Tankless Water Heater Market Report: Industry Analysis, Trends, and Forecast 2022-2030
Market Definition
refers to the industry that manufactures and supplies on-demand water heating systems. These systems heat water only when needed, eliminating the need for storage tanks. Tankless water heaters are energy-efficient, space-saving, and provide a continuous supply of hot water.
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Latest Trends
The tankless water heater market is driven by the increasing demand for energy-efficient and eco-friendly solutions. Some of the latest trends in the market include:
- Growing adoption of smart home technology, leading to increased demand for Wi-Fi enabled tankless water heaters.
- Rising popularity of condensing tankless water heaters, which offer higher efficiency and lower emissions.
- Increasing focus on product innovation, with manufacturers developing new features such as voice control and remote monitoring.
Market Size and Forecast
The global tankless water heater market size was valued at USD 3.58 Billion in 2021 and is projected to reach from USD XX Billion in 2022 to USD 6.84 Billion by 2030, growing at a CAGR of 7.45% during the forecast period (2022–2030).
Market Segmentation
The tankless water heater market is segmented based on type, product, application, and location.
By Type
- Condensing
- Non-Condensing
By Product
- Electric
- Gas
By Application
- Residential
- Commercial
By Location
- Indoor
- Outdoor
Growth Factors
The tankless water heater market is driven by several growth factors, including:
- Increasing demand for energy-efficient solutions
- Growing adoption of smart home technology
- Rising popularity of condensing tankless water heaters
- Increasing focus on product innovation
Opportunities
The tankless water heater market presents several opportunities for growth and development, including:
- Increasing demand from emerging markets
- Growing adoption of tankless water heaters in commercial applications
- Rising popularity of electric tankless water heaters
- Increasing focus on sustainability and eco-friendliness
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Key Players
Some of the key players in the tankless water heater market include:
- The Rheem Manufacturing Company
- Rinnai Corporation
- Smith
- Noritz America Corp.
- Ariston Thermo Group
- Kyungdong Navien Co. Ltd
- Stiebel Eltron GmbH Co. KG
- Bradford White Corp.
- Haier Electronics Group Co. Ltd.
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