Tankless Electric Water Heater Market Scope
The tankless water heaters, also known as instantaneous or on-demand water heaters, provide hot water without using a storage tank. Like tank water heaters, tankless water heaters use either gas or electricity to operate. The tankless water heaters offer latest features and technology that can provide less energy consumption and detection of flow of water through sensors. Major driving factors for the tankless water heaters market is deployment in rapid urbanization, which is highly proficient manufacturing of water heaters. This factor is expected to boost the global market. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the expansion of corporates, hotels and residential complex.
According to AMA, the Global Tankless Electric Water Heater market is expected to see growth rate of 7.3%
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Tankless Electric Water Heater market throughout the predicted period.
A. O. Smith (United States), Bradford White (United States), NORITZ AMERICA (United States), Rheem Manufacturing (United States), Rinnai (Japan), Ariston Thermo Group (Italy), Kyungdong Navien Co.,Ltd. (South Korea), Stiebel Eltron GmbH & Co. KG (Germany), Haier Electronics Group Co, Ltd (Hong Kong) and Bajaj Electricals Ltd.(India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Vaillant (Germany), Saudi Ceramics (Saudi Arabia), Hubbell (United States) and Ferroli (Italy).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Tankless Electric Water Heater market by Type (Electric tankless water heaters and Gas tankless water heaters [LPG, Natural Gas]), by Application (Residential and Commercial) and Region with country level break-up.
On the basis of geography, the market of Tankless Electric Water Heater has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In December 2017, Stiebel Eltron, Inc. acquired Tankless Inc. This acquisition is beneficial in providing three-phase electric tankless water heaters in industrial and commercial industries. Its also focus on refining and integrating their product line by expanding its business portfolio.
“According to U.S. Department of Energy , it’s denoted that the vendors are able sell out the their stock of legacy model, soon only compliant water heaters will be available to consumers and contractors. As a result, homeowners will be left with the choice of replacing their water heater with a compliant upgrade from the same brand or taking a completely new approach to heating their home."
Market Trend
- Increasing number of luxury residential society.
- Rising demand of energy efficient water heaters.
Market Drivers
- Electric Tankless Water Heater is More Preferred than Gas Water Heater Due to Low Cost.
- Increase in Demand of Tankless Electric Water Heater Due To Superior Features and Functionalities.
Opportunities
- Rise in Demand of Energy Efficient Equipment Leads to Boost The Tankless Electric Water Heater.
- New Residential Construction And Home Improvement Projects Have Led to Increased Investments on Tankless Electric Water Heater.
Restraints
- High Raw Material Cost Associated With Tankless Electric Water Heater.
- Growing Preference Of Solar Water Heaters May Hamper The Growth Of Tankless Electric Water Heater.
Challenges
- Rising Electricity Prices Leads to Challenge Tankless Electric Water Heater Market.
Key Target Audience
Tankless Electric Water Heater Manufacturers, Tankless Electric Water Heater Traders, End-Use Market Participants of Different Segments of Tankless Electric Water Heater, Government and Research Organizations, Associations and Industrial Bodies, Research and Consulting Firms, R&D Institutions and Others