Water heaters have been used since traditional times but the introduction of tankless water heaters has brought a host of advantages and a change in market dynamics. Originally, water heaters had storage tanks where a specified amount of water could be heated and used once the desired temperature was reached. Although these water heaters worked well, the time taken to heat the water resulted in the excessive consumption of energy and eventually, a loss in efficiency. Tankless water heaters have rectified the scenario by a huge margin and the market for the same is hence estimated to clock US$16.93 bn by 2016 in sales revenue. By the end of the forecast period in 2024, the global tankless water heater market is expected to value US$25.5 bn, with the projected CAGR of 5.3% therein.
High Efficiency and Government Subsidies Providing Incentive
Conventional water heaters had low efficiency compared to tankless water heaters. This resulted in resource wastage and cost the consumers dearly. Tankless water heaters, on the other hand, are designed to function with up to 90% efficiency in the case of non-condensing type tankless water heaters. As for the condensing type, the efficiency is up to 80% and is still greater than the traditional kind.
Taking this into consideration, governments across the globe have launched campaigns to promote the use of tankless water heaters in both residential and commercial spaces. The energy saved by using tankless water heaters can be routed to other welfare activities.
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Cheaper Running and Maintenance Cost Attracting Consumers
Tankless water heaters run either on electricity or gas. Among the two, gas type tankless water heaters are gaining more traction since gas is available at a cheaper rate resulting in low running cost. Moreover, the efficiency of gas type tankless water heaters is higher compared to the electric kind.
The maintenance of tankless water heaters is cheaper compared to tank-type water heaters. The water stored inside the tanks can, over time, corrode the insides and reduce the efficiency of the heater. Also, hard water is used in certain areas, which causes sedimentation inside the tank and hence reduces the efficiency of the water heaters. None of the above are issues in tankless water heaters, making them the perfect appliance.
Manufacturers Using New Technology to Attract Consumers and Drive Sales
Tankless water heaters are extremely compact and with smaller houses being preferred by consumers, it fits their needs perfectly. Being an instantaneous water heater, the temperate control unit in tankless water heaters also allows consumers to set the temperature of water as per their requirement.
Manufacturers are making tankless water heaters more attractive by incorporating new technologies, such as digital temperature control, water pressure control, and alert systems in case of malfunctions or on the completion of service intervals.
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Major market players in the global tankless water heater market include A. O. Smith, Haier Electronics Group Co, Ltd., Kyungdong Navien Co.,Ltd., Bradford White Corp., Stiebel Eltron GmbH & Co. KG, Ariston Thermo Group, Rinnai Corporation, Bajaj Electricals Ltd., Rheem Manufacturing Company, and Noritz America Corp.