Tankless Water Heater Market Expected to Grow 5.3% By 2024
Globally, the revenue generated from sales of tankless water heaters was valued at $16.9 billion by the 2016 end, and is expected to increase at a CAGR of 5.3 percent through 2024, according to a new report from Persistence Market Research. See more here.
Tankless water heaters, also called inline, flash, instantaneous, continuous flow, on demand, or instant-on water heater are used to heat water on demand and instantly. Tankless water heaters are used in residential and commercial applications for water heating.
The source of energy can be electric or gas. Attributes such as low space utilization, high-energy efficiency, and superior service life of tankless water heaters are factors driving demand for tankless water heaters. Tankless water heaters are anticipated to be effective alternatives for high energy consuming conventional water heater. Tankless water heaters can be installed for residential as well as commercial use at indoor or outdoor locations depending on consumer requirements.
The condensing technology segment is anticipated to register the fastest growth due to growing consumer inclination towards energy efficient systems. Moreover, government initiatives to promote energy efficient systems via subsidies and rebates are anticipated to drive demand for condensing technology type tankless water heaters.
Tankless water heaters with condensing technology are slated to register CAGR of 6.9% over the forecast period. Sales volume of tankless water heaters is expected to increase from 26.74 million units in 2015 to 43.48 million units in 2024, increasing at a CAGR of 5.6% over the forecast period.
Europe accounted for the largest value share of the global tankless water heater market in 2015, and the market in the region is anticipated to expand at a CAGR of 3.8% over the forecast period. Sales volume of tankless water heater in Europe is projected to increase by 1.3 times between 2016 and 2024.
In terms of value and volume, North America is anticipated to register the highest growth, followed by Asia Pacific over the forecast period.
Read more about energy-saving water heaters.