The North America Tankless Water Heater Market would witness market growth of 6.3% CAGR during the forecast period (2022-2028).
The most common inefficiency with storage tank water heaters, known as standby losses, is caused by the storage of heated water in the tank. Standby losses, which account for 10 to 20% of a household's annual water heating costs, are the heat that is transferred and radiated from the tank walls and via the flue pipe in gas-fired water heaters. The heater must run occasionally even if no hot water is collected from the tank because standby losses cause the water's temperature to drop.
Storage tank systems and recirculating-loop water heating systems are the two most prevalent forms of water heating technologies in the commercial sector. A hot water storage tank is also often included in recirculating-loop water heating systems. However, hot water is continually pumped around a distribution loop, from which individual customers draw hot water as needed, in order to shorten the wait time for heated water at the faucet or point-of-use. The heater must run intermittently to maintain the water's temperature due to standby losses, which in addition to losses for storage tank systems also include heat lost through the distribution loop of recirculating-loop systems.
Over the next few years, it is anticipated that tankless water heater demand in the US market would increase dramatically. The growing demand for tankless water heaters in the commercial sector and technological advancements in the industry are driving the regional market. According to data made released by the US Department of Energy, almost every home in the country has at least one installed water heater. The unpredictable weather is another element influencing the demand for tankless water heaters in the US. The average U.S. temperature in 2019 was 40.7F / 4.8C, according to the National Oceanic and Atmospheric Administration (NOAA). As a result, tankless water heater demand is anticipated to increase dramatically across the United States.
The US market dominated the North America Tankless Water Heater Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,980.3 million by 2028. The Canada market is poised to grow at a CAGR of 8.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 7.8% during (2022 - 2028).
Based on Type, the market is segmented into Condensing and Non-Condensing. Based on Energy Source, the market is segmented into Electric and Gas. Based on Energy Factor, the market is segmented into 0.91 to 0.99 EF and 0.80 to 0.90 EF. Based on End User, the market is segmented into Commercial and Residential. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Tankless Water Heater Market is Estimated to reach $9.4 Billion by 2028, at a CAGR of 6.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include A. O. Smith Corporation, Robert Bosch GmbH, Stiebel Eltron GmbH & Co. KG, Takagi Seiko Co., Ltd., Kyungdong Navien Co., Ltd., Noritz Corporation, Bradford White Corporation, EcoSmart Green Energy Products, Inc., Rinnai Corporation, and Rheem Manufacturing Company.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Condensing
- Non-Condensing
By Energy Source
By Energy Factor
- 91 to 0.99 EF
- 80 to 0.90 EF
By End User
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- A.O. Smith Corporation
- Robert Bosch GmbH
- Stiebel Eltron GmbH & Co. KG
- Takagi Seiko Co., Ltd.
- Kyungdong Navien Co., Ltd.
- Noritz Corporation
- Bradford White Corporation
- EcoSmart Green Energy Products, Inc.
- Rinnai Corporation
- Rheem Manufacturing Company
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Tankless Water Heater Market, by Type
1.4.2 North America Tankless Water Heater Market, by Energy Source
1.4.3 North America Tankless Water Heater Market, by Energy Factor
1.4.4 North America Tankless Water Heater Market, by End User
1.4.5 North America Tankless Water Heater Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Product Launches and Product Expansions
3.2.2 Acquisition and Mergers
3.2.3 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2019, Jan – 2022, Apr) Leading Players
Chapter 4. North America Tankless Water Heater Market by Type
4.1 North America Condensing Market by Country
4.2 North America Non-Condensing Market by Country
Chapter 5. North America Tankless Water Heater Market by Energy Source
5.1 North America Electric Market by Country
5.2 North America Gas Market by Country
Chapter 6. North America Tankless Water Heater Market by Energy Factor
6.1 North America 0.91 to 0.99 EF Market by Country
6.2 North America 0.80 to 0.90 EF Market by Country
Chapter 7. North America Tankless Water Heater Market by End User
7.1 North America Commercial Market by Country
7.2 North America Residential Market by Country
Chapter 8. North America Tankless Water Heater Market by Country
8.1 US Tankless Water Heater Market
8.1.1 US Tankless Water Heater Market by Type
8.1.2 US Tankless Water Heater Market by Energy Source
8.1.3 US Tankless Water Heater Market by Energy Factor
8.1.4 US Tankless Water Heater Market by End User
8.2 Canada Tankless Water Heater Market
8.2.1 Canada Tankless Water Heater Market by Type
8.2.2 Canada Tankless Water Heater Market by Energy Source
8.2.3 Canada Tankless Water Heater Market by Energy Factor
8.2.4 Canada Tankless Water Heater Market by End User
8.3 Mexico Tankless Water Heater Market
8.3.1 Mexico Tankless Water Heater Market by Type
8.3.2 Mexico Tankless Water Heater Market by Energy Source
8.3.3 Mexico Tankless Water Heater Market by Energy Factor
8.3.4 Mexico Tankless Water Heater Market by End User
8.4 Rest of North America Tankless Water Heater Market
8.4.1 Rest of North America Tankless Water Heater Market by Type
8.4.2 Rest of North America Tankless Water Heater Market by Energy Source
8.4.3 Rest of North America Tankless Water Heater Market by Energy Factor
8.4.4 Rest of North America Tankless Water Heater Market by End User
Chapter 9. Company Profiles
9.1 A. O. Smith Corporation
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Regional Analysis
9.1.4 Research & Development Expense
9.1.5 Recent strategies and developments:
9.1.5.1 Product Launches and Product Expansions:
9.1.5.2 Acquisition and Mergers:
9.1.5.3 Geographical Expansions:
9.2 Robert Bosch GmbH
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expense
9.2.5 SWOT Analysis
9.3 Stiebel Eltron GmbH & Co. KG
9.3.1 Company Overview
9.4 Takagi Seiko Co., Ltd.
9.4.1 Company Overview
9.5 Kyungdong Navien Co., Ltd.
9.5.1 Company Overview
9.5.2 Recent strategies and developments:
9.5.2.1 Product Launches and Product Expansions:
9.5.2.2 Geographical Expansions:
9.6 Noritz Corporation
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Recent strategies and developments:
9.6.3.1 Product Launches and Product Expansions:
9.6.3.2 Acquisition and Mergers:
9.7 Bradford White Corporation
9.7.1 Company Overview
9.7.2 Recent strategies and developments:
9.7.2.1 Product Launches and Product Expansions:
9.7.2.2 Acquisition and Mergers:
9.8 EcoSmart Green Energy Products, Inc.
9.8.1 Company Overview
9.9 Rinnai Corporation
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Regional Analysis
9.9.4 Recent strategies and developments:
9.9.4.1 Acquisition and Mergers:
9.9.4.2 Geographical Expansions:
9.10. Rheem Manufacturing Company
9.10.1 Company Overview
9.10.2 Recent strategies and developments:
9.10.2.1 Product Launches and Product Expansions:
9.10.2.2 Acquisition and Mergers:
TABLE 1 North America Tankless Water Heater Market, 2018 - 2021, USD Million
TABLE 2 North America Tankless Water Heater Market, 2022 - 2028, USD Million
TABLE 3 Product Launches And Product Expansions – Tankless Water Heater Market
TABLE 4 Acquisition and Mergers – Tankless Water Heater Market
TABLE 5 Geographical Expansions – Tankless Water Heater Market
TABLE 6 North America Tankless Water Heater Market by Type, 2018 - 2021, USD Million
TABLE 7 North America Tankless Water Heater Market by Type, 2022 - 2028, USD Million
TABLE 8 North America Condensing Market by Country, 2018 - 2021, USD Million
TABLE 9 North America Condensing Market by Country, 2022 - 2028, USD Million
TABLE 10 North America Non-Condensing Market by Country, 2018 - 2021, USD Million
TABLE 11 North America Non-Condensing Market by Country, 2022 - 2028, USD Million
TABLE 12 North America Tankless Water Heater Market by Energy Source, 2018 - 2021, USD Million
TABLE 13 North America Tankless Water Heater Market by Energy Source, 2022 - 2028, USD Million
TABLE 14 North America Electric Market by Country, 2018 - 2021, USD Million
TABLE 15 North America Electric Market by Country, 2022 - 2028, USD Million
TABLE 16 North America Gas Market by Country, 2018 - 2021, USD Million
TABLE 17 North America Gas Market by Country, 2022 - 2028, USD Million
TABLE 18 North America Tankless Water Heater Market by Energy Factor, 2018 - 2021, USD Million
TABLE 19 North America Tankless Water Heater Market by Energy Factor, 2022 - 2028, USD Million
TABLE 20 North America 0.91 to 0.99 EF Market by Country, 2018 - 2021, USD Million
TABLE 21 North America 0.91 to 0.99 EF Market by Country, 2022 - 2028, USD Million
TABLE 22 North America 0.80 to 0.90 EF Market by Country, 2018 - 2021, USD Million
TABLE 23 North America 0.80 to 0.90 EF Market by Country, 2022 - 2028, USD Million
TABLE 24 North America Tankless Water Heater Market by End User, 2018 - 2021, USD Million
TABLE 25 North America Tankless Water Heater Market by End User, 2022 - 2028, USD Million
TABLE 26 North America Commercial Market by Country, 2018 - 2021, USD Million
TABLE 27 North America Commercial Market by Country, 2022 - 2028, USD Million
TABLE 28 North America Residential Market by Country, 2018 - 2021, USD Million
TABLE 29 North America Residential Market by Country, 2022 - 2028, USD Million
TABLE 30 North America Tankless Water Heater Market by Country, 2018 - 2021, USD Million
TABLE 31 North America Tankless Water Heater Market by Country, 2022 - 2028, USD Million
TABLE 32 US Tankless Water Heater Market, 2018 - 2021, USD Million
TABLE 33 US Tankless Water Heater Market, 2022 - 2028, USD Million
TABLE 34 US Tankless Water Heater Market by Type, 2018 - 2021, USD Million
TABLE 35 US Tankless Water Heater Market by Type, 2022 - 2028, USD Million
TABLE 36 US Tankless Water Heater Market by Energy Source, 2018 - 2021, USD Million
TABLE 37 US Tankless Water Heater Market by Energy Source, 2022 - 2028, USD Million
TABLE 38 US Tankless Water Heater Market by Energy Factor, 2018 - 2021, USD Million
TABLE 39 US Tankless Water Heater Market by Energy Factor, 2022 - 2028, USD Million
TABLE 40 US Tankless Water Heater Market by End User, 2018 - 2021, USD Million
TABLE 41 US Tankless Water Heater Market by End User, 2022 - 2028, USD Million
TABLE 42 Canada Tankless Water Heater Market, 2018 - 2021, USD Million
TABLE 43 Canada Tankless Water Heater Market, 2022 - 2028, USD Million
TABLE 44 Canada Tankless Water Heater Market by Type, 2018 - 2021, USD Million
TABLE 45 Canada Tankless Water Heater Market by Type, 2022 - 2028, USD Million
TABLE 46 Canada Tankless Water Heater Market by Energy Source, 2018 - 2021, USD Million
TABLE 47 Canada Tankless Water Heater Market by Energy Source, 2022 - 2028, USD Million
TABLE 48 Canada Tankless Water Heater Market by Energy Factor, 2018 - 2021, USD Million
TABLE 49 Canada Tankless Water Heater Market by Energy Factor, 2022 - 2028, USD Million
TABLE 50 Canada Tankless Water Heater Market by End User, 2018 - 2021, USD Million
TABLE 51 Canada Tankless Water Heater Market by End User, 2022 - 2028, USD Million
TABLE 52 Mexico Tankless Water Heater Market, 2018 - 2021, USD Million
TABLE 53 Mexico Tankless Water Heater Market, 2022 - 2028, USD Million
TABLE 54 Mexico Tankless Water Heater Market by Type, 2018 - 2021, USD Million
TABLE 55 Mexico Tankless Water Heater Market by Type, 2022 - 2028, USD Million
TABLE 56 Mexico Tankless Water Heater Market by Energy Source, 2018 - 2021, USD Million
TABLE 57 Mexico Tankless Water Heater Market by Energy Source, 2022 - 2028, USD Million
TABLE 58 Mexico Tankless Water Heater Market by Energy Factor, 2018 - 2021, USD Million
TABLE 59 Mexico Tankless Water Heater Market by Energy Factor, 2022 - 2028, USD Million
TABLE 60 Mexico Tankless Water Heater Market by End User, 2018 - 2021, USD Million
TABLE 61 Mexico Tankless Water Heater Market by End User, 2022 - 2028, USD Million
TABLE 62 Rest of North America Tankless Water Heater Market, 2018 - 2021, USD Million
TABLE 63 Rest of North America Tankless Water Heater Market, 2022 - 2028, USD Million
TABLE 64 Rest of North America Tankless Water Heater Market by Type, 2018 - 2021, USD Million
TABLE 65 Rest of North America Tankless Water Heater Market by Type, 2022 - 2028, USD Million
TABLE 66 Rest of North America Tankless Water Heater Market by Energy Source, 2018 - 2021, USD Million
TABLE 67 Rest of North America Tankless Water Heater Market by Energy Source, 2022 - 2028, USD Million
TABLE 68 Rest of North America Tankless Water Heater Market by Energy Factor, 2018 - 2021, USD Million
TABLE 69 Rest of North America Tankless Water Heater Market by Energy Factor, 2022 - 2028, USD Million
TABLE 70 Rest of North America Tankless Water Heater Market by End User, 2018 - 2021, USD Million
TABLE 71 Rest of North America Tankless Water Heater Market by End User, 2022 - 2028, USD Million
TABLE 72 Key Information – A. O. Smith Corporation
TABLE 73 key information – Robert Bosch GmbH
TABLE 74 Key Information – Stiebel Eltron GmbH & Co. KG
TABLE 75 key Information – Takagi Seiko Co., Ltd.
TABLE 76 Key Information – Kyungdong Navien Co., Ltd.
TABLE 77 Key Information – Noritz Corporation
TABLE 78 Key Information – Bradford White Corporation
TABLE 79 Key Information – EcoSmart Green Energy Products, Inc.
TABLE 80 Key Information – Rinnai Corporation
TABLE 81 Key Information – Rheem Manufacturing Company
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Product Launches and Product Expansions: 2019, Jan – 2022, Apr) Leading Players
FIG 5 Recent strategies and developments: A. O. Smith Corporation
FIG 6 Swot analysis: Robert Bosch GmbH
FIG 7 Recent strategies and developments: Kyungdong Navien Co., Ltd.
FIG 8 Recent strategies and developments: Bradford White Corporation