The global tankless water heater market size was valued at $6.3 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.
A tankless water heater, also known as an on-demand water heater or instantaneous water heater, is a type of water heating system that heats water directly as it is needed, without the use of a storage tank. Unlike traditional water heaters that store and continuously heat a large volume of water, tankless water heaters heat water on-the-fly, providing hot water instantly when a tap or fixture is turned on.
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Commercial is the fastest-growing application segment in the global tankless water heater market, expected to grow at a CAGR of 7.1% during 2022–2031.
The key players that operate in the tankless water heater market are profiled in the report, which include A.O. Smith, Bradford White Corporation, EcoSmart Energy Products, Inc., General Electric, Noritz Corporation, Navien, Inc., Robert Bosch GmbH, Stiebel Eltron, Inc., Westinghouse Electric Corporation, and V-Guard Industries, Ltd. Other players that operate in the value chain of the global tankless water heater market include Takagi, Rheem Manufacturing, Co., Bajaj Electricals Ltd., Atmor, Hubbel Electric Water Heater Company, Rinnai Corporation, and others.
Energy Efficiency: Tankless water heaters are more energy-efficient than traditional storage tank water heaters because they only heat water when it’s needed. There is no standby heat loss associated with keeping a large tank of water continuously hot.
Endless Hot Water: Tankless water heaters provide a continuous supply of hot water. Since water is heated on-demand, there is no risk of running out of hot water.
Space Savings: Tankless water heaters are compact and wall-mounted, saving valuable space compared to bulky storage tank water heaters.
Longevity: Tankless water heaters typically have a longer lifespan than storage tank water heaters. They often come with longer warranties as well.
Reduced Risk of Water Damage: Since tankless water heaters do not store water, there is no risk of water leakage from a failing tank.
Europe is expected to grow at the fastest rate, registering a CAGR of 7.4%, throughout the forecast period.
In 2021, Europe dominated the global tankless water heater market with more than 31.4% of the share, in terms of revenue.
These water heaters have proved to be very useful in commercial as well as residential sectors, which, in turn, gives traction to the tankless water heater market growth globally. There are numerous advantages associated with tankless water heaters such as compactness, energy & cost saving, and efficiency. Hence, to improve global sales, manufacturers of tankless water heaters have developed new and innovative tankless water heaters, which are cost-effective in design.
In 2021, the condensing segment accounted for about 62.7% of the share in the global tankless water heater market, and is expected to maintain its dominance till the end of the forecast period.
In 2021, the electric segment accounted for 56.7% tankless water heater market share in the year 2021, and is anticipated to grow at a rate of 7.3% in terms of revenue, increasing its share in the global tankless water heater market.
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Cold Water Inlet: When a hot water tap is opened in the house, cold water enters the tankless water heater through the inlet.
Heating Element: Inside the tankless water heater, there is a heating element, typically powered by electricity or gas (natural gas or propane). The heating element quickly heats the water as it passes through.
Heat Exchanger: In a gas tankless water heater, a heat exchanger transfers heat from the burners to the flowing water. In an electric tankless water heater, the heating element directly heats the water.
Flow Sensor: The tankless water heater has a flow sensor that detects when water is flowing. This triggers the heating element to turn on and start heating the water.
Hot Water Outlet: The heated water then exits the tankless water heater and travels through the pipes to the tap or fixture where hot water is needed.
Rise in demand for tankless water heater from residential consumers, rapid growth of smart city infrastructure, and rise in investment toward upgradation of aged government infrastructure are the key factors that significantly contribute toward the growth of the global tankless water heater market.
Europe garnered a dominant share in 2021, and is anticipated to maintain this dominance in the tankless water heater market during the forecast period. This is attributed to presence of key players and huge consumer base in the region.
In addition, tankless water heaters have gained importance owing to increase in electrification rate, rise in disposable income in European economies, and rapid urbanization, which, in turn, is expected to augment the growth of the tankless water heater market during the forecast period.
Impact of Covid-19
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Decrease has been witnessed in the growth rate of the industries such as construction & building, transportation, oil & gas, automotive, and energy sectors owing to the lockdown imposed, globally.
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Tankless water heater is a heating equipment that heats water by using electricity or gas as its energy sources. It is different from traditional or tanked water heaters as it does not store water and heats water as water passes through the heating units in a short time. There is a water flow sensor in tankless water heaters that starts automatically when it senses the water flow.
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