Tankless Water Heater Market Gaining Significant Traction as Key Manufacturer AO Smith Comes up with novel water heater MiniBot for instant water heating

 

A tankless water heating system saves you money year after year, because of better energy efficiency. They typically have an extended useful lifespan, lasting much longer than traditional tank-type systems, lasting up to twice as long. Most tankless water heaters are now also equipped with timers, which allow you to adjust the heating cycle to the season or time of day. Some homeowners even choose to adjust their heating times based on the availability of running water. This is done by adjusting the thermostat settings so that they will only startup when it's cold outside, and it will automatically shut down after the tank is filled.

Increasing demand for energy-efficient systems is expected to drive growth of the global tankless water heater market during the forecast period. The demand for energy-efficient systems has increased significantly across the globe. Consumers are laying emphasis on energy-efficient products that consume less power and are cost-effective to use. Tankless water heaters have a significantly longer lifespan than tank water heaters and last for twice as long in some cases. Furthermore, they require less storage space than a storage-tank water heater. Besides, hot water is readily available, unlike conventional water heater systems. Such advantages have increased the demand for tankless water heater systems. Hence, these factors are expected to drive growth of the global tankless water heater market during the forecast period. Furthermore, proactive government policies to endorse the use of energy-efficient systems are expected to boost the global tankless water heater market growth over the forecast period.However, high installation and purchase cost as compared to conventional storage-tank water heaters is expected to hinder the global tankless water heater market growth over the forecast period. 

Among regions, Europe is expected to witness significant growth in the global tankless water heater market during the forecast period. This is owing to the high rate of adoption and growing preference of consumers towards energy-efficient products in the region. Furthermore, North America is expected to register a robust growth rate over the forecast period, owing to increasing product visibility and rising awareness towards ecological products in the region.

Key companies involved in the global tankless water heater market are A.O. Smith, Nihon Itomic Co., Ltd, Bosch Thermotechnology, Havells India Limited, Bradford White Corporation, Rinnai Corporation, General Electric Appliances, Whirlpool Corporation, Racold, and Hubbell.

For instance, in August 2020, A.O. Smith launched MiniBot, an instant water heater.


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