The North America Tankless Water Heater Market would witness market growth of 6.3% CAGR during the forecast period (2022-2028).
The most common inefficiency with storage tank water heaters, known as standby losses, is caused by the storage of heated water in the tank. Standby losses, which account for 10 to 20% of a household's annual water heating costs, are the heat that is transferred and radiated from the tank walls and via the flue pipe in gas-fired water heaters. The heater must run occasionally even if no hot water is collected from the tank because standby losses cause the water's temperature to drop.
Storage tank systems and recirculating-loop water heating systems are the two most prevalent forms of water heating technologies in the commercial sector. A hot water storage tank is also often included in recirculating-loop water heating systems. However, hot water is continually pumped around a distribution loop, from which individual customers draw hot water as needed, in order to shorten the wait time for heated water at the faucet or point-of-use. The heater must run intermittently to maintain the water's temperature due to standby losses, which in addition to losses for storage tank systems also include heat lost through the distribution loop of recirculating-loop systems.
Over the next few years, it is anticipated that tankless water heater demand in the US market would increase dramatically. The growing demand for tankless water heaters in the commercial sector and technological advancements in the industry are driving the regional market. According to data made released by the US Department of Energy, almost every home in the country has at least one installed water heater. The unpredictable weather is another element influencing the demand for tankless water heaters in the US. The average U.S. temperature in 2019 was 40.7F / 4.8C, according to the National Oceanic and Atmospheric Administration (NOAA). As a result, tankless water heater demand is anticipated to increase dramatically across the United States.
The US market dominated the North America Tankless Water Heater Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,980.3 million by 2028. The Canada market is poised to grow at a CAGR of 8.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 7.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Tankless Water Heater Market is Estimated to reach $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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