Tankless Water Heater Market Segmented By Condensing Tankless Water Heaters, Non-condensing Tankless Water Heaters Technology from Electric, Gas Tankless Water Heaters Energy Source For Indoor and Outdoor
The tankless water heater market is anticipated to grow at a 6.3% CAGR and increase from US$ 4 Billion in 2022 to US$ 7.38 Billion by the end of 2032.
Currently, tankless water heater sales make up 7%–10% of the global water heater market.
The tankless water heater market is experiencing significant growth as consumers prioritize energy efficiency and convenience in their homes and businesses. Tankless water heaters, also known as on-demand water heaters, offer a range of benefits over traditional storage tank systems, making them a popular choice for those seeking efficient and space-saving water heating solutions.
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One of the key drivers behind the surge in the tankless water heater market is the emphasis on energy efficiency. Tankless water heaters operate by heating water directly as it passes through the unit, eliminating the need for storing hot water in a large tank. This efficient design reduces energy consumption by only heating water when needed, resulting in lower utility bills and reduced environmental impact. With energy efficiency becoming increasingly important for consumers, tankless water heaters offer an attractive solution.
Moreover, the convenience provided by tankless water heaters is another factor driving market growth. Traditional water heaters with storage tanks can run out of hot water, especially during peak usage times. In contrast, tankless water heaters provide a continuous supply of hot water on demand. This feature is particularly beneficial for households with high hot water usage or businesses that require consistent access to hot water, ensuring comfort and convenience without the need for storage tanks.
Furthermore, tankless water heaters offer space-saving advantages. With their compact design, they take up significantly less space compared to traditional storage tank systems. This makes them an ideal choice for small homes, apartments, and commercial establishments where space is limited. The compact size of tankless water heaters also allows for flexible installation options, giving homeowners and businesses the freedom to optimize their available space.
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In conclusion, the tankless water heater market is heating up as consumers prioritize energy efficiency and convenience in their water heating systems. With their ability to provide on-demand hot water, reduce energy consumption, and save space, tankless water heaters offer a compelling alternative to traditional storage tank systems. As more consumers recognize the benefits of tankless water heaters, the market is expected to continue its upward trajectory.
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Segmentation of Tankless Water Heater Industry Research
Tankless Water Heater Market by Technology Type:
Tankless Water Heater Market by Energy Factor:
Tankless Water Heater Market by Energy Source:
Tankless Water Heater Market by Application:
Tankless Water Heater Market by End User:
Tankless Water Heater Market by Sales Channel:
Tankless Water Heater Market by Region:
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Jun 27, 2023
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