The global tankless water heater market size is anticipated
to reach USD 4.6 billion by 2025, according to a new report by Grand View
Research, Inc., expanding at a CAGR of 7.5% over the forecast period. Launch of
innovative products with improved design is a main factor driving demand for
tankless water heater over the forecast period. For instance, in 2019,
companies including Rinnai and Raheem have launched energy efficient water
heaters for the residential sector. Their products are equipped with Wi-Fi and
voice recognition, which allow the users to remotely monitor temperature and
water circulation when required through smartphone.
Electric products held a leading market share
in 2018 and is anticipated to witness the fastest growth in the coming years.
Rapid increase in adoption of these heaters among the residential and
commercial sectors is expected to boost market growth over the forecast period.
Many homeowners are increasingly adopting electric tankless water heaters due
to their energy efficiency and low maintenance and operating costs associated
with them. In addition, these products are generally less expensive and have
longer warranties as compared to gas counterparts.
The residential application segment held a
leading share of 72.4% in 2018. Shifting consumer inclination towards energy
efficient and eco-friendly products is a main factor driving the demand for
these products in the residential sector. Moreover, increasing adoption of
smart products and growing urbanization are expected to have a positive impact
on the market growth in the upcoming years. For instance, Rheem's Prestige
models have EcoNet Smart Technology that provides Wi-Fi connectivity and added
features, which offer system protection, control, and monetary savings.
Furthermore, improving standard of living, coupled with introduction of
innovative products, is expected to have a positive impact on market growth.
The commercial application segment is
anticipated to expand at the fastest CAGR of 7.8% from 2019 to 2025.
Introduction of innovative products is a main factor driving the demand for
tankless water heater. Increasing number of commercial buildings including
restaurants, hotels, and hospitals owing to growing tourism industry will fuel
demand for hot water, which, in turn, is expected to increase adoption of the
product.
Europe held a leading market share in 2018
owing to high production of these products and shifting consumer preference for
energy efficient and economical products. North America is anticipated to
expand at the fastest CAGR of 10.7% from 2019 to 2025. Growing awareness
related to ecological products, coupled with increasing product visibility, is
a main factor driving the market demand. Moreover, presence of prominent
players in the region such as A. O. Smith and Rheem is expected to propel
demand for tankless water heater in the upcoming years.
For full research report on Tankless
Water Heater Market visit here: https://www.grandviewresearch.com/industry-analysis/tankless-water-heater-market
Further key
findings from the report suggest:
- North America for tankless water heater market
is anticipated to expand at the fastest CAGR of 10.7% from 2019 to 2025
due to shifting consumer preference towards ecological products including
tankless water heater
- Europe is expected to reach USD 1.5 billion by
2025 due to surging number of residential buildings, especially in
Germany, U.K, and France, thus promoting sales of tankless water heater in
the region
- Asia Pacific is anticipated to expand at a
CAGR of 7.9% from 2019 to 2025 owing to high product availability,
especially in Japan and China
- In 2018, U.S. held a significant share in the North
America market on account of rising popularity of electric tankless water
heaters among buyers in the residential sector
- Some of the key manufacturers 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; and Navien Inc.
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/tankless-water-heater-market/request/rs1
Grand
View Research has segmented the global tankless water heater market by product,
application, and region:
Tankless
Water Heater Product Outlook (Revenue, USD Million, 2015 - 2025)
- Electric
- Gas
Tankless
Water Heater Application Outlook (Revenue, USD Million, 2015 - 2025)
- Residential
- Commercial
Tankless
Water Heater Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- Central & South
America
- Brazil
- Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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