Tankless Water Heater Market 
                     
Introduction
The global tankless water heater market size was valued at $6.3 billion in 2021, 
and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 6.9% from 
2022 to 2031.
Tankless water heater is a heating equipment that heats water by using electricity 
or gas as its energy sources. It is different from traditional or tanked water heaters 
as it does not store water and heats water as water passes through the heating 
units in a short time. There is a water flow sensor in tankless water heaters that 
starts automatically when it senses the water flow.
These water heaters have proved to be very useful in commercial as well as 
residential sectors, which, in turn, gives traction to the tankless water heater 
market growth globally.
Report Overview
Rise in demand for tankless water heater from residential consumers, rapid 
growth of smart city infrastructure, and rise in investment toward upgradation of 
aged government infrastructure are the key factors that significantly contribute 
toward the growth of the global tankless water heater market.
However, cost associated with additional heat exchanger in case of condensing 
tankless water heater is anticipated to hamper the growth of the tankless water 
heater market, globally. Conversely, rise in focus toward manufacturing of tankless 
electric water heater with safety awareness, enhanced quality, and energy 
efficiency is expected to create potential growth opportunity for key players 
operating in this market.
Report Overview
Key findings
• In 2021, the condensing segment accounted for about 62.7% of the share in the 
global tankless water heater market, and is expected to maintain its dominance 
till the end of the forecast period.
• In 2021, the electric segment accounted for 56.7% tankless water heater 
market share in the year 2021, and is anticipated to grow at a rate of 7.3% in 
terms of revenue, increasing its share in the global tankless water heater 
market.
• Commercial is the fastest-growing application segment in the global tankless 
water heater market, expected to grow at a CAGR of 7.1% during 2022–2031.
• Europe is expected to grow at the fastest rate, registering a CAGR of 7.4%, 
throughout the forecast period.
• In 2021, Europe dominated the global tankless water heater market with more 
than 31.4% of the share, in terms of revenue.
Report Overview
Key Market Players
• A.O. Smith
• Bradford White Corporation
• EcoSmart Energy Products, Inc.
• General Electric
• Noritz Corporation
• Navien, Inc.
• Robert Bosch GmbH
• Stiebel Eltron Inc.
• Westinghouse Electric Corporation
•  V-Guard Industries, Ltd.
Report Overview
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