The global tankless water heater market size is projected to reach USD 4.6 billion by 2025, according to a new report published by Million Insights, with a CAGR of 7.5% from 2019 to 2025. The introduction of new products with advanced designs is the driving tankless water heaters demand. For example, companies like Raheem and Rinnai, in 2019, introduced efficient water heaters providing voice recognition and Wi-Fi connectivity allowing the customers to monitor water circulation and temperature through their smartphones.
Electric products accounted for a higher market share in 2018 and are expected to grow significantly over the years. The surging demand for these heaters among the commercial and residential sectors is predicted to drive the market growth in the upcoming years. Several residents are using electric tankless water heaters owing to their low operating and maintenance costs, and energy efficiency. Additionally, these products are long-lasting and cost-effective against their gas counterparts.
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The residential application accounted for the market share of 72.4% in 2018. The consumer preference for eco-friendly and energy-efficient products has propelled the growth of this industry in the residential sector. Furthermore, urbanization and the rising demand for smart products are predicted to remain a favorable factor for the industry over the years. For example, Rheem’s Prestige models consist of EcoNet Smart Technology that offers Wi-Fi connectivity and other features for system protection, monetary savings, and control. Additionally, the rising living standard of consumers along with product development is predicted to boost the market growth over the forecast period.
The commercial application is expected to grow at a CAGR of 7.8% for the period of 2019 to 2025. The launch of innovative products has contributed to the surging demand for these products. The growth in the number of commercial buildings like hotels, hospitals, and restaurants due to the flourishing tourism sector is expected to boost the demand for hot water.
Europe held the leading market share for the year 2018 due to increased production and trend for using economical and energy-efficient products. North America is expected to register the fastest CAGR of 10.7% over the forecast period. The rising awareness relating to ecological products along with product visibility is expected to propel the demand for the tankless water heater market. Furthermore, the presence of established players like Rheem and A.O. Smith is predicted to surge the demand for tankless water heaters over the years.
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Further key findings from the report suggest:
• North America is expected to grow at a CAGR of 10.7% for the period of 2019 to 2025 due to the rising preference for ecological products like tankless water heater.
• Europe is predicted to value USD 1.5 billion by 2025 owing to the growing residential sector in France, U.K., and Germany thereby, propelling the sales of these products in the region.
• Asia Pacific is expected to grow at a CAGR of 7.9% over the forecast period due to higher product availability in China and Japan.
• The U.S. in 2018 accounted for a notable share in the North American market due to the growing popularity of electric tankless water heaters among the residential sectors.
• The key players include A.O. Smith; Rinnai Corporation; Rheem Manufacturing Company; Bradford White Corporation; EcoSmart Green Energy Products, Inc.; Robert Bosch LLC; Takagi; Navien Inc.; and Noritz America.
Million Insights has segmented the global tankless water heater market on the basis of product, application, and region:
Tankless Water Heater Product Outlook (Revenue, USD Million, 2015 – 2025)
Tankless Water Heater Application Outlook (Revenue, USD Million, 2015 – 2025)
Tankless Water Heater Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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