The North American tankless water heater market is projected to grow at a significant CAGR of 7.0% during the forecast period (2020-2026). 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.
Market Coverage
|
Report Elements |
Details |
|
Study Period |
2019-2026 |
|
Base year |
2019 |
|
Forecast period |
2020-2026 |
|
Segments Covered |
By Product Type and By Application |
|
Regions Covered |
US and Canada |
|
Key Companies Profiled |
A.O. Smith Corp., Bradford White Corp., Navien Inc., NORITZ Corp., General Electric Co., Robert
Bosch GmbH, Navien
Inc., NORITZ Corp. |
Key questions addressed by the report
o Recovery Timeline
o Deviation from pre-COVID-19 forecast
o Most affected region/segment
o Recommendations
North American Tankless Water Heater Market – Segmentation
By Product Type
By Application
North American Tankless Water Heater Market – Segmentation by Region
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