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Tankless Water Heater Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024

  • Published: Dec 2020
  • Pages: 120
  • SKU: IRTNTR44906
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The Tankless Water Heater Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analysing the growth of -5.45% and CAGR of 4% with USD 1.07 billion during the forecast period 2021 to 2026.   

This tankless water heater market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers tankless water heater market segmentation by product (electric and gas), geography (Europe, APAC, North America, South America, and MEA), and end-user (residential and commercial). The tankless water heater market report also offers information on several market vendors, including A. O. Smith Corp., Ariston Thermo Spa, Bradford White Corp., Dometic Group AB, Haier Smart Home Co. Ltd., NORITZ Corp., Rheem Manufacturing Co., Rinnai Corp., Robert Bosch GmbH, and Westinghouse Electric Corp. among others.

What will the Tankless Water Heater Market Size be During the Forecast Period?

Tankless Water Heater Market Size

Download Report Sample to Unlock the Tankless Water Heater Market Size for the Forecast Period and Other Important Statistics

Parent Market Analysis

Our Technavio Research categorizes the global  tankless water heater market belonging to household appliances industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the tankless water heater market during the forecast period.

Tankless Water Heater Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2019 as the base year, and 2020 as estimated year.

Key Tankless Water Heater Market Driver

One of the key factors driving growth in the tankless water heater market is the technological innovations in design and higher efficiency. The increase in the global demand for water heating systems has led to the introduction of tankless water heaters that are innovative in terms of design and efficiency. The increased sales of tankless water heaters in residential and commercial establishments have influenced vendors to launch products that meet the evolved design choices of customers. The demand for a specific design depends on the place and ambiance of installation. For instance, tankless water heaters used in residential establishments are designed for mild use for both indoor and outdoor installation. Tankless water heaters used in commercial establishments must be classy, modern, and innovative with higher efficiency. Many players in the global tankless water heater market, such as A. O. Smith, and NORITZ AMERICA, offer heavy-duty, square-shaped, cylindrical, and rack system tankless water heaters that are specifically designed for high-volume use. Vendors are incorporating technological advances in tankless water heaters, especially in terms of efficiency; for example, the incorporation of new features for easy installation, operation, and maintenance. The rising competency among manufacturers in the global tankless water heater market will lead to increased innovation and product offerings, consecutively leading to the increased use of the product during the forecast period. 

Key Tankless Water Heater Market Challenge

The high operational and installation cost will be a major challenge for the tankless water heater market during the forecast period. The adoption of tankless water heaters has several costs associated with it apart from the cost of the water heater. The average cost of installing a single unit of tankless water heater is approximately USD 1,700. Homeowners need to spend between USD 900 and USD 2,700 on installation, depending on the model and other factors like labor cost, which are influential. For instance, the average hourly rate of a professional plumber in the US ranges between USD 40 and USD 160 that can yield a total labor cost of USD 100- USD460. Some of the other costs related to the installation of tankless water heaters include certain necessary parts, such as gas connector kit, termination vent kit, mounting hardware, and two-piece lead-free brass valve set, along with fittings. The installation cost of tankless water heaters also depends on the cost of the heating unit. For instance, the single point electric heating unit costs around USD 200 each, while the high-end gas models that are installed for the entire house can cost around USD 1,000. This high installation cost of tankless water heaters discourages users from investing heavily and restricts the demand for tankless water heaters. 

This tankless water heater market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Who are the Major Tankless Water Heater Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • A. O. Smith Corp.
  • Ariston Thermo Spa
  • Bradford White Corp.
  • Dometic Group AB
  • Haier Smart Home Co. Ltd.
  • NORITZ Corp.
  • Rheem Manufacturing Co.
  • Rinnai Corp.
  • Robert Bosch GmbH
  • Westinghouse Electric Corp.

 

This statistical study of the tankless water heater market encompasses successful business strategies deployed by the key vendors. The tankless water heater market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • A. O. Smith Corp. - The company offers a wide range of tankless water heaters. Through the North American segment, the company offers a broad range of products in North America, including water heaters, water treatment products, and others. Through the Rest of World segment, the company manufactures and markets water treatment products, including residential reverse osmosis products; air purification products; and range hoods and cooktops in China.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The tankless water heater market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Tankless Water Heater Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of tankless water heater market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Tankless Water Heater Market?

Tankless Water Heater Market Share by Geography

For more insights on the market share of various regions Request PDF Sample now!

41% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for tankless water heaters in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The tankless water heater market in APAC witnessed significant growth in 2017 and is expected to grow consistently during the forecast period with major contributions stemming from countries such as Japan, Australia, China, India, and New Zealand. The huge growth of the gas distribution system and the ready availability of gas in China have led to the increased demand for gas tankless water heaters. This will facilitate the tankless water heater market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Tankless Water Heater Market?

Tankless Water Heater Market Share

To gain further insights on the market contribution of various segments Request a PDF Sample

The tankless water heater market share growth by the electric tankless water heater segment will be significant during the forecast period. The global electric tankless water heater market is expected to witness significant growth during the forecast period. Factors such as the increased demand for electric tankless water heaters from developing countries such as Brazil and India and the various features and benefits associated with electric tankless water heaters drive the growth of the market.

This report provides an accurate prediction of the contribution of all the segments to the growth of the tankless water heater market size and actionable market insights on post-COVID-19 impact on each segment.

 

Tankless Water Heater Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 4%

Market growth 2020-2024

$ 1.07 billion

Market structure

Fragmented

YoY growth (%)

-5.45

Regional analysis

Europe, APAC, North America, South America, and MEA

Performing market contribution

APAC at 41%

Key consumer countries

US, UK, Germany, China, Japan, and France

Competitive landscape

Leading companies, Competitive Strategies, Consumer engagement scope

Key companies profiled

A. O. Smith Corp., Ariston Thermo Spa, Bradford White Corp., Dometic Group AB, Haier Smart Home Co. Ltd., NORITZ Corp., Rheem Manufacturing Co., Rinnai Corp., Robert Bosch GmbH, and Westinghouse Electric Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Tankless Water Heater Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive tankless water heater market growth during the next five years
  • Precise estimation of the tankless water heater market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the tankless water heater market industry across Europe, APAC, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of tankless water heater market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Electric tankless water heater - Market size and forecast 2019-2024
    • Gas tankless water heater - Market size and forecast 2019-2024
    • Market opportunity by Product

    Market Segmentation by End-user

    • Market segments
    • Comparison by End-user
    • Residential - Market size and forecast 2019-2024
    • Commercial - Market size and forecast 2019-2024
    • Market opportunity by End-user

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • Europe - Market size and forecast 2019-2024
      • APAC - Market size and forecast 2019-2024
      • North America - Market size and forecast 2019-2024
      • South America - Market size and forecast 2019-2024
      • MEA - Market size and forecast 2019-2024
      • Key leading countries
      • Market opportunity by geography
      • Market drivers - demand led growth
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • A. O. Smith Corp.
      • Ariston Thermo Spa
      • Bradford White Corp.
      • Dometic Group AB
      • Haier Smart Home Co. Ltd.
      • NORITZ Corp.
      • Rheem Manufacturing Co.
      • Rinnai Corp.
      • Robert Bosch GmbH
      • Westinghouse Electric Corp.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your sample now!
      Tankless Water Heater Market market growth will increase by $1068.94 million during 2019-2024.
      The tankless water heater market market is expected to grow at a CAGR of 3.75% during 2019-2024.
      Technavio has segmented the tankless water heater market market by product (Electric tankless water heater and Gas tankless water heater) ,end user (Residential and Commercial) , and geographic (Europe, APAC, North America, South America, and MEA).
      A. O. Smith Corp., Ariston Thermo Spa, Bradford White Corp., Dometic Group AB, Haier Smart Home Co. Ltd., NORITZ Corp., Rheem Manufacturing Co., Rinnai Corp., Robert Bosch GmbH, Westinghouse Electric Corp. are a few of the key vendors in the tankless water heater market market.
      APAC will register the highest growth rate of 41.03% among the other regions. Therefore, the tankless water heater market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the tankless water heater market market growth are:
      • Technological innovations in design and higher efficiency
      The tankless water heater market market vendors should focus on grabbing business opportunities from the electric tankless water heater segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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      • Details on the market shares of various regions
      • Five-force market analysis

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