Global Tankless Water Heater Market Report 2023:
Energy Saving Properties are Fueling Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Tankless Water Heater Market” report has been added to ResearchAndMarkets.com’s offering.
The global tankless water heater market is driven by consumers’ concern over the sustainable use of energy, technological advancement, and an increasing number of residential units. Tankless water heaters, also known as instantaneous water heaters or demand technology water heaters, are the source of hot water when needed.
Energy.gov states that tankless water heaters typically produce 2 to 5 gallons (7.6 to 15.2 liters) of hot water every minute. Tankless water heaters powered by gas have higher flow rates than those powered by electricity. However, there are times when even the largest gas-fired model is unable to provide enough hot water for numerous simultaneous usages in large households.
The market will expand as a result of shifting customer preferences toward smart appliances and significant investments in R&D, including the integration of smart technologies and new product improvements.
Additionally, it is anticipated that product development would offer up new possibilities for market expansion. For instance, EcoNet Smart Technology, which supports Wi-Fi connectivity, and other features offering system control, cost savings, and protection are included in Rheem’s Prestige models. The development of carbon-neutral buildings, included with the growth of smart cities and commercial infrastructure, are all fueling the market. Soon, market growth is predicted to be driven by ongoing technological advancement.
Sales of tankless water heaters are expected to increase as companies develop services and goods that are convenient and interoperable. In this market, reasonable pricing, ease of use, and rising acceptance may be seen.
The market for tankless water heater systems will also experience considerable expansion as traditional water heater units in commercial settings like hospitals, hotels, restaurants, beauty salons & spas, etc., are increasingly replaced by tankless water heating technology.
Energy Saving Properties Are Fueling the Market Growth
As per energy.gov, demand technology water heaters can be 24%-34% more energy efficient than traditional storage tank water heaters for households using 41 gallons or less of hot water daily.
For homes consuming a lot of hot water, roughly 86 gallons per day, they can be 8%-14% more energy efficient. If a demand technology water heater is installed at each hot water outlet, energy can be significantly saved. The average amount of electricity bill saved by a tankless water heater is around USD100-200.
Long Life Expectancy is Fueling the Market Growth
A tankless water heater is more expensive to buy initially than a traditional storage water heater. Still, they often live longer and have lower operating and energy costs, making up for their higher original cost. The majority of tankless water heaters have a lifespan of over 20 years. They also feature pieces that are simple to swap out, adding many more years to their lifespan. Storage water heaters, on the other hand, endure 10 to 15 years.
Technological Advancement is Aiding the Market Growth
With consumers becoming more aware of the cutting-edge technologies available on the market, manufacturers are now concentrating on developing innovative products.
For instance, Rinnai, a top producer of tankless water heaters, has integrated Amazon Alexa’s compatibility with Rinnai products, enabling consumers to ask Alexa to switch on circulation, allowing the tankless water heating system to function. Additionally, it offers Google Wi-Fi connectivity for compatible products, enabling users to track the effectiveness of their tankless water heater recirculation system.
High-Efficiency Rate of Condensing Water Heaters is Driving the Market Growth
Over the anticipated term, a high growth rate is projected for the condensing segment. Condensing tankless water heaters, which are more prevalent in emerging nations than non-condensing tankless water heaters, are more energy efficient.
Key producers of water heaters will benefit from the high market concentration resulting from various government and corporate sectors concentrating on creating power plants that utilize renewable energy sources, such as solar and wind.
High Installation Cost is Hindering the Market Growth
Tankless water heaters are costlier to install than traditional water heaters. However, a variety of elements play specific roles in proper installation. These elements include the technology of fuel used, the environment, the needs of the local construction codes, and safety concerns, particularly those relating to the operation of gas-fired water heaters.
Tankless heater installation typically costs between USD 4,500 and USD 6,500, with an average cost of roughly USD 5,500. (Including the water heater, warranty, and tune-ups). The price of the tankless installation without the unit can range from USD 1800 to USD 3500, with an average of USD 2650.
Labor rates are among the major factors. An electric tankless water heater will probably cost somewhere around USD2,500, according to data from Energy Sage. This price covers both the equipment and the installation. The typical pricing point for a gas-powered system will be closer to USD 3,500.
Companies Mentioned
- Ariston Holding N.V.
- A.O. Smith Corporation
- Bosch Thermotechnology GmbH
- Bradford White Corporation
- General Electric Company
- Rheem Manufacturing Company
- Whirlpool Corporation
- Rinnai Corporation
- FERROLI S.p.A
- Havells India Limited
Market Segmentation
by Technology:
- Condensing
- Non-Condensing
by Energy Source:
- Electric
- Gas
by End-Use:
- Condominiums
- Salons/Parlor
- Hotels & Resorts
- Hospitals
- Residential
- Others
by Distribution Channel:
- Hypermarkets/Supermarkets
- Exclusive Stores
- Multi-brand Stores
- Online
- Others
For more information about this report visit https://www.researchandmarkets.com/r/8nar3t
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
