Owing to benefits such as an energy-efficient water tank, and reduced water wastage it is a tankless heater, cost-effective, suitable for small homes, provides both gas and electric models in the heater and has a long lifespan.
An increasing number of residential construction and increasing population is increasing the use of heaters in there day to day life. Along with the growing demand in commercial offices is growing the demand for high-temperature tankless water heaters to reduce the wastage of water.
The key driver of demand for tankless water heaters is rising customer concerns about the environmentally friendly use of energy. The use of these heaters by the residential and commercial sectors is anticipated to increase quickly throughout the projected period due to their capacity for energy and space savings.
Additional benefits include a lifespan of up to 20 years, a compact design that requires less room than traditional models, and flexibility, which allows tankless water heaters to be installed virtually any place in the home.
These factors work in concert to drive the High-Temperature Tankless Water Heater market, which will grow by a whopping 7.56 billion dollars by 2029 and expand at an annualized rate of 8.7% over the course of the forecast period.
Water that passes through a high-temperature tankless water heater does not need to be stored internally other than the water that is already contained in the heat exchanger coil; rather, the water is instantly heated as it passes through the appliance. This is due to the high thermal conductivity of copper heat exchangers and their ease of manufacture making them a preferred element in these types of devices.
In the coming years, there are expected to be significant increases in the number of tankless water heaters being installed as a replacement for existing water heaters.
However, factors such as high installation cost, simultaneous water heating less effective, long wait for hot water delivery, and inconsistent temperature when multiple faucets are turned on at a time are the things that are becoming the restraining the growth of the market
There are several major players in the Global High-Temperature Tankless Water Heater Market, A.O Smith, Rheem Manufacturing Company, Rinnai Corporation, Bradford Bosch LLC, EcoSmart Green Energy Products Inc, StiebelEltron Inc, Takagi, Nortiz America, Navien Inc.
The demand for these items in the residential market is primarily driven by the increasing use of technologies that are both energy-efficient and environmentally friendly, such as tankless water heaters. Additionally, it is anticipated that during the projection period, the adoption of these solutions would be aided by the rising number of residential units brought on by the expanding middle-class population, particularly in emerging nations like China and India.
Powered by Rheem's EcoNet Smart Technology, the Elite and Prestige models of Rheem offer Wi-Fi connectivity and other add-on features that are designed to provide system security, control, and cost savings as a result of saving energy by implementing EcoNet Smart Technology.
These heaters are inexpensive to install and simple to set up. In addition, electric items often have minimal running costs and a long lifespan. Furthermore, compared to their gas equivalents, these heaters may be installed in compact locations and don't need any ventilation because of their creative design.
Electric equipment also requires either minimal to no maintenance or none at all, in contrast to gas goods, which sometimes need professional care. These aspects are expected to make electric objects more useful when compared to their gas-powered equivalents. As a result, it is predicted that the category would grow at the fastest CAGR throughout the course of the forecast year.
North America is dominating
During the projection period, North America is expected to grow at the quickest CAGR of 10.2%. The demand for tankless water heaters will be mostly driven by rising environmental consciousness and rising product visibility throughout the projected period. Additionally, it is anticipated that the presence of major competitors in the area would increase demand for tankless water heaters in the coming years. As a result, the region is predicted to develop at the fastest CAGR during the forecast period. Europe held the biggest market share in 2021. This is a result of increased product uptake and a movement in consumer desire toward products that use less energy and money.
Covid-19 Impact & Market Status
The COVID-19 outbreak had a significant effect on the tankless water heater industry worldwide. Due to the epidemic and the worldwide lockdown that followed, a fall in firm income was seen in the construction and building, transportation, oil and gas, automotive, and energy sectors in 2020. Tankless water heaters are therefore less popular in the business and residential markets, which is limiting the market growth. Additionally, due to the strict measures of social isolation, a lack of labor, and disruptions in the supply of raw materials, building and construction activities were put on hold during the pandemic period in all parts of the world.
Latest Innovations in the Global High-Temperature Tankless Water Heater Market: a Snapshot
• Tankless water heaters are becoming more widely used as companies release more modern models, which is projected to happen in the future years. For instance, the Neuron Series of water heaters were introduced by Intellihot Inc., a leader in the production of commercial tankless water heaters and a clean technology IoT firm, in April 2019.
• For instance, in April 2019, Intellihot Inc., a market leader in the creation of commercial tankless water heaters and a clean technology IoT company, unveiled the Neuron Series of water heaters. • Commercial tankless water heaters include cellular Wi-Fi connectivity for remote flow and water temperature monitoring. Since these versions are designed for hotels, restaurants, and schools, they can also fit in existing water connections, negating the need for repining and cutting installation time in half.
• Most companies that manufacture these heaters provide distinctive features in a few of their models. For instance, Stiebel Eltron has a patent on their Advanced Flow Control technology, which reduces the flow rate automatically when demand is high.
High Temperature Tankless Water Heaters Market Scope
|Revenue forecast in 2029
|USD 7.56 billion
|CAGR of 8.7% during 2019-2029
|Application, Location, End-User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|A.O Smith, Rheem Manufacturing Company, Rinnai Corporation, Bradford Bosch LLC, EcoSmart Green Energy Products Inc, StiebelEltron Inc, Takagi, Nortiz America, Navien Inc.
Key Segments of the Global High-Temperature Tankless Water Heater Market
Type Overview (USD Billion)
• Below 10 Liter/min
• 10 To 40 Liter/min
• Above 40 Liter/min
Application Overview (USD Billion)
Product Overview (USD Billion)
• Electric water heater
• Gas water heater
Regional Overview (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa