The Europe Tankless Water Heater Market would witness market growth of 6.2% CAGR during the forecast period (2022-2028).
The standby losses related to hot water heating may be lessened with the use of tankless water heaters. In various countries, tankless water heaters are quite popular. They still have a very limited presence in both the commercial and residential industries, even though they are gradually becoming more widespread in the residential sector of various developed and developing countries. When hot water is needed, a tankless water heater uses heating elements that are turned on by the flow of water (e.g. if a user takes a hot shower, etc.).
The tankless water heater immediately heats the water as it is being used. There is no storage tank because hot water is not kept warm in advance of use. Electric and natural gas variants of tankless water heaters are both available. The heating elements in electric tankless water heaters turn electrical energy into heat, and they are frequently positioned so that they are in direct contact with the water, allowing heat to be transmitted into the flow. When the water flow starts, the electric elements warm up, and when it stops, they cool down.
As a result of widespread product uptake and a movement in customer choice toward affordable and energy-efficient products, the U.K. is one of the most prominent nations in this sector. In addition, major manufacturers in the UK are investing extensively in R&D initiatives to improve consumer experiences and lower operating costs. Market expansion in the nation is anticipated to be driven by the introduction of devices with characteristics, like advanced heating capabilities, energy optimization, minimal standby losses, remote control, and Wi-Fi integration. Additionally, it is anticipated that the existence of significant market leaders like Bradford White Corp., Rinnai Corp., A.O. Smith Corporation, Robert Bosch GmbH, and others will positively affect the demand for tankless water heaters in the U.K.
The Germany market dominated the Europe Tankless Water Heater Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $747.3 million by 2028. The UK market is anticipated to grow at a CAGR of 5.3% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 7% during (2022 - 2028).
Based on Type, the market is segmented into Condensing and Non-Condensing. Based on Energy Source, the market is segmented into Electric and Gas. Based on Energy Factor, the market is segmented into 0.91 to 0.99 EF and 0.80 to 0.90 EF. Based on End User, the market is segmented into Commercial and Residential. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Tankless Water Heater Market will Hit $9.4 Billion by 2028, at a CAGR of 6.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include A. O. Smith Corporation, Robert Bosch GmbH, Stiebel Eltron GmbH & Co. KG, Takagi Seiko Co., Ltd., Kyungdong Navien Co., Ltd., Noritz Corporation, Bradford White Corporation, EcoSmart Green Energy Products, Inc., Rinnai Corporation, and Rheem Manufacturing Company.
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By Energy Source
By Energy Factor
By End User
By Country
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