Tankless Water Heater Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Tankless Water Heater Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 25, 2024 /EINPresswire.com/ -- The tankless water heater market has experienced robust growth in recent years, expanding from $4.17 billion in 2023 to $4.55 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to energy efficiency concerns, space-saving design, longer lifespan, continuous hot water supply, rising consumer awareness.

Strong Future Growth Anticipated
The tankless water heater market is projected to continue its strong growth, reaching $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to smart home integration, water conservation efforts, hybrid tankless systems, expansion in commercial application, increasing affordability.

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Growth driver of the tankless water heater market
The growing government efforts to promote environmentally friendly water heaters are expected to propel the growth of the tankless water heater market going forward. Government efforts refer to the actions, initiatives, and programs undertaken by a government to address various issues, achieve specific goals, and meet the needs of its citizens. Governments can encourage the adoption of energy-efficient tankless water heaters over traditional tank-based models by establishing standards and regulations for appliances while also implementing incentive programs aimed at both consumers and manufacturers to promote the uptake of tankless technology.

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Major Players and Market Trends
Key players in the tankless water heater market include Robert Bosch GmbH, General Electric, Haier Group Corporation, Honeywell International Inc., Whirlpool Corporation, Paloma Industries Ltd., Westinghouse Electric Corporation, Vaillant Group, A.O. Smith Corporation, Rinnai Corporation, Ariston
Thermo Group, Rheem Manufacturing Company.

Major companies operating in the tankless water heater market are developing innovative products, such as electric tankless water heaters, to better serve customers with advanced features. Electric tankless water heaters are on-demand water heating systems that use electricity as their primary source of power.

Segments:
1) By Type: Condensing, Non-Condensing
2) By Energy Source: Electric, Gas
3) By Application: Residential, Commercial

Geographical Insights: North America Leading the Market
North America was the largest region in the tankless water heater market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of tankless water heater.

Tankless Water Heater Market Definition
A tankless water heater is a type of water heating system that heats water directly as it flows through the unit without needing a storage tank. It uses an electric element or gas burner to heat water as it flows through a pipe to the unit, providing a near-endless hot water supply.

Tankless Water Heater Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Tankless Water Heater Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on tankless water heater market size, tankless water heater market drivers and trends, tankless water heater market major players, competitors' revenues, market positioning, and market growth across geographies. The tankless water heater market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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