Revenue Growth of the Tankless Water Heater Market to be Influenced by Growing End-use Adoption
Added: (Tue Jan 01 2019)
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On the basis of technology type, the condensing technology segment is forecasted to be the most attractive segment in the global tankless water heater market. This is due to the growth in disposable income of the middle class population and awareness generated regarding the long term benefits of high energy efficient system. This is in addition to the initiatives by governments, social organizations and manufacturers to familiarize the consumers regarding the benefits of condensing technology through various means of publicity. The non-condensing segment is estimated to account for a significant market share in the developing economies, where the energy efficiency factor is considered to be an insignificant aspect while making a purchase decision. These are some of the informative findings that are presented in a new and comprehensive report that is published by Persistence Market research which is titled as ‘Tankless Water Heater Market: Global Industry Analysis and Forecast 2017 – 2024’. In addition, this informative research report also contains information on the market dynamics playing out in the global tankless water heater market and these market dynamics give information on the factors that are both encouraging and as well as restraining the growth of this market. As per the information given in this report, the global tankless water heater market was valued at US$ 17,739 Mn in 2017 and is anticipated to reach a valuation of US$ 25,498.5 Mn in 2024 end, reflecting a CAGR of 5.3% during the period of assessment 2017-2024.
Global Tankless Water Heater Market: Dynamics
Features such as low space utilization, high energy efficiency, and better service life are driving demand for tankless water heaters globally. Consumers are progressively thinking about energy efficiency as a money saving measure. Tankless water heaters ensure consumers an estimated 35% to 40% in terms of cost savings as compared to the conventional water heaters. Tankless water heaters are compact and utilize relatively less space as compared to conventional water heaters, which again is anticipated to be the prime factor considered while purchasing water heaters, especially in urban areas.
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The average service life of the tankless water heating systems is considered to be relatively high as compared to the conventional water heating systems, thus minimizing the cost of replacement, which is further driving demand for tankless water heaters globally. Thus, all these desirable attributes are anticipated to fuel growth of the global tankless water heater market in the near future.
Global Tankless Water Heater Market: Segmentation and Forecast
The global tankless water heater market is segmented on the basis of technology, energy source, energy factor, location, end-use and by region.
Global consumption of condensing technology based tankless water heaters is estimated to reach 17,113 thousands units by 2016 end, which is anticipated to reach 28,052 thousands units by the end of the forecast period in 2024 end.
Electric tankless water heater segment is estimated to account for approximately 38 percent in terms of market share by end of 2017, and is projected to be valued at US$ 8,655.5 Mn by the end of 2024.
Energy factor- 0.80 to 0.89 EF segment tankless water heaters was valued at US$ 8,558.6 Mn in 2017, and is projected to reach US$ 10,997.9 Mn by the end of 2024.
In terms of value and volume, indoor type tankless water heater segment dominated the global tankless water heater market in 2017. The segment is estimated to account for approximately 76 percent market value share by the end of 2017.
The residential end use segment is expected to remain dominant over the forecast period and anticipated to account for 70.5 percent share by the end of 2024.
In terms of volume, sale of tankless water heaters in the Europe market was pegged at 9,075 thousand units by 2017 end, which is anticipated to reach 11,976 thousand units by the end of forecast period.
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Global Tankless Water Heater Market: Competition Landscape
The global tankless water heater market report profiles some of the leading companies that are functioning in this market in the competition landscape section. Some of the leading companies that have been profiled include Rheem Manufacturing Company, Rinnai Corporation, A. O. Smith, NORITZ AMERICA CORP., Ariston Thermo Group, Kyungdong Navien Co.,Ltd., Stiebel Eltron GmbH & Co. KG, Bradford White Corp., Haier Electronics Group Co, Ltd and Bajaj Electricals Ltd.