Global tankless water heaters market is growing owing to increasing demand for tankless water heaters as they significantly reduce standby losses, which in turn, makes them an energy-efficient substitute to conventional water heaters. Therefore, tankless water heaters can significantly reduce home energy consumption and can aid customers in saving utility costs. The accessibility of instant hot water and the limitless supply of hot water making it much more convenient than tanked water heaters is driving the growth of the market. These water heaters also provide long-term energy savings feature as energy is used only when there is a requirement of hot water. A sensor senses the water flow and triggers a heating device, which rapidly raises the water temperature to a set level. When the water flow is stopped, the heater shuts off automatically.
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The heating component in a tankless water heater can be a gas-fired burner using natural gas or electric resistance heating coils. In electric tankless water heaters, the heating element converts the electrical energy and is placed in contact with the water to transfer heat directly into the flow. Moreover, in gas tankless water heaters, the hot combustion gases are transferred to the water by the heating elements in the form of heat exchangers. A tankless water heater is comprised of a flow sensing device that activates when a hot water tap is turned on and the required flow rate to activate the heater is reached. Once activated, the water rolling through the heater is heated to provide a constant amount of hot water.
Government initiates to reach sustainability goals by endorsing energy-efficient systems drive the growth of the tankless water heater market. The low energy efficiency standards suggested for home uses by governments across the globe are generating new growth prospects for energy-efficient and sustainable solutions, such as tankless water heaters. Technological innovation in the design and efficiency of tankless water heaters is the major factor which drives the market. The companies involved in the global tankless water heater market include Bradley Corp., Alpha Electric Co., Chronomite, Inc., Hubbell, Inc., EZ Tankless, Inc., and Stiebel Eltron GmbH.
Global Tankless Water Heater Market- Segmentation
By Energy Source
· Electric Tankless Water Heater
· Gas Tankless Water Heater
By End-User
· Residential
· Commercial
· Industrial
Global Tankless Water Heater Market –Region
North America
· US
· Canada
Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
Asia-Pacific
· China
· Japan
· India
· Rest of Asia-Pacific
Rest of the World
· Middle East & Africa
Latin America