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Electric Tankless Water Heater Market Size & Share, by Type (Condensing, Non-Condensing); Energy Factor (0.80 to 0.90 EF, 0.91 to 0.99 EF); Installation (Indoor Tankless Water Heater, Outdoor Tankless Water Heater); Features (Manual, Remote Control); Application (Residential, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 107
  • Published Date: Sep 30, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Electric Tankless Water Heater Market size was over USD 7.11 billion in 2023 and is projected to exceed USD 21.28 billion by 2036, witnessing over 8.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric tankless water heater is assessed at USD 7.61 billion.

Further, the market generated a revenue of USD 6 Billion in the year 2021. The growth of the market can primarily be attributed to the worldwide expansion of green buildings. For instance, till 2020, there were approximately 130,000 green buildings in the world.

Tankless water heaters, also referred as, instant or on-demand water heaters. Unlike conventional tank-style water heaters, which use electricity continuously to retain a hot water supply, tankless water heaters use electricity only when you turn on a hot water tap or use appliances. Their such energy sustainability factor is a major thing which is leading their market growth. As per a report, an electric tankless water heater saves up to 36% more energy than a storage tank water heater.

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Electric Tankless Water Heater Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Awareness for Energy Efficiency- Energy efficiency is one of the easiest and most affordable way to tackle climate change and to lessen consumer energy costs. According to the data provided by the IEA, global energy intensity - a key determines of the economy's energy efficiency - was grew by 1.9% in 2021, up from 0.5% in 2020.
  • Emerging Economies- The global economic growth is still strengthening, which is leading to embrace new technology and rising up the standard of living. An approximately 6% growth was recorded in the global economy in 2021.
  • Increasing Adoption of IoT in Home Management- Currently lots of people are seeking IoT based home management devices for the ease of living. For example, Bluetooth-based automation, ZigBee and GSM are extensively used wireless technologies. The number of IoT devices is estimated to reach approximately 42 billion by the 2025.
  • Infrastructural Developments in Low and Middle Income Countries- Private investment in low- and middle-income countries infrastructure is evolving the economic status of low and middle income countries. According to the data provided by the World Bank, in 2021, private investment agreements in low- and middle-income countries topped USD 76.2 billion, increased by 49% from 2020.

Challenges

  • Temporary Shutdown of Manufacturing Centers
  • Lack of Workforce
  • Disruptions in Raw Material Supply

Electric Tankless Water Heater Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

8.8%

Base Year Market Size (2023)

USD 7.11 billion

Forecast Year Market Size (2036)

USD 21.28 billion

Regional Scope
  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electric Tankless Water Heater Segmentation

The global electric tankless water heater market is segmented and analyzed for demand and supply by application into residential and commercial. Out of these, commercial segment is expected to hold the highest growth over the forecast period owing to the fast progression in tourism sector, which in turn boosts the construction of hotels, buildings, and restaurants. Between January and March 2022, there was a 184% increase in international travel.

Our in-depth analysis of the global 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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Industry - Regional Synopsis

Europe Market Statistics

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. Europe is likely to account for largest revenue share by 2036, backed by 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 2036.

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Companies Dominating the Electric Tankless Water Heater Landscape

    • 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

  • 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.

Author Credits:  Abhishek Verma


  • Report ID: 107
  • Published Date: Sep 30, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

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

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

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.

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.
Electric Tankless Water Heater Market Report Scope

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