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Electric Tankless Water Heater Market Analysis by Type (Condensing, and Non-Condensing); by Energy Factor (0.80 to 0.90 EF, and 0.91 to 0.99 EF); by Installation (Indoor Tankless Water Heater, and Outdoor Tankless Water Heater); by Features (Manual, and Remote Control); and by Application (Residential, and Commercial)– Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Buy Now Report ID: 107 | Published Date: Feb 14, 2023

Market Segmentation

Our in-depth analysis of the global electric tankless water heater market includes the following segments:

By Type

  • Condensing
  • Non-Condensing

By Energy Factor

  • 0.80 to 0.90 EF
  • 0.91 to 0.99 EF

By Installation

  • Indoor Tankless Water Heater
  • Outdoor Tankless Water Heater

By Features

  • Manual
  • Remote Control

By Application

  • Residential
  • Commercial


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Electric-Tankless-Water-Heater-Market
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Major Macro-Economic Indicators Impacting the Market Growth

/Electricity-Consumption-Sector

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Electric Tankless Water Heater Market Regional Synopsis

Regionally, the global electric tankless water heater market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Europe is projected to hold the largest market share by the end of 2031 backed by the growing adoption of low carbon electricity generation, adoption of energy efficient products, and increased demand for substitutions of conventional water heaters. As per a report by the European Commission, the European Commission has approved a series of guidelines to make the EU's energy, transportation, and climate systems capable of lowering net carbon gas emissions by at least 55% by 2030.

Electric-Tankless-Water-Heater-Market-Scope

The global electric tankless water heater market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


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Top Featured Companies Dominating the Global Electric Tankless Water Heater Market

top-features-companies
    • A. O. Smith Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Rinnai Corporation
    • Noritz America Corporation
    • Robert Bosch GmbH
    • Rheem Manufacturing Company
    • Whirlpool Corporation
    • Stiebel Eltron, Inc.
    • Navien, Inc.
    • Bajaj Electricals Ltd.
    • Haier Smart Home Co., LTD.

In-the-news

In The News

  • Rinnai Corporation has introduced the new and improved SENSEI RSC Condensing Tankless Water Heater, featuring Rinnai's Smart-Circ Intelligent Recirculation Technology. In Smart-Circ, customers do not require external controllers to provide recirculation, so installation is easier.
  • Navien, Inc. has introduced the brand new NPE-2 series which is the biggest revise to condensing tankless water heaters. The NPE-2 is designed with a multitude of high-efficiency features, including a turndown ratio of up to 15:1, EZNav multi-line control integrated with intuitive software, and easy-to-use Setup Wizard.

preview-analysis

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


Author Credits:  Abhishek Verma, Hetal Singh


Key Questions Answered in the Report

1) What are the major factors driving the growth of the electric tankless water heater market?

Ans: Emerging economies, increasing awareness for energy efficiency, and infrastructural developments in low and middle income countries are some major factors driving the growth of the market.

2) What would be the CAGR of electric tankless water heater market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the electric tankless water heater market growth?

Ans: Temporary shutdown of manufacturing centers, lack of workforce, and disruptions in raw material supply are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of electric tankless water heater market in future?

Ans: The market in region Europe is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the electric tankless water heater market?

Ans: The major players in the market are A. O. Smith Corporation, Rinnai Corporation, Noritz America Corporation, Robert Bosch GmbH, Rheem Manufacturing Company, Whirlpool Corporation, Stiebel Eltron, Inc., Navien, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the electric tankless water heater market?

Ans: The market is segmented by type, energy factor, installation, features, application, and by region.

8) Which segment captures the largest market size in application segment in the electric tankless water heater market?

Ans: The commercial segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.

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