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Tankless Water Heater Market Analysis | 2023-2028
Tankless Water Heater Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The tankless water heater market was estimated at USD 3.23 billion in 2022 and is likely to grow at a CAGR of 8.87% during 2023-2028 to reach USD 5.4 billion in 2028.
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Tankless water heaters, commonly referred to as demand-type or instantaneous water heaters, deliver hot water only when it is required. They don't have the same standby energy losses as storage water heaters, which might help to save money.
Tankless water heaters are becoming more technologically advanced, which is projected to expand their adoption in the coming years. The tankless water heater market is estimated to grow rapidly over the forecast period due to the rapid use of these heaters in the residential and commercial sectors on account of their ability to save space and energy. Furthermore, many tankless water heaters have Energy Star ratings, making them both environmentally friendly and cost-effective for customers.
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Most of the companies in the market are integrated across the value chain and are involved in raw material production, processing, and manufacturing of finished products.
The following are the key players in the Tankless Water Heater Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Product-Type Analysis |
Electric and Gas |
The electric segment dominates the market during the forecast period. |
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Application-Type Analysis |
Residential and Commercial |
The residential segment leads the market during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and The Rest of the World |
Europe is expected to remain the largest market for tankless water heaters over the forecast period. |
“The electric segment dominates the market during the forecast period.”
The market for tankless water heaters is segmented into electric and gas. The electric segment dominates the market during the forecast period. These heaters are simple to install and have a low installation cost. Furthermore, electric items are known for their extended lifespan and cheap operating costs.
Additionally, unlike gas heaters, these heaters have a revolutionary design that allows them to be installed in a compact space and do not require any ventilation. Electric items also require less or no maintenance, but gas products require regular professional maintenance. As a result of these considerations, electric items are likely to be more useful than their gas counterparts.
“The residential segment leads the market during the forecast period.”
The market is segmented into residential and commercial. The residential segment governs the global market. The key element driving the demand for these products in the residential sector is the increasing adoption of energy-efficient and environmentally friendly technologies, such as tankless water heaters.
Furthermore, the rising number of residential units as a result of the growing middle-class population, particularly in emerging economies such as India and China, is likely to encourage the adoption of these solutions over the forecast period.
“Europe is expected to remain the largest market for tankless water heaters over the forecast period”.
The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, Europe is expected to remain the largest market for tankless water heaters over the forecast period due to an increase in manufacturing adoption and increasing consumer preferences for energy-efficient and cost-effective products.
Furthermore, rising demand from the commercial sector, which includes restaurants, hotels, and hospitals, is likely to boost the market growth. In addition, countries such as Switzerland, Germany, and the United Kingdom are boosting their use of tankless water heaters, which is driving the demand in the region.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tankless water heater market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our tankless water heater market report from the industry stakeholders, we have tried to further accentuate our research scope to the tankless water heater market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The tankless water heater market is segmented into the following categories:
By Product Type
By Application Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research:
Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
The tankless water heater market is likely to grow at a CAGR of 8.87% during 2023-2028.
The tankless water heater market was estimated at USD 3.23 billion in 2022.
The forecasted value of the tankless water heater market is expected to be USD 5.4 billion in 2028.
Europe is expected to remain the largest market for tankless water heaters over the forecast period due to an increase in manufacturing adoption and increasing consumer preferences for energy-efficient and cost-effective products.
The residential segment governs the global market. The key element driving the demand for these products in the residential sector is the increasing adoption of energy-efficient and environmentally friendly technologies, such as tankless water heaters.
The electric segment dominates the market. These heaters are simple to install and have a low installation cost. Furthermore, electric items are known for their extended lifespan and cheap operating costs.
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. are some of the key players in the market.
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