Tankless Water Heater

Tankless Water Heater Market is projected to exceed USD 12.3 billion by 2031

OREGON, PORTLAND, UNITED STATES, June 23, 2023/EINPresswire.com/ --

The global tankless water heater market size was valued at $6.3 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

A tankless water heater, also known as an on-demand water heater or instantaneous water heater, is a type of water heating system that heats water directly as it flows through the unit, without the need for a storage tank.

Get Free Report Sample PDF @ https://www.alliedmarketresearch.com/request-sample/16945

Tankless water heaters are known for their energy efficiency. Unlike storage tank water heaters that continuously heat and maintain a supply of hot water, tankless units only heat water when needed. This eliminates standby heat loss and reduces energy consumption. Energy savings can be particularly significant in households with low to moderate hot water usage.

The key players that operate in the tankless water heater market are profiled in the report, which include A.O. Smith, Bradford White Corporation, EcoSmart Energy Products, Inc., General Electric, Noritz Corporation, Navien, Inc., Robert Bosch GmbH, Stiebel Eltron, Inc., Westinghouse Electric Corporation, and V-Guard Industries, Ltd. Other players that operate in the value chain of the global tankless water heater market include Takagi, Rheem Manufacturing, Co., Bajaj Electricals Ltd., Atmor, Hubbel Electric Water Heater Company, Rinnai Corporation, and others.

Tankless water heaters offer advantages such as energy efficiency, space-saving design, and continuous hot water supply. However, they may not be suitable for every household, and it's essential to consider factors like hot water demand, fuel availability, and installation requirements before deciding on the most appropriate water heating system for your needs.

In 2021, the condensing segment accounted for about 62.7% of the share in the global tankless water heater market, and is expected to maintain its dominance till the end of the forecast period.

In 2021, the electric segment accounted for 56.7% tankless water heater market share in the year 2021, and is anticipated to grow at a rate of 7.3% in terms of revenue, increasing its share in the global tankless water heater market.

Commercial is the fastest-growing application segment in the global tankless water heater market, expected to grow at a CAGR of 7.1% during 2022–2031.

Europe is expected to grow at the fastest rate, registering a CAGR of 7.4%, throughout the forecast period.

In 2021, Europe dominated the global tankless water heater market with more than 31.4% of the share, in terms of revenue.

Buy This Report (275 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3VMNh5l

These water heaters have proved to be very useful in commercial as well as residential sectors, which, in turn, gives traction to the tankless water heater market growth globally. There are numerous advantages associated with tankless water heaters such as compactness, energy & cost saving, and efficiency. Hence, to improve global sales, manufacturers of tankless water heaters have developed new and innovative tankless water heaters, which are cost-effective in design.

Rise in demand for tankless water heater from residential consumers, rapid growth of smart city infrastructure, and rise in investment toward upgradation of aged government infrastructure are the key factors that significantly contribute toward the growth of the global tankless water heater market.

Europe garnered a dominant share in 2021, and is anticipated to maintain this dominance in the tankless water heater market during the forecast period. This is attributed to presence of key players and huge consumer base in the region.

In addition, tankless water heaters have gained importance owing to increase in electrification rate, rise in disposable income in European economies, and rapid urbanization, which, in turn, is expected to augment the growth of the tankless water heater market during the forecast period.

Impact of Covid-19

The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, automotive, and energy sectors owing to the lockdown imposed, globally.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/16945

Tankless water heater is a heating equipment that heats water by using electricity or gas as its energy sources. It is different from traditional or tanked water heaters as it does not store water and heats water as water passes through the heating units in a short time. There is a water flow sensor in tankless water heaters that starts automatically when it senses the water flow.

Similar Reports:-

Commercial Water Heater Market by Type (Electric, Gas, Oil, Solar, Hybrid, Others), by Storage Capacity (Below 500 liters, 500-1000 liters, 1000-3000 liters, 3000-4000 liters, 4000 and Above), by Rated Capacity (0-10 kW, 10-50 kW, 50-100 kW, Above 100 kW): Global Opportunity Analysis and Industry Forecast, 2023-2032

Gas Water Heater Market by Product Type (Instant, Storage), by Installation Type (Outdoor, Indoor), by Fuel Type (Natural Gas, LPG), by Application (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031

Line Heaters Market by Type (Indirect Line Heaters, Direct Line Heaters), by Size (1 MM BTU, 1.5 MM BTU, 2 MM BTU), by End Use (Oil and Gas Industry, Chemical Industry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/line-heaters-market-A53706

David Correa
Allied Analytics LLP
+ 1-800-792-5285
email us here

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.