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

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 2019 to 2024.   

This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers 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?

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Parent Market Analysis

Our Technavio Research categorizes the global tankless water heater market belonging to the 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 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 the estimated year.

Key Tankless Water Heater Market Driver

One of the key factors driving growth in the 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 ambience of the 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 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 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 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 labour cost, which are influential. For instance, the average hourly rate of a professional plumber in the US ranges between USD 40 and USD 160 which can yield a total labour cost of USD 100- USD 460. Some of the other costs related to the installation of tankless water heaters include certain necessary parts, such as a 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 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 market encompasses successful business strategies deployed by the key vendors. The 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 the 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 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 the 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?

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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 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 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?

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The market share growth by the electric tankless water heater segment will be significant during the forecast period. The global electric 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 market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Tankless Water Heater Scope Market
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	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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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 market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the 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 market vendors

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