The report on the Tankless Water Heater Market has been launched by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2023-2028. The report also offers insights into different market segments and other factors affecting the market.
Tankless water heaters, commonly referred to as demand-type or instantaneous water heaters, deliver hot water only when it is required. They don't have the same standby energy losses as storage water heaters, which might help to save money. Tankless water heaters are becoming more technologically advanced, which is projected to expand their adoption in the coming years.
The tankless water heater market is estimated to grow rapidly over the forecast period due to the rapid use of these heaters in the residential and commercial sectors on account of their ability to save space and energy. Furthermore, many tankless water heaters have energy star ratings, making them both environmentally friendly and cost-effective for customers. As a result of these factors, the tankless water heater market is expected to grow at a promising CAGR of 7.8% during the forecast period.
COVID-19 IMPACT on the Market-
The COVID-19 pandemic has influenced almost all industries, little or large, dealing in any sector.
The growth curves of the Tankless Water Heater Market have witnessed an enormous ebb and flow in the year 2023. The market scenario and the pace of growth have taken a huge turn and have prompted numerous adjustments in the cycles. 2024 is probably going to be superior to 2023 for the Tankless Water Heater Market players as the greater part of the organizations have continued their activities and the interest is getting re-established for them.
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The Cornerstones in the market-
Most of the companies in the market are integrated across the value chain and are involved in raw material production, processing as well as manufacturing of finished products. The following are some of the key players in the tankless water heater market (alphabetically arranged):
- A. O. Smith
- Bradford White Corporation
- EcoSmart Green Energy Products, Inc.
- Navien Inc.
- Noritz America
- Rheem Manufacturing Company
- Rinnai Corporation
- Robert Bosch LLC
- Stiebel Eltron Inc.
- Takagi; Noritz America
Tankless Water Heater Market Segmentation:
By Product Type
The market for tankless water heater is segmented into electric and gas. The electric segment dominates the market. These heaters are simple to install and have a low installation cost. Furthermore, electric items are known for their extended lifespan and cheap operating costs. Additionally, unlike gas heaters, these heaters have a revolutionary design that allows them to be installed in a compact space and do not require any ventilation. Electric items also require less or no maintenance, but gas products require professional maintenance on a regular basis. As a result of these considerations, electric items are likely to be more useful than their gas counterparts.
By Application Type
The market is segmented into residential and commercial. The residential segment governs the global market. The key element driving the demand for these products in the residential sector is the increasing adoption of energy-efficient and environmentally-friendly technologies, such as tankless water heaters. Furthermore, the rising number of residential units as a result of the growing middle-class population, particularly in emerging economies such as India and China, is likely to encourage the adoption of these solutions over the forecast period.
Europe is expected to remain the largest market for tankless water heaters over the forecast period due to increase in manufacturing adoption and increasing consumer preferences for energy efficient and cost-effective products. Furthermore, rising demand from the commercial sector, which includes restaurants, hotels, and hospitals, is likely to boost the market growth. In addition, countries such as Switzerland, Germany, and the United Kingdom are boosting their use of tankless water heaters, which is driving the demand in the region.
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