PUNE, India, Jan. 23, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "North America Tankless Smart Water Heater Market By Type (Condensing and Non-Condensing), Connectivity Type (Wi-Fi and Bluetooth), Price (Low, Medium, and High), End-user (Residential and Commercial), and Country (US and Canada), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market size was USD 20.4 Mn in 2022 and is expected to reach USD 144.1 Mn, expanding at a CAGR of 24.2% by the end of 2031. The market growth is attributed to the increasing demand for advanced and smart tankless water heaters for a better consumer experience.
Key Market Players Profiled in the Report
- Rheem Manufacturing Company
- Rinnai America Corporation
- Bosch Thermotechnik GmbH
- EcoSmart Green Energy Products, Inc
- Heatworks Technologies
- Ariston Thermo USA LLC
- Noritz America
- Navien Inc.
- Ningbo Keruidi Carburetor Co., Ltd.
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, connectivity type, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the North America Tankless Smart Water Heater Market
Based on type, the North America tankless smart water heater market is segmented into condensing and non-condensing. The condensing segment is expected to expand at a significant rate in the coming years due to the rising demand for condensing tankless smart water heaters for various applications across buildings and hotels.
Based on connectivity type, the market is segmented into Wi-Fi and Bluetooth. The Wi-Fi segment is projected to expand at a significant rate owing to the maximum speed of Wi-Fi helps to connect more devices and users across the region.
Based on the energy source, the market is bifurcated into electric and gas. The electric segment dominated the market in 2022 and is expected to hold a major share of the market as these types of heaters are easy to set up and require fewer installation costs.
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Based on price, the North America tankless smart water heater market is categorized as low, medium, and high. The medium segment is projected to expand at a significant CAGR during the forecast period due to its affordable price. Consumers prefer medium-priced tankless smart water heater as it has multiple technological advancements supported with affordable prices.
Based on end-user, the market is categorized as residential and commercial. The residential segment is projected to expand at a significant CAGR during the forecast period. The increasing number of residential units as a result of a growing middle-class population is projected to drive the residential segment.
Based on the country, the North America tankless smart water heater market is categorized as the US and Canada. The market in the US is projected to expand at a significant CAGR during the forecast period, owing to the significant applications of tankless smart water heaters in the commercial sector in the country.
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Key Takeaways from the Study:
- Tankless smart water heaters have advanced features such as heating capabilities, low standby loss, energy optimization, Wi-Fi connectivity, and remote management. These features offer consumers a better experience.
- Increasing demand for the replacement of traditional water heaters with the new advanced smart water heaters can drive the global market.
- Compared to traditional water heaters, smart water heaters are more energy efficient . These heaters provide hot water heaters when needed, which eliminates energy wastage and environmental impact and aids in cutting down greenhouse emissions by over 40%.
- The rapid growth in the installation of instantaneous water heaters in residential and commercial sectors can boost the market growth during the forecast period.
- New innovative developments such as convenient and interoperable services can create new opportunities for the market in the coming years.
- Wi-Fi tankless smart heaters offer more security than Bluetooth tankless smart water heater as it offers high speed and connectivity than the Bluetooth ones.
North America Tankless Smart Water Heater Market by Type (Condensing and Non-Condensing), Connectivity Type (Wi-Fi and Bluetooth), Price (Low, Medium, and High), End-user (Residential and Commercial), and Country (US and Canada) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 - 2031"
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Key Segments Covered
Type
- Condensing
- non-condensing
Connectivity Type
- Wi-Fi
- Bluetooth
Energy Source
- Electric
- Gas
Price
- Low
- Medium
- High
End-user
- Residential
- Commercial
Other Related Reports:
- Smart Home Appliances Market by Products (Washing Machines, Refrigerators, TVs, and Air Purifiers), Distribution Channels (Online and Offline), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021-2028
- Global Smart Connected Residential Water Heater Market by Type (Wi-Fi, Bluetooth, Other), By Application (Online Channel, Offline Channel) And By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
- Global Household Smart Appliance Sales Market by Type (Monomial Intelligence, Multiple Intelligences), By Application (Kitchen, Sitting Room, Bedroom) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
- Global Electric Tankless Water Heater Market by Type (Multi-Position Electric Water Heater, Constant Temperature Electric Water Heater, Electric Heating Faucet), By Application (Hotel, Restaurant, Hospital, Household, Other) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030
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