Electric Water Heater Demand to Boost Tankless Water Heater Market Growth During the Forecast Period
Rising infrastructural activities and increasing technology
advancements such as water heaters incorporated with Wi-Fi is driving the
global tankless water heater market.
According to TechSci
Research report, “Tankless Water Heater Market – Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The term "tankless" refers to
a water heater that heats water as it flows through it and does not store any
water internally except for what is left in the heat exchanger coil. Other
names for tankless water heaters are continuous flow, immediate, inline,
on-demand, flash, and instant-on.
The expansion of the sector will be
accelerated by ongoing infrastructure development projects caused by the
growing economic development, particularly in developing economies. The market
environment will favorably impact ongoing advancement of smart cities and
low-emission buildings.
One of the main reasons influencing the
growth rate of the tankless water heater market is the rapidly growing consumer
concerns about energy efficiency. Since tankless water heaters are thought to
be 24% to 34% more energy efficient than conventional products, it is expected
to drive the market growth for tankless water heaters from 2021 to 2028.
The COVID-19 outbreak significantly
influenced overall industry growth resulting in the closure of numerous
manufacturing and industrial facilities and delays in numerous infrastructure
development projects. But government easing on enforced lockdowns, followed by
the restart of industries and operations, have accelerated market expansion. Moreover,
due to the expansion of infrastructure structures and increased construction
activity across residential and commercial organizations, storage water heater
systems would see an increase in demand.
Additionally, the market is
significantly influenced by the increased demand for water heating systems, with
the rise in disposable income, and rapid urbanization., These highly advanced
tankless water heaters feature Wi-Fi connectivity for remote water temperature
and flow monitoring. Restaurants, schools, and hotels have embraced these
cutting-edge models to a great extent, resulting in increased demand leading to
significant target market expansion.
Furthermore, these heaters are credited with the energy star rating
components found in various tankless water heaters, making them affordable and
environmentally friendly, leading in boosting the market's growth rate.
Nevertheless, during the forecast
period, high electricity costs and high installation costs will hinder the
growth of the tankless water heater market. On the other hand, high maintenance costs and
problems, along with product quality and energy efficiency, have the potential
to restrain market expansion.
In restaurants, a hot water supply is
one of the fundamental elements utilized in nearly every operation, including
the kitchen, laundry, customer comfort, hygiene, and water heaters with high
and low flow rates, if the equipment is typically used in preference in the
hotel business.These heaters are frequently used in offices for a variety of
reasons, including cleaning, cafeterias, restrooms, and government buildings.
In office buildings, heaters with a high fixture count and continuous use are
typically desired. Bigger capacity heaters are typically desired in offices and
retail establishments because of varied hot water demands among the workforces.
Manufacturers are putting equal emphasis
on streamlining their marketing, sales, and distribution procedures in addition
to creating novel product features. Before buying things that derive from, or
are made up for better efficiencies, consumers are increasingly undertaking
internet product research. The internet presence of businesses has grown
dramatically with better product portfolios to respond to growing consumer
needs.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Tankless Water Heater Market"
The global tankless water heater market
is segmented based on technology, energy source, end-use, distribution channel,
region, and competitional landscape. Based on technology, the market is further
fragmented into condensing, non-condensing. Based on energy source, the market
is segmented into electric, and gas. In terms of end-use, the market is divided
into condominiums, salons/parlor, hotels & resorts, hospitals, residential,
and others (colleges/universities, offices, etc.). Based on distribution, the
market is segmented into hypermarkets/supermarkets, exclusive stores,
multi-brand stores, online, and others (direct sales, distributor/channel
sales, etc.).
Key market players in the tankless water
heater market include:
- Ariston Holding N.V.
- A.O. Smith Corporation
- Bosch Thermotechnology GmbH
- Bradford White Corporation
- GE Appliances
- Rheem Manufacturing Company
- Whirlpool Corporation
- Rinnai Corporation
- FERROLI S.p.A
- Havells India Limited
The KwickShot, introduced by Bradford
White Corporation in January 2022, isa durable and easy-to-install tankless
electric water heater that is available in thermostatic and non-thermostatic
types to suit a wide range of water temperature requirements in a wide range of
common applications.
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“In order to meet their ever-growing
needs, more and more people are now looking for IoT-based home management tools
like tankless water heaters. Also, to better monitor and sustain the heat load
on the grid, Several businesses are employing new software based on IoT
capabilities of their device to better monitor and sustain the heat load of the
grid. . When not in use, their tankless water heating systems are programmed to
shut off automatically using a smartphone or other mobile devices.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Tankless
Water Heater Market, By Technology (Condensing, Non-Condensing), By Energy Source
(Electric, Gas), By End-Use (Condominium, Salon/Parlor, Hotels & Resort,
Hospitals, Residential, Others (Colleges/Universities, Offices, etc.)), By
Distribution Channel (Hypermarkets/Supermarkets, Exclusive Stores, Multi-brand
Stores, Online, and Others (Direct Sales, Distributor/Channel Sales, etc.)), By
Region, Competition”,
has
evaluated the future growth potential of tankless water heater and provides statistics and information on market structure, size, share,
and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with essential
drivers, challenges and opportunities present in tankless water heater globally.
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