North American Tankless Water Heater Market Size, Share, Impressive Industry Growth, Report 2027

 

The North American tankless water heater market is projected to grow at a significant CAGR of 7.0% during the forecast period. The tankless water heater has a significant application in the residential and commercial sectors that further contribute to the growth of the market. Extreme climatic conditions along with rising industrialization combinedly drive the demand for water heaters in the commercial sector. The US is a prominent technological hub, which witnesses the introduction of novel heating technologies such as automatic control systems and integrated remote monitoring, which substantially fuels the product’s heating performance. Therefore, the demand for water heating system is continuously increasing in the region. Moreover, the replacement of existing water heating systems with compact design and more efficient systems such as heat pump water heaters (HPWH), makes the deployment of tankless water heaters inevitable in the commercial industry.

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The rising shift in the preference for tankless water heaters over conventional water heaters has been observed due to the energy-saving capacity of tankless water heaters that further provide significant growth to the market. Tankless water heaters heat the water on demand instead of storing hot water, and no immersion rod is equipped for keeping the water hot continuously. Unlike conventional water heating systems, tankless water heater gets activated when the shower or faucet is turned on and gets deactivated when turned off, ensuring a continuous supply of hot water by saving energy. In addition, mandatory rating norms by several governments in the Americas and Europe have made tankless water heaters eco-friendly and economical for the users, surging their preference for such water heaters.

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Key questions addressed by the report

·        What is the market growth rate during the forecast period?

·        Which segment/region dominates the market in the base year?

·        Which segment/region will project the fastest growth in the market during the forecast period?

·        How COVID-19 will impact the market growth in 2020 and coming years?

o   Recovery Timeline

o   Deviation from pre-COVID-19 forecast

o   Most affected region/segment

o   Recommendations

·        Who is the leader in the market?

·        How players are addressing challenges to sustain growth?

·        Where is the investment opportunity?

North American Tankless Water Heater Market – Segmentation

By Product Type

·        Electric Water Heater

·        Gas Water Heater

By Application

·        Residential

·        Commercial

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North American Tankless Water Heater Market – Segmentation by Region

·        United States

·        Canada

Company Profiles

·        A.O. Smith Corp.

·        Bradford White Corp.

·        General Electric Co.

·        Haier Electronics Group Co., Ltd.

·        Navien Inc.

·        NORITZ Corp.

·        Robert Bosch GmbH

·        Rheem Manufacturing Company, Inc.

·        Rinnai Corp.

·        Stiebel Eltron, Inc.

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