Electric Tankless Water Heater Market Trends

Growth Drivers

Increasing Awareness for Energy Efficiency- Energy efficiency is one of the easiest and most affordable way to tackle climate change and to lessen consumer energy costs. According to the data provided by the IEA, global energy intensity - a key determines of the economy's energy efficiency - was grew by 1.9% in 2021, up from 0.5% in 2020.
Emerging Economies- The global economic growth is still strengthening, which is leading to embrace new technology and rising up the standard of living. An approximately 6% growth was recorded in the global economy in 2021.
Increasing Adoption of IoT in Home Management- Currently lots of people are seeking IoT based home management devices for the ease of living. For example, Bluetooth-based automation, ZigBee and GSM are extensively used wireless technologies. The number of IoT devices is estimated to reach approximately 42 billion by the 2025.
Infrastructural Developments in Low and Middle Income Countries- Private investment in low- and middle-income countries infrastructure is evolving the economic status of low and middle income countries. According to the data provided by the World Bank, in 2021, private investment agreements in low- and middle-income countries topped USD 76.2 billion, increased by 49% from 2020.

Challenges

Temporary Shutdown of Manufacturing Centers
Lack of Workforce
Disruptions in Raw Material Supply

Electric Tankless Water Heater Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	8.8%
Base Year Market Size (2023)	USD 7.11 billion
Forecast Year Market Size (2036)	USD 21.28 billion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Emerging economies, increasing awareness for energy efficiency, and infrastructural developments in low and middle income countries are some major factors driving the growth of the market.

The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 â€“ 2031.

Temporary shutdown of manufacturing centers, lack of workforce, and disruptions in raw material supply are estimated to hamper the market growth.

The market in region Europe is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

The major players in the market are A. O. Smith Corporation, Rinnai Corporation, Noritz America Corporation, Robert Bosch GmbH, Rheem Manufacturing Company, Whirlpool Corporation, Stiebel Eltron, Inc., Navien, Inc., and others.

Electric Tankless Water Heater Market Trends