Tankless Water Heater is a kind of heater which provides warm water without a tank. It has mini-assembly of boiler coils 36” less or high which enables on demand or endless quantity of warm water. It stores the water inside the coils and it is more energy efficient as compared to conventional storage water heaters. In addition to this, light weight in nature and government subsidy on various efficient electronic equipment in various countries are few of the reason that would escalate the demand for the tankless water heaters in near future.
Riding on these factors, the Global Tankless Water Heater market is anticipated to grow at a compound annual growth rate (CAGR) of 9.3% during forecasted period 2015-2023.
Growth Drivers and challenges
Factors like shift in consumers taste and preference, spiked adoption of eco-friendly equipment, inclination towards using efficient heaters, longing to use electric devices with more technological advanced features and user controls etc. are some of the major factors which are expected to drive the demand for global tankless water heater market in the upcoming years.
In addition to that, continuous increase in urban population and personal disposable income across the globe are projected to drive the global tankless water heater market during next 5-6 years.
However, formulation of stringent energy efficiency regulations is likely to hamper the growth of global tankless water heater market for the forecast period.
Further, rising energy fuel demand is anticipated to increase global average gas price in future and can be a major challenge for the global tankless water heater market in future.
Market Size and Forecast
Globally, Asia-Pacific has the largest market share as compared to other regions. Asia-Pacific tankless water heater market is projected to grow at a CAGR of 8.3% over the forecasted period. At present, countries like China, India, Japan has the major market growth in Asia Pacific region.
North America tankless water heater market is expected to grow at a CAGR of 9.5% over the period 2015-2023.
In Europe, the electric tankless water heater sales are at steady rate and sales of gas tankless water heater are on a continuous fall. Across many countries in the European region, Germany is the major market in the Europe region at present followed by U.K.
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