LONDON–(BUSINESS WIRE)–The tankless water heater market is expected to grow by USD 1.07 billion during 2020-2024, expanding at a CAGR of almost 4%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Tankless Water Heater Market: Technological innovations in design and higher efficiency to drive growth
The rising global demand for water heating systems has increased the adoption of tankless water heaters that are more efficient compared to conventional water heaters. Their growing acceptance has encouraged market vendors to introduce products that meet evolving design choices from residential and commercial customers. For instance, Bosch Thermotechnology introduced Bosch Greentherm 9900i SER, a premium tankless condensing water heater for both residential and commercial applications. It is highly energy-efficient and features integrated Wi-Fi controls. Other players in the market are also offering similar products with innovative features to capture consumer interest. Such developments among vendors are expected to fuel the growth of the global tankless water heater market during the forecast period.
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As per Technavio, the increased use in the residential and commercial construction market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Tankless Water Heater Market: Increased Use in the Residential and Commercial Construction Market
Rising disposable incomes and strong global economic growth have significantly increased the number of construction activities worldwide. For instance, in 2016, the construction industry grew by more than 5% in MEA owing to the rise in the demand for commercial and residential buildings and the increasing international population in the region. Similarly, the construction market is witnessing significant growth across residential, non-residential, and commercial construction segments in countries such as Japan, South Korea, and Australia. The growth of the construction industry is directly influencing the demand for water heating solutions such as tankless water heaters in both commercial and residential establishments. All these factors are expected to foster the growth of the global tankless water heater market during the forecast period.
“Higher energy efficiency compared to conventional storage water heaters and growing government initiatives promoting the use of energy-efficient heating solutions will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Tankless Water Heater Market: Segmentation Analysis
This market research report segments the tankless water heater market by Product (Electric tankless water heater and Gas tankless water heater), Geography (Europe, APAC, North America, South America, and MEA), and End-user (Residential and Commercial).
The electric tankless water heater segment led the tankless water heater market in 2019. The segment is mainly driven by the increased demand for electric tankless water heaters from developing countries such as Brazil and India. In addition, the long life and hassle-free installation of electric tankless water heaters have been crucial in driving the growth of the segment.
The European region led the tankless water heater market in 2019, followed by APAC, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increased demand for gas tankless water heaters in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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