Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Tankless Water Heater Market size is expected to reach $9.4 billion by 2028, rising at a market growth of 6.7% CAGR during the forecast period.
The Non-Condensing segment is showcasing a CAGR of 8.7% during (2022 - 2028). The rising growth of the segment is owing to the energy efficiency of this type of heater. Non-condensing tankless water heaters have a longer lifespan because less corrosion and deterioration are caused by the excess heat generated during the heat exchange operation. In non-condensing technology, the water is heated to the required temperature using just one heat exchanger.
The Electric segment acquired maximum revenue share in the Global Tankless Water Heater Market by Energy Source 2021 thereby, achieving a market value of $6.9 billion by 2028. During the forecast period, demand for electric tankless water heaters is anticipated to increase across a variety of applications, including commercial, residential, and industrial. Moreover, the bolstering growth of this segment can be ascribed to the high durability and life span of electric tankless water heaters. Water heaters can work longer than others.
The 0.80 to 0.90 EF segment has shown the growth rate of 8.5% during (2022 - 2028). Customers with lesser disposable income prefer 0.80 to 0.79 EF, bearing in mind improved energy efficiency at affordable rates, due to rising demand caused by the availability of a wide range of items as well as affordability being an essential element.
The Commercial segment is generating highest revenue share the Global Tankless Water Heater Market by End User 2021, thereby, achieving a market value of $5.9 billion by 2028. This growth of the segment is majorly ascribed to the rapid expansion of the tourism and travel industry, which in turn increases building, hotel, and restaurant construction, which is expected to fuel market growth over the forecast period.
The Europe market dominated the Global Tankless Water Heater Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,246.7 million by 2028. The North America market is exhibiting a CAGR of 6.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 7.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Energy Source
By Energy Factor
By End User
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