The Tankless Water Heater Market was valued at US$ 6.1 billion in 2022 and is estimated to reach US$ 9.011 billion by 2028, with a CAGR of 6.8% from 2023 to 2028.

Unlike conventional water heaters, which store water in a large tank until needed, tankless water heaters heat water rapidly as needed. Cold water enters the tankless heater when you turn on the hot water tap, and electric coils or gas burners quickly heat it up. The hot water then immediately flows from the faucet or shower. The best thing is that because it heats water on demand, there is never a shortage. Tankless water heaters have a long lifespan, require less energy, and take up less space. Though they might initially cost more, they ultimately result in lower energy expenses.

Market Drivers and Restraints:

The market for tankless water heaters is expanding due to their exceptional energy efficiency. Tankless water heaters save energy and money by heating water only when needed, as opposed to standard water heaters that continuously heat a big tank of water. Customers are finding this function more and more tempting as a result of increased environmental concerns and rising energy expenses. The market demand for tankless water heaters, an effective and environmentally friendly heating solution, has surged as a result of people being more aware of their energy consumption and carbon footprint.

The growing number of building and renovation projects is driving the growth of the tankless water heater market. Modern, efficient water-heating technologies are becoming more and more in demand as more buildings are being built or renovated. Because they provide a contemporary appearance and conserve space, tankless water heaters are a popular option for these types of installations. Tankless water heaters are in high demand as a result, and this need is growing steadily.

Because tankless water heaters are more expensive initially than conventional ones, there may be obstacles for the market. Since it could take longer to realize the benefits and cost reductions, some budget-conscious consumers could be reluctant to pick tankless technology, particularly in places with cheap energy rates. However, it is anticipated that the market for tankless water heaters will continue to develop as more people become conscious of the long-term energy savings and environmental advantages.

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The report is segmented as follows:

The Tankless Water Heater Market is segmented by Technology; the Market is segmented by Technology; the Market is segmented by End-User:

By Technology (Electric tankless water heaters, and Gas tankless water heaters )

By Smart Feature (Wi-Fi connectivity, mobile apps, voice control, Others)

By End-User (Homeowners, Apartment complexes, Hotels, Hospitals, Educational institutions, Others)

Market Regional Segmentation:

With significant demand in both Canada and the United States, North America is now leading the tankless water heater market. Tankless water heaters are becoming more and more common because of their greater earnings, sophisticated infrastructure, and concern for the environment and energy conservation. Due to their efficiency and environmental friendliness, these heaters are popular throughout Europe, particularly in Germany, the UK, and Italy. South Korea, Japan, and China make up the Asia-Pacific region, which is expanding in this market as a result of rising urbanization and the desire for energy efficiency. Africa and the Middle East have a lower share as demand for energy-efficient products rises, but they also confront infrastructural and awareness issues. Urbanization and the need for space-saving measures are driving interest throughout Latin America, particularly in Brazil and Mexico.

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Impact of the COVID-19 pandemic on the market:

The market for tankless water heaters was significantly impacted by the COVID-19 outbreak. At first, lockdowns, construction activity disruptions, and economic uncertainty hampered the market's expansion and reduced consumer demand. But as the pandemic spread, customer behavior shifted in favor of hygiene and cleanliness. With more individuals choosing tankless water heaters to guarantee a consistent supply of hot water for cleaning, the market share of these appliances expanded as a result of the heightened emphasis on sanitization and house upgrades. The popularity of smart homes and remote work have also increased demand for energy-efficient and cutting-edge tankless water heaters. In general, it is anticipated that the tankless water heater market will expand and rebound during the post-pandemic phase.

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