Tankless Water Heater Sales Could Hit $16.9 Million by Year’s End

Research firm predicts 5.3 percent annual growth rate, reaching $25 million by 2024.

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The global tankless water heater market is projected to reach $16.9 million by the end of the year and increase at a compound annual growth rate (CAGR) of 5.3 percent, reaching $25,498 million by 2024, according to the latest market report published by Persistence Market Research titled “Tankless Water Heater Market: Global Industry Analysis and Forecast, 2016-2024.

Gas and electric tankless water heaters — also called inline, flash, instantaneous, continuous flow, on demand, or instant-on water heaters — are used to heat water in residential and commercial applications. Attributes such as low space utilization, high energy efficiency and superior service life of are factors driving demand, the report says.

The condensing technology segment is anticipated to register the fastest growth due to growing consumer inclination towards energy-efficient systems and government initiatives to promote energy-efficient systems via subsidies and rebates. Sales volume of tankless water heaters is expected to increase from 26,740 thousand units in 2015 to 43,484 thousand units in 2024.

Europe accounted for the largest value share of the global tankless water heater market in 2015 and is anticipated to expand at a CAGR of 3.8 percent over the forecast period, according to the report. Sales volume in Europe is projected to increase by 1.3 times between 2016 and 2024. In terms of value and volume, North America is anticipated to register the highest growth, followed by Asia Pacific over the forecast period.

A. O. Smith, Ariston Thermo Group, Kyungdong Navien Co., Rinnai Corp. and Rheem Manufacturing Co. are among the leading players in the global tankless water heater market. Other market players include Stiebel Eltron GmbH & Co. KG, Noritz America Corp., Bradford White Corp., Haier Electronics Group Co. and Bajaj Electricals.

Persistence Market Research (PMR) is a third-platform research firm. Its research model is a collaboration of data analytics and market research methodology.


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