Tankless Water Heater Market Expected to Grow 5.3% Through 2024
Tankless water heaters are a common product in high-performance homes, and as more homeowners look for green options, the market is expected to grow steadily.
The revenue generated from sales of tankless water heater market is estimated to be valued at $16.9 billion by the end of 2016, and is expected to increase at an annual growth rate of 5.3 percent during 2016–2024, according to Persistence Marketing Research. www.persistencemarketresearch.com/market-research/tankles...
Tankless water heaters are used in residential and commercial applications for water heating. The source of energy can be electric or gas.
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.
Attributes such as low space utilization, high energy efficiency, and superior service life of tankless water heaters are factors driving demand for a tankless water heater.
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 requirement.
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 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 26,740 thousand units in 2015 to 43,484 thousand 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 1.3X 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.
Some of the largest companies in the global tankless water heater market include A. O. Smith, Ariston Thermo Group, Kyungdong Navien Co.,Ltd., Rinnai Corporation and Rheem Manufacturing Company. Other market players include Stiebel Eltron GmbH & Co. KG, Noritz America Corp., Bradford White Corp., Haier Electronics Group Co, Ltd., and Bajaj Electricals Ltd.
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