In tankless water heaters, the water is heated as it passes through the water heater equipment. Tankless water heaters supply immediate and undisrupted hot water supply. In tankless water heaters, sensors are used to turn on the heater when a hot water tap is opened, and the water heater is turns off when the tap is closed. Unlike storage type water heaters there is no energy wasted by heating a large tank of water over imprecise period of time. Moreover it eliminates stand-by losses, the tankless water heater are widely used in domestic as well as commercial premises such as motels, hotels, restaurants, and manufacturing industries.
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Based on the type of energy consumption, the global tankless water heater is broadly categorized in two broad segments: electric tankless water heaters and gas tankless water heaters. Based on the design technology, the global tankless water heater is segmented in three broad categories namely indoor tankless water heater, outdoor tankless water heater and direct vent (horizontal and vertical vent) tankless water heater. On the basis of end user application, the market can be broadly categorized as domestic tankless water heaters and commercial tankless water heaters.
Tankless water heaters are 15% to 80% more energy efficient compares to the conventional storage type water heaters. It liberates fewer NOx (mono nitrogen oxide) as compared with other storage type water heaters. Moreover, tankless water heaters provide more precise temperature control and system redundancy. It requires lesser installation space and comes with remote control and digital display.
The customization based sizing requirements, pressure drop and decrease flow rate related issues, and complicated installation design requirements are some of the major challenges in overall growth of the global tankless water heater markets.
Asia Pacific is the largest market of the tankless water heater closely followed by Europe and North America. Japan, China and Australia are some of the leading market of tankless water heater in Asia Pacific. The market of tankless water heater is still in nascent stage in North America and showing a lucrative double digit growth over the past few years. Eelier the low capacity level of tankless water heater was a major restrain in wide adoption of this technology in high per capita domestic water consuming people of North America. However as a result of some major technical advancement over the past few years the capacity of tankless water heater has increased up to 3.2 GPM (gallon per minute). This is one of the major drivers of the global tankless water heater in North America.
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Some of the leading companies operating in global tankless water heater market include, A. O. Smith Corp., Rheem Manufacturing Co., GE Co., Rinnai Corp., Ariston Thermo SPA, Bajaj Electricals Ltd., Crompton Greaves Ltd., Haier Water Heater Co. Ltd., Bradford White Corp., Heat Transfer Products Inc., Noritz Corp., and Siemens AG.