One of the main factors driving the market expansion of tankless water heater is the expanding building industry around the world together with the rising government investment in the construction sector, particularly in the Asia Pacific region. Some of the major causes expected to drive demand for tankless water heaters include increased trends towards adopting a better lifestyle and middle-class urban populations' increasing disposable income. A cost-effective tankless water heater is also projected to be in high demand as the need for continuous hot water and the growing need to save energy and money increase. Also, it is anticipated that the rising global population will fuel market expansion during the anticipated time frame.
Global Tankless Water Heater Market was valued at US$ 21.66 Billion in 2021 in terms of revenue, exhibiting a CAGR of 5.4% during the forecast period (2022 to 2030).
Market Leaders in the Tankless Water Heater Industry:
1. Rheem Manufacturing Company
Founded in 1925, Rheem Manufacturing is the global leader in the manufacture of high-quality, sustainable, and innovative water heaters, tankless water heaters, air conditioners, furnaces, pool heaters, and HVAC systems for residential and commercial applications. In July, 2022 Rheem®, a leading global manufacturer of water heating and HVACR products, is launching two versions of the 120-Volt ProTerra® Plug-in Heat Pump Water Heater. Providing advanced solutions for California contractors and homeowners seeking a drop-in gas replacement.
2. Rinnai Corporation
Rinnai Corporation offers water heaters, including hot-water units, bath hot-water units, hot-water and heating units, gas/solar hybrid hot-water and heating systems, etc. Rinnai Corporation was incorporated in 1920 and is headquartered in Nagoya, Japan. In October, 2022 Rinnai Corporation (Rinnai) and TOYOTA MOTOR CORPORATION (Toyota), together with Woven Planet Holdings, Inc. (Woven Planet), have initiated collaborative efforts on a potentially ubiquitous new application of hydrogen for food preparation.
3. A. O. Smith
A. O. Smith Corporation manufactures and markets residential and commercial gas, heat pump and electric water heaters, boilers, tanks, and water treatment products. A. O. Smith Corporation was founded in 1874 and is headquartered in Milwaukee, Wisconsin. In December, 2022 A. O. Smith Corporation a global leader in water heating and water treatment products, announced that the Company has received WAVE water stewardship verification, a process led by The Water Council and independently verified by SCS Global Services.
4. Noritz America Corp.
Noritz Corporation engages in the development, manufacture, and sale of household appliances and equipment, and related services worldwide. Noritz Corporation was incorporated in 1951 and is headquartered in Kobe, Japan.
5. Ariston Thermo Group
Ariston Holding N.V., through its subsidiaries, produces and distributes hot water and space heating solutions worldwide. Ariston Holding N.V. was founded in 1930 and is headquartered in Milan, Italy. In February, 2023 Ariston Group announces the closing of the previously announced acquisition of 100% of share capital of CENTROTEC Climate Systems GmbH from CENTROTEC SE
6. Haier Electronics Group Co., Ltd.
Established in 1984, Haier Group is a world-leading provider of a better life and digital transformation solutions. The company has headquarters situated in Qingdao, Shandong.
7. Bajaj Electricals Ltd.
Bajaj Electricals Limited engages in the consumer durables; and engineering, procurement, and construction businesses in India. The company was incorporated in 1938 and is headquartered in Mumbai, India.
8. Bradford White Corp.
Since 1881, Bradford White Corp. is a full-line manufacturer of residential, commercial and industrial water heating, space heating, combination heating and storage products. The company has headquarters situated in Ambler, PA.
9. Stiebel Eltron GmbH & Co. KG
Since 1924, Stiebel Eltron are one of the world’s market leading suppliers of technology products for building services and green tech. The company has headquarters situated in Holzminden,Germany.
10. Kyungdong Navien Co. Ltd.
Kyung Dong Navien Co., Ltd. manufactures oil and gas boilers for both domestic and commercial purposes. The Company also produces absorption type chillers and heaters, pipes, sinks, and gas detectors. The company was founded in 1978 and is headquartered in Pyeongtaek-si, South Korea.
*Definition - Tankless water heaters, also known as demand-type water heaters, are instant water heaters that produce hot water immediately or as needed.
