Tankless Water Heater Market: Condensing Technology Based Tankless Water Heaters to Dominate the Unit Sales Till 2024

New York, NY -- (SBWire) -- 11/10/2017 --Tankless water heaters, also called inline, flash, instantaneous, continuous flow, on demand, or instant-on water heater are used to heat water on demand and instantly. The source of energy for tankless water heaters can be electric or gas. Tankless water heaters are mainly segmented on the basis of technology into condensing and non-condensing. Tankless water heaters can be installed for residential as well as commercial use at indoor or outdoor locations depending on consumer requirement. Tankless water heater is available in various forms depending upon energy factors.

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Global sales of tankless water heaters are estimated to be valued at US$ 16,932.9 Mn by 2016 end, and is projected to increase at CAGR of 5.3% by the end of 2024 to be valued at US$ 25,498 Mn.

Drivers and Restraints:

Attributes such as low space utilization, high energy efficiency, and superior service life of tankless water heaters are influencing consumer purchasing decision. These attractive attributes are driving demand for tankless water heaters. In order to promote energy efficient systems, governments across various countries are promoting tankless water heaters through various policies, subsidies and rebates, which is further driving demand for tankless water heaters.

Owing to the temperature being an important facet of any commercial process, manufacturers are increasingly focussing on the tankless water heater with precise temperature control. Manufacturers are developing tankless water heaters using special algorithms, and temperature sensors and temperature set point display to achieve the high degree of accuracy in maintaining specified temperature. Obtaining high operational efficiency with precise temperature control and at minimum operational costs are leading to rising in demand for tankless water heater, and this trend is expected to continue over the forecast period as well.

Tankless water heater with condensing technology is estimated to register the fastest growth over the forecast period owing to the growing consumer inclination towards energy efficient products as well as government initiatives to promote the energy efficient systems. Tankless water heater with condensing technology is estimated to register a CAGR of 6.9% over the forecast period.

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Market Taxonomy

Persistence Market Research, in its report titled, 'Tankless water heaters Market: Global Industry Analysis and Opportunity Assessment, 2016–2024', has segmented the global tankless water heater market on the basis of technology, energy source, energy factor, location, end-user and region. On the basis of technology, the market has been segmented into condensing technology and non-condensing technology. On the basis of energy source, the market has been segmented into electric and gas. On the basis of energy factor, global tankless water market has been segmented into 0 to 0.79 EF, 0.80 to 0.89 EF, and 0.90 EF and above segments. On the basis of location, the market has been segmented into indoor and outdoor. By end user, global tankless water heater market has been segmented into residential and commercial. Lastly, on the basis of region, the global tankless water heaters market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America.

Analysis, by Region

Europe accounted for the largest value share of the global tankless water heater market in 2015, and the market in the region is anticipated to expand at a CAGR of 3.8% over the forecast period. Sales volume of tankless water heaters in Europe is projected to increase by 1.3X 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.