Tankless Electric Water Heater Market was valued at USD 6.5 Billion in 2022 and is projected to reach USD 10.5 Billion by 2030, growing at a CAGR of 7.0% from 2024 to 2030.
The tankless electric water heater market is experiencing rapid growth due to increasing demand for energy-efficient and space-saving water heating solutions. The system, which provides hot water on demand by heating water directly without the need for a storage tank, is gaining widespread popularity across residential and commercial sectors. Tankless electric water heaters offer several advantages, such as compact size, lower energy consumption, and prolonged service life. These benefits make them highly sought after in various regions, especially in areas where energy conservation is a primary concern. This market is categorized into two main segments: Residential and Commercial applications.
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The residential tankless electric water heater market is driven by the increasing trend of energy efficiency and sustainable living practices. Homeowners are replacing traditional tank-based water heaters with tankless models due to their ability to deliver hot water on-demand, eliminating the standby energy losses associated with conventional systems. This segment is characterized by a broad variety of product offerings tailored to different household sizes and needs. Tankless electric water heaters in residential settings offer benefits like compact installation, which is particularly advantageous for homes with limited space, and the reduction in utility bills over time due to their energy-efficient design. Additionally, there is a growing emphasis on the environmental benefits of using electric-powered systems that reduce reliance on fossil fuels.
In residential applications, these water heaters are gaining popularity in both new construction and retrofit markets. The increasing adoption of smart home technologies is also contributing to the growth of tankless electric water heaters, as modern models are often equipped with digital controls, Wi-Fi connectivity, and remote monitoring features. This aligns with the trend of improving convenience and energy management within homes. Moreover, the growing awareness of sustainable energy consumption, combined with the incentives offered by governments to promote energy-efficient appliances, is expected to continue driving the demand for residential tankless electric water heaters in the coming years.
The commercial tankless electric water heater market is characterized by the demand for higher capacity units that can meet the hot water needs of businesses, hotels, hospitals, restaurants, and other large-scale facilities. Commercial applications typically require more robust systems capable of providing a continuous supply of hot water for multiple users simultaneously, making tankless electric water heaters an ideal solution. The shift towards energy-efficient technologies in the commercial sector is driving the adoption of tankless models, which offer a number of benefits, such as reducing energy costs, providing faster recovery times, and requiring less maintenance compared to traditional water heaters. As commercial properties strive to reduce their operational expenses, the demand for more sustainable and efficient heating solutions is growing.
In addition to cost savings, tankless electric water heaters offer increased reliability in commercial settings. They provide on-demand hot water with minimal risk of running out of supply, which is critical for businesses that rely on a steady and continuous hot water flow, such as in healthcare and foodservice industries. Furthermore, commercial installations often involve the use of multiple units, allowing businesses to scale their hot water capacity according to demand. With the global push towards sustainability, businesses are more inclined to invest in energy-efficient solutions, and tankless electric water heaters are well-positioned to meet the stringent environmental regulations while offering long-term savings and performance benefits.
The tankless electric water heater market is witnessing several key trends that are shaping its growth trajectory. One of the primary trends is the increasing demand for energy-efficient and environmentally friendly appliances. Consumers are becoming more conscious of their energy consumption, and the tankless system, which heats water only when needed, is seen as a smart alternative to traditional tank water heaters. As energy efficiency becomes a top priority in both residential and commercial sectors, manufacturers are continuously innovating to enhance the performance of tankless electric water heaters, focusing on features like smart controls, better insulation, and faster heating capabilities.
Another significant trend is the rise of smart home technology integration. Many modern tankless electric water heaters now come equipped with Wi-Fi and Bluetooth capabilities, enabling users to monitor and control their water heaters remotely. This feature is highly appealing to tech-savvy consumers who want to optimize energy use and monitor performance from their smartphones or other smart devices. Additionally, the trend toward small-scale renewable energy integration, such as solar-powered electric heaters, is expected to gain momentum, contributing to the broader push for sustainability in the water heating industry.
The tankless electric water heater market is poised for growth due to several opportunities. First, the increasing construction of green buildings and the retrofitting of old buildings with energy-efficient appliances present significant growth prospects. Governments worldwide are introducing incentives and rebates to encourage the use of energy-efficient systems in both residential and commercial buildings, further boosting market growth. As the demand for clean energy solutions rises, there is also an opportunity for manufacturers to introduce more advanced systems that integrate with solar power or other renewable energy sources.
In addition, the commercial segment offers immense opportunities for growth as businesses are becoming more aware of the long-term cost savings associated with switching to tankless electric water heaters. Industries such as hospitality, healthcare, and foodservice can benefit from the scalable, efficient, and on-demand heating solutions that tankless systems offer. The increasing need for sustainable solutions in these industries, paired with growing regulatory pressures, will drive the demand for advanced water heating systems that are both eco-friendly and cost-effective. Furthermore, as more regions around the world experience economic development and urbanization, there will be an expanding middle class with an increased interest in modern appliances, providing a new market for tankless water heaters.
1. How does a tankless electric water heater work?
Tankless electric water heaters heat water directly without the need for a storage tank, providing hot water on-demand as it passes through the unit.
2. What are the main benefits of a tankless electric water heater?
Tankless electric water heaters offer energy savings, space efficiency, and an endless supply of hot water, making them an attractive option for homeowners and businesses alike.
3. Are tankless electric water heaters more energy-efficient than traditional ones?
Yes, tankless electric water heaters are more energy-efficient because they only heat water when needed, avoiding standby energy loss associated with traditional tank systems.
4. Can a tankless electric water heater handle multiple outlets at once?
Yes, tankless electric water heaters can handle multiple outlets simultaneously, but the size and capacity of the unit should match the demand in high-demand situations.
5. How long do tankless electric water heaters last?
Tankless electric water heaters generally last 15 to 20 years, significantly longer than traditional tank models which typically last 10-15 years.
6. Do tankless electric water heaters require a lot of maintenance?
Tankless electric water heaters require minimal maintenance, though regular descaling and periodic servicing are recommended to ensure optimal performance.
7. Can I install a tankless electric water heater myself?
While DIY installation is possible, it is recommended to hire a professional to ensure correct installation, safety, and compliance with local building codes.
8. Are tankless electric water heaters more expensive than traditional systems?
Tankless electric water heaters typically have a higher upfront cost, but they offer long-term savings due to reduced energy consumption and longer lifespan.
9. Can a tankless electric water heater be used in cold climates?
Yes, but in extremely cold climates, you may need to install a unit designed for cold weather or incorporate freeze protection features.
10. Do tankless electric water heaters work with solar energy?
Yes, tankless electric water heaters can work with solar energy systems, providing an even more sustainable and energy-efficient solution for water heating.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Tankless Electric Water Heater Market
Residential
Commercial
Based on Types the Market is categorized into Below types that held the largest Tankless Electric Water Heater market share In 2023.
Whole-House
Point-of-Use
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Tankless Electric Water Heater Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Tankless Electric Water Heater Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Tankless Electric Water Heater Market, By Type
6. Global Tankless Electric Water Heater Market, By Application
7. Global Tankless Electric Water Heater Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Tankless Electric Water Heater Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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