Tankless Water Heater Market Overview
As per Maximize Market Research, a global business research and consultancy firm, the total global market for “Tankless Water Heater Market” size was valued at USD 3.68 Billion in 2022 and is expected to grow at a CAGR of 8.7% from 2023 to 2029, reaching nearly USD 6.65 Billion
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Tankless Water Heater Market Scope and Methodology
The report provides an estimation of the market size for the Tankless Water Heater market, encompassing an analysis of current and future trends. It offers a detailed examination of key developments, marketing strategies, supply and demand indicators, and company profiles of market owners, leaders, potential players, and new entrants. The Tankless Water Heater Market report adopts a bottom-up approach, utilizing both primary and secondary data sources. Primary research involves interviews with significant market leaders and industry experts, including business owners and marketing specialists. Secondary research involves reviewing the financial and annual reports of top manufacturers. To enhance understanding of market penetration, competitive landscape, demand analysis, and regional analysis, the report covers local, regional, and global levels. Segment-wise analysis of the Tankless Water Heater market is conducted based on specific criteria.
Dynamics of the Tankless Water Heater Market
Cost-effectiveness and Energy Efficiency
Tankless water heaters are becoming more and more popular due to their energy efficiency and possible cost savings. The standby energy losses connected with storage tank water heaters are eliminated with tankless water heaters, which heat water only when needed. These units can dramatically cut energy use and utility costs by only boiling water when necessary. The market for tankless water heaters is appealing since consumers are actively looking for energy-efficient equipment and are becoming more conscious of the impact that their energy usage has on the environment.
Tankless Water Heater Market Regional Insights
The report presents a comprehensive Regional Analysis, encompassing the current market status of various countries. It offers an in-depth assessment of factors influencing the market, including market size, growth rate, and import-export dynamics within each region. The analysis spans across local and country levels, providing a detailed outlook.
The Tankless Water Heater market is strategically divided into key regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each region’s unique market characteristics and potential are thoroughly examined, offering valuable insights for businesses and stakeholders seeking to understand the market landscape at a regional level.
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Tankless Water Heater Market Segmentation
by Product Type
Condensing
Non-Condensing
Hybrid
According to Product Type
The market for tankless water heaters is divided into three product categories: hybrid, non-condensing, and condensing. With a 50% market share, the condensing sector is the most well-liked one. With a 30% market share, the non-condensing sector is the second most popular one. With a 20% market share, the hybrid segment is the smallest.
by Energy Source
Electric
Gas
By Type of Energy
Gas and electric are the two energy source segments that make up the tankless water heater industry. With a 75% market share, the electric category is the dominant one. Gas holds a 25% market share. In locations with limited access to natural gas, electric tankless water heaters are more common. They are more efficient than gas tankless water heaters in areas with high electricity. Installing an electric tankless water heater is more expensive than one using gas. There are more gas tankless water heaters in areas with natural gas. They are more common than electric tankless water heaters in areas where electricity is less expensive. Electric water heaters require less maintenance than gas tankless ones.
by Distribution Channel
Online
Offline
By Mode of Distribution
By distribution channel, the tankless water heater market is divided into offline and online segments. By market share, offline is the most popular at 70%. Second place goes to the web segment, with a 30% market share. Hardware, plumbing, and home improvement stores are examples of offline distribution methods. Because clients can see and touch the products before purchasing, these channels are well-liked. In addition, they install tankless water heaters for clients who lack confidence. Online retailers include eBay and Amazon. Because they sell a large number of tankless water heaters at cheaper costs than offline channels, these channels are well-liked. They provide easy shipping and delivery options.
by End-User
Residential
Commercial
Industrial
Tankless Water Heater Market Key Players
1. Rheem Manufacturing Company (United States)
2. Noritz Corporation (United States)
3. Rinnai Corporation (Japan)
4. Navien, Inc. (South Korea)
5. A.O. Smith Corporation (United States)
6. Bradford White Corporation (United States)
7. Stiebel Eltron GmbH & Co. KG (Germany)
8. Takagi Industrial Co. Ltd. (Japan)
9. Eccotemp Systems LLC (United States)
10. Bosch Thermotechnology (Germany)
11. Vaillant Group (Germany)
12. Ariston Thermo Group (Italy)
13. Ferroli S.p.A. (Italy)
14. Baxi Heating UK Ltd (United Kingdom)
15. Groupe Atlantic (France)
16. Chaffoteaux (France)
17. Haier Group (China)
18. Calorex (Mexico)
19. Ecotermo (Argentina)
20. Heineken Tecate (Mexico)
21. Lorenzetti S.A. (Brazil)
22. Ecosol (Brazil)
23. Orbis Corporation (Argentina)
24. SABIC (Saudi Arabia)
25. Enerco Group (United Arab Emirates)
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Key questions answered in the Tankless Water Heater Market are:
- What is Tankless Water Heater?
- What was the Tankless Water Heater market size in 2022?
- What are the different segments of the Tankless Water Heater Market?
- What growth strategies are the players considering to increase their presence in Tankless Water Heater?
- What are the upcoming industry applications and trends for the Tankless Water Heater Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Tankless Water Heater Market?
- Who are the key players in the Tankless Water Heater market?
- What major challenges could the Tankless Water Heater Market face in the future?
- What segments are covered in the Tankless Water Heater Market?
- Who are the leading companies and what are their portfolios in Tankless Water Heater Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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