Market Segmentation
Green buildings are designed and constructed to reduce or eliminate negative impacts on climate and natural environment. Globally, green building projects have grown substantially in the last 10 years and are expected to witness steady growth in the upcoming years. According to the World Green Building Council, the percentage of industry respondents who expect to do the majority (more than 60%) of their projects green, increased from 27% in 2018 to almost 47% by 2021. Climate change is one the key factor pushing green building projects, with 77% of the respondents listing lowering greenhouse gas emissions as an important reason for their organization to be engaged in green building. Over the past few years, government bodies in countries such as the U.S., Ireland, Australia, Brazil, and China have been initiating and promoting such products to reduce overall carbon emission and energy consumption. For instance, The United States Green Building Council is compelling various business organization to invest in energy efficiency project. Tankless water heaters have emerged as ideal choices for a multitude of reasons. They are around 90% smaller compared to conventional tank-type water heaters and they provide hot water on demand. Moreover, according to the Office of Energy Efficiency & Renewable Energy, U.S., residential user who uses about 41 gallons of water daily, tankless water heater can be 24% to 34% more energy efficient compared to traditional storage water heater.
Though tankless water heaters can produce needed hot water all day, but it cannot produce large amounts of water at a time. Furthermore, tank water heaters provide 7 to 9 gallons of hot water per minute while a typical tankless unit only provides 2 to 5 gallons of hot water. Moreover, gas-fired tankless water heater costs around USD 1,500 to buy and install, nearly double the price of a tank gas-fired unit, and costs USD 575 more than a high-efficiency tank model. Conventional gas fired water heater usually requires a half-inch gas line, while tankless unit requires three-quarter-inch pipe and plumber charges USD 25 to USD 40 per foot, which may potentially increase the cost of installation by USD 100 or more. Electric tankless unit is much cheaper as it can cost as little as USD 400 to install.
The countries such as the U.S., China, and India are potential market for tankless water heaters owing to the implementation of stringent regulation to save energy and carbon emission. These energy saving regulations are expected to support the adoption of energy efficient home appliances including tankless water heaters. Moreover, countries including the U.S., and China are focusing on mandating the installation of high energy efficient water heaters regardless of any short-term installation issues. Mandating installation of energy efficient water heaters, prohibiting sales and installation of inefficient water heaters is expected to provide growth opportunities in upcoming years. Over the past years, the governments are taking initiatives for promoting the advanced and sustainable residential constructions. The high growth in the residential sector is expected to propel the demand for the energy efficient home appliances including tankless water heaters over the forecast period.
This section will provide insights into the contents included in this tankless water heater market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance