Tankless Water Heater Market is predicted to reach USD 7.690 billion at a CAGR of 8.80% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Tankless Water Heater Market”.

The tankless water heater market is estimated to register a CAGR of 8.80% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global tankless water heater market - A. O. Smith, Rinnai Corporation, Rheem Manufacturing Company, Noritz America, Robert Bosch LLC, Navien Inc., Bradford White Corporation, StiebelEltron Inc., Takagi, and EcoSmart Green Energy Products, Inc.

Market Highlights

The global tankless water heater market is accounted to register a CAGR of 8.80% during the forecast period and is estimated to reach USD 7.690 billion by 2032.

Over the course of the forecast period, two significant reasons that are expected to drive demand and growth in the global market are the extensive increase in demand for energy-efficient tankless water heaters and the rising urbanization of the world, particularly in emerging nations. Additionally, the market's growth is anticipated to be positively impacted by the integration of Wi-Fi connectivity for remote monitoring of water temperature and flow, as well as the growing number of cutting-edge and inventive tankless heaters released by significant international businesses.

Access full report @ https://www.marketresearchfuture.com/reports/tankless-water-heater-market-20670

Segment Analysis

The global tankless water heater market has been segmented into type, product, application, and location.

On the basis of type, the market is segmented into Condensing and Non-Condensing. The condensing segment was attributed to holding the largest market share in 2022. This increase is due to the growing need for condensing heaters in a variety of settings, including buildings, hotels, and other infrastructures. Condensing tankless water heaters use a variety of techniques to extract more heat from the exhaust gases, resulting in cooler exhaust gases—typically around 100° F.

Based on product, the global tankless water heater market has been segmented into Electric and Gas. The electric segment was expected to hold the largest market share in 2022. These heaters are easy to set up and install at a low cost. Moreover, electric products frequently have extended lifespans and low operating expenses. Furthermore, the innovative design of these heaters makes installation in confined spaces simple and does away with the requirement for ventilation, in contrast to their gas counterparts.

On the basis of application, the market is segmented into Residential and Commercial. The residential segment was attributed to holding the largest market share in 2022. The growing popularity of eco-friendly and energy-efficient appliances, such tankless water heaters, is a major factor driving the demand for these products in the domestic market.

On the basis of location, the market is segmented into Indoor and Outdoor. The outdoor segment was attributed to holding the largest market share in 2022 due to the growing need from consumers for items with environmentally friendly materials, energy-efficient designs, and space-saving features. The growing popularity of outdoor living areas, the need for hot water on demand, and the development of more environmentally friendly housing options are the main drivers of the use of outdoor tankless water heaters.

Regional Analysis

The global tankless water heater market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe tankless water heater market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The tankless water heater market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World tankless water heater market comprises of Middle East, Africa, and Latin America.

The largest market share for tankless water heater was maintained by the North American regional sector. During the projection period, demand for tankless water heaters will be driven primarily by rising product visibility and growing ecological product awareness. Furthermore, in the next years, the presence of major competitors in the area is anticipated to drive demand for tankless water heaters.

Moreover, the Europe market has been persistently growing over the forecast period. This is because consumers are becoming more interested in energy-efficient and cost-effective products, and product adoption rates are rising. Furthermore, the market is anticipated to increase favorably due to the surge in demand from the commercial sector, which includes hotels, restaurants, and hospitals.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The expansion of tankless water heaters in this area can be attributed to the growing demand for replacing antiquated conventional water heaters as well as the surge in investments in low-carbon energy generation.

Furthermore, the rest of the world's tankless water heater market is divided into the Middle East, Africa, and Latin America. The surge in demand for tankless water heaters in both the residential and commercial sectors, together with the increase in disposable income in emerging economies, are the primary drivers of the industry expansion in the rest of world market. The installation of water heating solutions in urban areas is also made more necessary by an increasing urban population and industrialization.

Key Findings of the Study

• The global tankless water heater market is expected to reach USD 7.690 billion by 2032, at a CAGR of 8.80% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market attributed to the growing demand for replacing antiquated conventional water heaters as well as the surge in investments in low-carbon energy generation.


• Based on application, the residential segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.


• O. Smith, Noritz America, Robert Bosch LLC, Navien Inc., Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, StiebelEltron Inc., Takagi, and EcoSmart Green Energy Products, Inc.