Tankless Water Heater Market Size Worth $6.97 Billion By 2030 | CAGR: 8.5%

The global tankless water heaters market size is expected to reach USD 6.97 billion by 2030, according to a new study by Polaris Market Research. 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.

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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

Polaris Market Research 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