As far as tankless water heaters are concerned, consumers have now shifted their interest toward IoT-controlled devices that serve multi-functional needs. Several companies are piloting a recently released Internet of Things (IoT)-based solution that enables better control on power load on the grid by detecting the temperature and voltage of each tankless water heating unit, and by allowing the units to be turned off when necessary via a phone or any smart device.
Manufacturers are not only focusing on developing innovative product features but also efficiently developing sales and distribution systems. Rising consumer focus on online product research before making a purchase will increase the opportunity for manufacturers. Moreover, growing disposable income of the middle-class urban population and rising aspirations toward better lifestyle are some of the major factors estimated to drive demand for tankless water heaters.
In light of the above factors, global sales of tankless water heaters are expected to top US$ 6.3 Bn valuation in 2031. According to the revised report by Persistence Market Research, the tankless water heater market is estimated to register a steady CAGR of close to 6% over the forecast period of 2021-2031.
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Key Takeaways from Market Study
- With growing significance on stringent energy efficiency norms and increasing consumer awareness, demand for tankless water heaters is expected to register significant growth.
- In terms of regional analysis, the market in Europe and North America is expected to register rapid growth. Growth in these regions is expected to be driven by the shifting consumer preference for energy-efficient and economical products.
- Strong growth in developing countries such as India, China, Saudi Arabia, and Russia, among others, is largely driven by the desire for modern life and prominent tourism sector, coupled with development of high-rise building establishments.
- By technology, condensing tankless water heaters accounted for around 3/4 market share in of 2020, and are expected to exhibit the fastest growth, registering a CAGR of more than 8% over the forecast period.
- The residential sector is expected to experience steady growth over the forecast period. Increasing demand for eco-friendly and energy-efficient products, including tankless water heaters, is a major factor driving demand from the residential sector.
- Share of electric tankless water heaters is expected to be over 80% by 2031-end.
- The U.S. accounts for the largest market share (19%), while the market in China and India is expected to expand at a CAGR of 8% and 11%, respectively.
“Introduction of new designs with extensive features will increase adoption of tankless water heaters over storage units,” says an analyst at Persistence Market Research.
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Impact of COVID-19
Due to the COVID-19 pandemic, the market was impacted drastically. Lockdowns imposed by governments suspended construction activities temporarily, delaying construction projects, closing down hotels, malls, and other commercial outlets for months, which hampered demand for tankless water heaters across the globe. However, easing of lockdowns saw high consumer traffic, mostly from the online sales channel. Manufacturers have designed their distribution networks and production plans to cater to changing demand from consumers.
Market Competition
The report underlines groundbreaking insights into the competitive scenario of the tankless water heater market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain are A. O. Smith Corp., Ariston Thermo Spa, Bradford White Corporation, Dometic Group AB, Haier Smart Home Co. Ltd., NORITZ Corp., Rheem Manufacturing Co., Rinnai Corporation, Robert Bosch GmbH, Westinghouse Electric Corp., Navien Inc., Takagi, Stiebel Eltron Inc., EcoSmart Green Energy Products Inc., and General Electric Co.
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