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2020-02-18
678
Global
Tankless water heater is an example of unique & innovative consumer appliance with specific technical feature helps in saving energy. Tankless water heater is a substitute for conventional tank or storage water heater where large amount of water was heated for hot-water supply resulting in the loss of thermal energy. Tankless water heaters overcome such inefficiencies by distinct feature of supplying hot water on demand without any storage tank. Tankless water heater is mainly equipped with sensors which detect the flow and demand of water and initiate water heating process.
Electric Tankless water heater with temperature limiting controlled (TLC) device becoming more popular. Key market players are investing in developing innovative products which is likely to increase the market competitiveness and eventually will boost the demand for tankless water heater. For instance, Rheem are focusing on vast technology like recirculation in tankless water heater which not only provide instant hot water for consumer but can also save 12,000 gallons water per year for the average household. Rinnai, leading manufacturer of gas appliances, are offering tankless water heaters which can be monitored remotely and controlled by smart devices.
Global Tankless Water Heater Market is segmented on the following basis:
Gas Tankless Water Heater
Electric Tankless Water Heater
Indoor Tankless Water Heater
Outdoor Tankless Water Heater
Based on Technology
Based on End-User
Based on Country
Geographically, North America occupies largest share of global market of tankless water heater and expected to take over more than 45% market share of global tankless water heater by the end of 2024. High installation of tankless water heaters in U.S. and Canada to save energy is expected to increase the demand in North America region. Europe tankless water heater market is expected to grow at a CAGR of 3.4% during the forecast period. Germany accounts for the major share of the market owing to the maximum number of installations of tankless water heaters in the region. Gas tankless water heater has occupied 54% share of European market whereas 46% is occupied by electric tankless water heaters in 2016. However, electric tankless water heaters have achieved high penetration in European market in past few years. Over 36% of residential users of Europe adopted for electric tankless water heater in 2015.
Asia Pacific region is likely to grow at much faster rate than other regions in near future. At present, countries like China, India, Japan has potential market growth in Asia Pacific region. Asia-Pacific tankless water heater market in is anticipated to grow at CAGR of 5.4% over the forecast period. Limited awareness regarding the installation of tankless water heaters is impacting the sales in Latin America and Africa, which is hindering the growth of tankless water heater market in the region.
Based on Product Type
Based on Country
Tankless water heater provides space effectiveness and easy installation with low operation & maintenance cost. Availability of the replaceable parts, long durability and energy efficiency are key factors to increase the market demand of tankless water heater.
However, high initial cost of cost tankless water heaters is inhibiting their potential market demand across the globe. Replacement of equipments installed in residential areas can be complex and may become costly issue with the engagement of more space and proper drainage of water. Also lack of knowledge to contractors and homebuilders regarding the installation of tankless water heaters tends to confine the promotion for electric tankless water heaters.
The report comprises of the following companies as the key players in the tankless water heater market.
Market Segmentation
The Global Tankless Water Heater Market is segmented as follows:
By Regions
Market Dynamics: Growth Drivers, Restraints and Opportunities
Key Market Players
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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