-on water heater are used to heat water on demand and instantly. The source of
energy for tankless water heaters can be electric or gas. Tankless water heaters are mainly
segmented on the basis of technology into condensing and non-condensing. Tankless water
heaters can be installed for residential as well as commercial use at indoor or outdoor
locations depending on consumer requirement. Tankless water heater is available in various
forms depending upon energy factors.
Global sales of tankless water heaters are estimated to be valued at US$ 16,932.9 Mn by
2016 end, and is projected to increase at CAGR of 5.3% by the end of 2024 to be valued at
US$ 25,498 Mn.
Drivers and Restraints:
Attributes such as low space utilization, high energy efficiency, and superior service life of
tankless water heaters are influencing consumer purchasing decision. These attractive
attributes are driving demand for tankless water heaters. In order to promote energy
efficient systems, governments across various countries are promoting tankless water
heaters through various policies, subsidies and rebates, which is further driving demand for
tankless water heaters.
Owing to the temperature being an important facet of any commercial process,
manufacturers are increasingly focussing on the tankless water heater with precise
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Global Tankless Water Heater Market, 2016-2024
temperature control. Manufacturers are developing tankless water heaters using special
algorithms, and temperature sensors and temperature set point display to achieve the high
degree of accuracy in maintaining specified temperature. Obtaining high operational
efficiency with precise temperature control and at minimum operational costs are leading to
rising in demand for tankless water heater, and this trend is expected to continue over the
forecast period as well.
Tankless water heater with condensing technology is estimated to register the fastest growth
over the forecast period owing to the growing consumer inclination towards energy efficient
products as well as government initiatives to promote the energy efficient systems. Tankless
water heater with condensing technology is estimated to register a CAGR of 6.9% over the
forecast period.
Market Taxonomy
Persistence Market Research, in its report titled, ‘Tankless water heaters Market: Global
Industry Analysis and Opportunity Assessment, 2016–2024’, has segmented the global
tankless water heater market on the basis of technology, energy source, energy factor,
location, end-user and region. On the basis of technology, the market has been segmented
into condensing technology and non-condensing technology. On the basis of energy source,
the market has been segmented into electric and gas. On the basis of energy factor, global
tankless water market has been segmented into 0 to 0.79 EF, 0.80 to 0.89 EF, and 0.90 EF
and above segments. On the basis of location, the market has been segmented into indoor
and outdoor. By end user, global tankless water heater market has been segmented into
residential and commercial. Lastly, on the basis of region, the global tankless water heaters
market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa
and Latin America.
Analysis, by Region
Europe accounted for the largest value share of the global tankless water heater market in
2015, and the market in the region is anticipated to expand at a CAGR of 3.8% over the
forecast period. Sales volume of tankless water heaters in Europe is projected to increase by
1.3X between 2016 and 2024. In terms of value and volume, North America is anticipated to
register the highest growth, followed by Asia Pacific over the forecast period.
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Global Tankless Water Heater Market, 2016-2024
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