Tankless water heaters are 30-35% more energy efficient than conventional storage tank water heaters and can help in saving up to USD 100 per year
According to Goldstein Research, “Tankless water heater does not generate standby energy loss as compared to conventional storage water heaters which makes the product energy efficient and cost effective. This is the major factor boosting the sales of tankless water heater market. However, basic challenges such as fan noises from heat pumps and complex interface of tankless water heater are usually not accepted by consumers and are likely to impact the demand for tankless water heater market.”
Global tankless water heater market is anticipated to reach over USD 25.5 billion by the end of 2024, registering a healthy growth over the forecast period.
Global tankless water heater market is categorized on the basis of product type, by installation type, by technology and by end-user. Technology type is further segmented into condensing and non-condensing. Increasing demand for condensing technology in tankless water heater is attracting wide range of consumers across the globe. The sales volume of tankless water heater with condensing technology is also estimated to increase from around 27,000 thousand units in 2016 to reach over 43,000 thousand units in 2024.
Space saving factor of tankless water heater fulfills consumer’s demands
The collaboration of innovative technologies with tankless water heater has potentially driven the global tankless water heater market. Wi-Fi connectivity of tankless water heaters controlled by mobile app helps in keeping an account of hot water usage with accurate temperature. Government are also taking initiatives to promote energy efficient tankless water heater via subsides & reimbursements which is likely to drive market demand over forecast period. As of December 2016, the U.S. government offered 10% tax credit for overall cost of purchasing and installation of tankless water heater. Such initiatives are expected to increase the adoption of tankless water heater in the near future.
“Global Tankless Water Heater Market2024” contains detailed overview of the Global Tankless Water Heater Market in terms of market segmentation by product type, by installation type, by technology and by end-user
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Tankless Water Heater Market also provides competitive outlook of some of the major players of the global tankless water heater market which includes profiling of companies such as A.O. Smith Corporation, Bosch, Noritz Corporation, Rinnai Corporation, Bradford White Corporation, Rheem Manufacturing Company, General Electric, Havells, ATMOR, Stiebel Eltron GmbH & Co. KG., Kyungdong Navien Co.,Ltd., Haier Electronics Group Co, Ltd and Bajaj Electricals Ltd.. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global tankless water heater market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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