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Tankless Water Heater Market

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    Report

  • 118 Pages
  • December 2022
  • Region: Global
  • Polaris Market Research
  • ID: 5724163
The global tankless water heaters market size is expected to reach USD 6.97 billion by 2030, according to a new study. The report “Tankless Water Heaters Market Share, Size, Trends, Industry Analysis Report, By Product (Electric Tankless Water Heaters and Gas Tankless Water Heaters); By Energy Factor; By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The extensive rise in the demand for energy-efficient tankless water heaters and rapid urbanization, especially in developing countries, are major factors projected to boost the demand and growth of the global industry over the forecast period. Furthermore, integrating Wi-Fi connectivity for remote monitoring of water temperature and flow, coupled with the increasing number of advanced and innovative tankless heaters introduced by key global companies, is expected to impact the market’s growth positively.

For instance, in August 2022, Rheem introduced “Rheem IKONIC,” a condensing gas tank-less heater integrated with Wi-Fi Technology & super efficiency. IKONIC features a built-in recirculation pump and provides continuous hot water, which saves upto 12,000 gallons of water from being drained each year.

In recent years, products with features such as energy optimization, low stand-by losses, Wi-Fi connectivity, remote manageability, and advanced heating capabilities have been on the rise. In addition, various large companies like Bradford White, A.O. Smith, and Robert Bosch LLC are heavily investing in the deployment of innovative technologies and implementing several business developing strategies such as collaborations, acquisition, and new product launches, which is likely to contribute significantly to the market growth over the coming years.

For instance, in May 2022, Rinnai Corporation announced opening of a new production facility in Griffin, Georgia. With this production facility, the company can produce over 1200 RE Series tankless heaters daily. The facility is expected to provide the total global inventory of Company’s new RE series heaters for various residential applications and strengthen its position ahead of its competitors.

However, high initial investment required in setup and high cost of tankless water heaters compared to regular heaters available in the market is key factors expected to hamper the growth. Moreover, unavailability of appropriate equipment & high fluctuations in the supply of natural gas would restrain the market.

Tankless Water Heaters Market Report Highlights

  • Electric tankless water heaters accounted for a significant global revenue share, in 2021, due to their wide range of benefits, such as lower maintenance costs and easy to set up and install
  • Residential segment held a significant share in 2021, owing to a rapid increase in adoption of eco-friendly and energy-efficient tankless water heaters along with the rising number of residential and commercial applications
  • North America is expected to witness a growth throughout the forecast period, which is accelerated by increasing consumer awareness towards the availability of ecological products and high spending capacity of consumers in the region
  • The global players include A.O. Smith, Rheem Manufacturing, Robert Bosch, Whirlpool Corporation, and Bradford White Corporation

The publisher has segmented the tankless water heaters market report based on product, energy factor, application, and region:

Tankless Water Heaters, Product Outlook (Revenue - USD Billion, 2018 - 2030)

  • Electric Tankless Water Heaters
  • Gas Tankless Water Heaters

Tankless Water Heaters, Application Outlook (Revenue - USD Billion, 2018 - 2030)

  • Residential
  • Commercial

Tankless Water Heaters, Energy Factor Outlook (Revenue - USD Billion, 2018 - 2030)

  • 80 to 0.90
  • 91 to 0.99

Tankless Water Heaters, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

  • North America
  • U.S
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
Frequently Asked Questions about the Tankless Water Heater Market

What is the estimated value of the Tankless Water Heater Market?

The Tankless Water Heater Market was estimated to be valued at $3.64 billion in 2022.

What is the growth rate of the Tankless Water Heater Market?

The growth rate of the Tankless Water Heater Market is 8.5%, with an estimated value of $6.97 billion by 2030.

What is the forecasted size of the Tankless Water Heater Market?

The Tankless Water Heater Market is estimated to be worth $6.97 billion by 2030.

Who are the key companies in the Tankless Water Heater Market?

Key companies in the Tankless Water Heater Market include A.O. Smith, Rheem Manufacturing, Bradford White Corporation, Noritz America, Navien Inc., Rinnai Corporation, Robert Bosch LLC, Bajaj Electricals Ltd. and Hubbell Electric Heater Company.

Table of Contents

1. Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary
2.1. Market Highlights

3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources

4. Global Tankless Water Heater Market Insights
4.1. Tankless Water Heater - Industry Snapshot
4.2. Tankless Water Heater Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Rising adoption of the tankless water heater in the residential and commercial area
4.2.1.2. Increasing consumer concerns over the substantial use of the energy
4.2.2. Restraints and Challenges
4.2.2.1. High cost of a tankless heater
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Tankless Water Heater Market Industry Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Tankless Water Heater Market, by Product
5.1. Key Findings
5.2. Introduction
5.2.1. Global Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
5.3. Electric Tankless Water Heater
5.3.1. Global Tankless Water Heater Market, by Electric Tankless Water Heater, by Region, 2018 - 2030 (USD Billion)
5.4. Gas Tankless Water Heater
5.4.1. Global Tankless Water Heater Market, by Gas Tankless Water Heater, by Region, 2018 - 2030 (USD Billion)

6. Global Tankless Water Heater Market, by Energy Factor
6.1. Key Findings
6.2. Introduction
6.2.1. Global Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
6.3. 0.80 to 0.90
6.3.1. Global Tankless Water Heater Market, by 0.80 to 0.90, by Region, 2018 - 2030 (USD Billion)
6.4. 0.91 to 0.99
6.4.1. Global Tankless Water Heater Market, by 0.91 to 0.99, by Region, 2018 - 2030 (USD Billion)

7. Global Tankless Water Heater Market, by Application
7.1. Key Findings
7.2. Introduction
7.2.1. Global Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
7.3. Residential
7.3.1. Global Tankless Water Heater Market, by Residential, by Region, 2018 - 2030 (USD Billion)
7.4. Commercial
7.4.1. Global Tankless Water Heater Market, by Commercial, by Region, 2018 - 2030 (USD Billion)

8. Global Tankless Water Heater Market, by Geography
8.1. Key findings
8.2. Introduction
8.2.1. Tankless Water Heater Market Assessment, By Geography, 2018 - 2030 (USD Billion)
8.3. Tankless Water Heater Market - North America
8.3.1. North America: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.3.2. North America: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.3.3. North America: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.3.4. Tankless Water Heater Market - U.S.
8.3.4.1. U.S.: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.3.4.2. U.S.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.3.4.3. U.S.: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.3.5. Tankless Water Heater Market - Canada
8.3.5.1. Canada: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.3.5.2. Canada.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.3.5.3. Canada: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4. Tankless Water Heater Market - Europe
8.4.1. Europe: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.2. Europe.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.3. Europe: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.4. Tankless Water Heater Market - UK
8.4.4.1. UK: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.4.2. UK.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.4.3. UK: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.5. Tankless Water Heater Market - France
8.4.5.1. France: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.5.2. France.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.5.3. France: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.6. Tankless Water Heater Market - Germany
8.4.6.1. Germany: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.6.2. Germany.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.6.3. Germany: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.7. Tankless Water Heater Market - Italy
8.4.7.1. Italy: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.7.2. Italy.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.7.3. Italy: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.8. Tankless Water Heater Market - Spain
8.4.8.1. Spain: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.8.2. Spain.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.8.3. Spain: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.9. Tankless Water Heater Market - Netherlands
8.4.9.1. Netherlands: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.9.2. Netherlands.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.9.3. Netherlands: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.4.10. Tankless Water Heater Market - Russia
8.4.10.1. Russia: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.4.10.2. Russia.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.4.10.3. Russia: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5. Tankless Water Heater Market - Asia Pacific
8.5.1. Asia Pacific: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.2. Asia Pacific.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.3. Asia Pacific: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5.4. Tankless Water Heater Market - China
8.5.4.1. China: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.4.2. China.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.4.3. China: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5.5. Tankless Water Heater Market - India
8.5.5.1. India: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.5.2. India.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.5.3. India: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5.6. Tankless Water Heater Market - Malaysia
8.5.6.1. Malaysia: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.6.2. Malaysia.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.6.3. Malaysia: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5.7. Tankless Water Heater Market - Japan
8.5.7.1. Japan: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.7.2. Japan.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.7.3. Japan: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5.8. Tankless Water Heater Market - Indonesia
8.5.8.1. Indonesia: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.8.2. Indonesia.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.8.3. Indonesia: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.5.9. Tankless Water Heater Market - South Korea
8.5.9.1. South Korea: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.5.9.2. South Korea.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.5.9.3. South Korea: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.6. Tankless Water Heater Market - Middle East & Africa
8.6.1. Middle East & Africa: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.6.2. Middle East & Africa.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.6.3. Middle East & Africa: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.6.4. Tankless Water Heater Market - Saudi Arabia
8.6.4.1. Saudi Arabia: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.6.4.2. Saudi Arabia.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.6.4.3. Saudi Arabia: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.6.5. Tankless Water Heater Market - UAE
8.6.5.1. UAE: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.6.5.2. UAE.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.6.5.3. UAE: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.6.6. Tankless Water Heater Market - Israel
8.6.6.1. Israel: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.6.6.2. Israel.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.6.6.3. Israel: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.6.7. Tankless Water Heater Market - South Africa
8.6.7.1. South Africa: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.6.7.2. South Africa.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.6.7.3. South Africa: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.7. Tankless Water Heater Market - Latin America
8.7.1. Latin America: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.7.2. Latin America.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.7.3. Latin America: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.7.4. Tankless Water Heater Market - Mexico
8.7.4.1. Mexico: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.7.4.2. Mexico.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.7.4.3. Mexico: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.7.5. Tankless Water Heater Market - Brazil
8.7.5.1. Brazil: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.7.5.2. Brazil.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.7.5.3. Brazil: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)
8.7.6. Tankless Water Heater Market - Argentina
8.7.6.1. Argentina: Tankless Water Heater Market, by Product, 2018 - 2030 (USD Billion)
8.7.6.2. Argentina.: Tankless Water Heater Market, by Application, 2018 - 2030 (USD Billion)
8.7.6.3. Argentina: Tankless Water Heater Market, by Energy Factor, 2018 - 2030 (USD Billion)

9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
9.1.1. Expansion
9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles
10.1. A.O. Smith
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Recent Development
10.2. Rheem Manufacturing
10.2.1. Company Overview
10.2.2. Financial Performance
10.2.3. Product Benchmarking
10.2.4. Recent Development
10.3. Bradford White Corporation
10.3.1. Company Overview
10.3.2. Financial Performance
10.3.3. Product Benchmarking
10.3.4. Recent Development
10.4. Noritz America
10.4.1. Company Overview
10.4.2. Financial Performance
10.4.3. Product Benchmarking
10.4.4. Recent Development
10.5. Navien Inc
10.5.1. Company Overview
10.5.2. Financial Performance
10.5.3. Product Benchmarking
10.5.4. Recent Development
10.6. Rinnai Corporation
10.6.1. Company Overview
10.6.2. Financial Performance
10.6.3. Product Benchmarking
10.6.4. Recent Development
10.7. Robert Bosch
10.7.1. Company Overview
10.7.2. Financial Performance
10.7.3. Product Benchmarking
10.7.4. Recent Development
10.8. Bajaj Electricals
10.8.1. Company Overview
10.8.2. Financial Performance
10.8.3. Product Benchmarking
10.8.4. Recent Development
10.9. Whirlpool Corporation
10.9.1. Company Overview
10.9.2. Financial Performance
10.9.3. Product Benchmarking
10.9.4. Recent Development
10.10. Hubbell Electric Heater
10.10.1. Company Overview
10.10.2. Financial Performance
10.10.3. Product Benchmarking
10.10.4. Recent Development
10.11. Stiebel Eltron
10.11.1. Company Overview
10.11.2. Financial Performance
10.11.3. Product Benchmarking
10.11.4. Recent Development
10.12. EcoSmart Green Energy Products
10.12.1. Company Overview
10.12.2. Financial Performance
10.12.3. Product Benchmarking
10.12.4. Recent Development
10.13. Ariston Thermo
10.13.1. Company Overview
10.13.2. Financial Performance
10.13.3. Product Benchmarking
10.13.4. Recent Development
10.14. Haier Smart Home
10.14.1. Company Overview
10.14.2. Financial Performance
10.14.3. Product Benchmarking
10.14.4. Recent Development
10.15. Lennox International
10.15.1. Company Overview
10.15.2. Financial Performance
10.15.3. Product Benchmarking
10.15.4. Recent Development

Companies Mentioned

  • A.O. Smith
  • Rheem Manufacturing
  • Bradford White Corporation
  • Noritz America
  • Navien Inc.
  • Rinnai Corporation
  • Robert Bosch LLC
  • Bajaj Electricals Ltd.
  • Whirlpool Corporation
  • Hubbell Electric Heater Company
  • Stiebel Eltron Inc.
  • EcoSmart Green Energy Products
  • Ariston Thermo Spa
  • Haier Smart Home Co. Ltd.
  • Lennox International Inc.