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The rising standard of living and consumers’ growing preference for energy-efficient products are expected to continue to drive Tankless Water Heaters Market growth.
Tankless Water Heater Market is poised to achieve a significant milestone, reaching a value of USD $7.9 billion by 2030. This growth is expected to be driven by a robust CAGR of 8.1% from the year 2023 to 2030. Globally, the market was seeing significant expansion growth and adoption. Tankless water heaters, also known as on-demand or instantaneous water heaters, have been gaining popularity due to their energy efficiency, space-saving design, and long-term cost savings. The growth of the this is driven by the increasing demand for energy-efficient water heating solutions. Tankless water heaters are more energy-efficient than traditional water heaters, which can save homeowners money on their energy bills. Additionally, tankless water heaters are more compact than traditional water heaters, which makes them a good option for homes with limited space
Tankless Water Heater Market Current and Future Trends
According to information from energy.gov, demand technology water heaters can achieve energy efficiency levels 26% to 35% higher than those of traditional storage tank water heaters when used in households with a daily hot water demand of 41 gallons or less.
In 2022, the electric tankless water heaters segment held a commanding market share of approximately 72.0%. Electric units are favored for their extended lifespan and cost-effectiveness in terms of ongoing maintenance and replacement expenditures.
In the broader market context, the residential application segment claimed a significant share of 74%. The increasing preference for environmentally-friendly and energy-saving products, such as tankless water heaters, stands out as the key driver behind the growing demand for such items within the domestic sector.
The increasing popularity of tankless water heaters in emerging markets: Tankless water heaters are becoming more popular in emerging markets, as these markets are experiencing rapid economic growth and urbanization. This is expected to drive demand for tankless water heaters in the coming years.
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Tankless Water Heater Market Report – Scope:
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The top 10 players in the Tankless Water Heater industry are:
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