Which region held the Tankless Water Heater Market share in the tankless water heater market

Tankless water heaters, also known as demand-type water heaters or instant water heaters, are water heaters that provide hot water on demand. These water heaters can be mounted in a closet or on the outside of a building and provide an unending supply of hot water while saving electricity by heating and reheating the same tank. Tankless Water Heater Market are popular in both home and business settings. Tankless water heaters are extremely long-lasting and can last for years. Furthermore, because these heaters are incredibly efficient, they can save up to 40% on energy expenditures.

Drivers

Rising building activity around the world, combined with increased government investment in the construction industry, particularly in the Asia Pacific region, is a major factor driving Tankless Water Heater Market expansion. Global construction output is expected to climb to US$ 12.9 trillion by 2022, up from US$ 10.8 trillion in 2017, according to a report published by Globaldata in October 2018. As a result, the global construction industry is expected to drive market expansion for tankless water heaters.

The rising trend of adopting a better lifestyle, as well as increased disposable income of the middle-class urban population, are expected to fuel demand for tankless water heaters. Furthermore, demand for continuous hot water, combined with the growing need to save energy and money, is expected to fuel demand for low-cost tankless water heaters. Additionally, the Tankless Water Heater Market is expected to increase at a faster rate than the global population base rate over the projection period.

In terms of revenue, Europe dominated the global tankless water heater market in 2018, with 35.6 percent market share, followed by Asia-Pacific and North America, in that order.

Restriction on the Market

Over the projection period, high investment costs and the high cost of tankless water heaters compared to standard water heaters are likely to stymie market expansion. Other limitations, such as a lack of suitable equipment and fluctuations in natural gas or propane supply, are also projected to limit market growth for tankless water heaters over the forecast period.