This market research report includes a detailed segmentation of the global tankless water heater market by product type (electric tankless water heaters and gas tankless water heaters). It also outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are A.O. Smith Corporation, Bosch, Bradford White Corporation, Noritz Corporation, and Rheem Manufacturing Company.
Technavio’s market research analysts estimate the global tankless water heater market, to grow at a CAGR of around 9% between 2016 and 2020. Tankless water heaters are in high demand owing to their superior features and functionalities. Tankless water heaters heat water only when it is used, resulting in lesser consumption of energy. APAC holds the largest market share, accounting for 48% of the overall market.
The new market research report from Technavio provides a breakdown and analysis of the tankless water heater segments by technology.
“New residential construction and home improvement projects have led to increased investments on appliances like water heaters. The economic growth in developed regions coupled with the growth of the residential construction market in emerging economies has positively benefited the kitchen and home appliances market. Moreover, increased investments in new residences are expected to boost the demand for energy-efficient appliances such as water heating solutions over the next few years,” says Jhansi Mary, Lead Analyst, Education, Technavio Research.
The electric tankless water heaters segment dominates the market, and is projected to grow at a CAGR of close to 10% during the forecast period. Electric tankless water heaters are preferred over gas tankless water heaters due to their low cost. Unlike gas tankless water heaters, electric tankless water heaters do not require separate gas lines or venting requirements and require less maintenance.
The key vendors in the tankless water heater market include are A.O. Smith Corporation, Bosch, Bradford White Corporation, Noritz Corporation, and Rheem Manufacturing Company. The market is dominated by local and regional vendors operating out of North America, Europe, and APAC. Vendors in the market are focusing on utilizing renewable energy sources by manufacturing and marketing solar water heaters on a larger scale, thereby increasing market competition. Moreover, the continuous consolidation of the market is expected to reduce the number of players over the years.
A more detailed analysis is available in the Technavio report, Global Tankless water Heater Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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