Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Electric Tankless Water Heater Market size was valued at USD 7.74 billion in 2024 and is set to exceed USD 23.17 billion by 2037, registering over 8.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of electric tankless water heater is estimated at USD 8.32 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.
