Tankless Electric Water Heater Market Forecast 2024 to 2032
A tankless electric water heater, also known as an on-demand or instantaneous electric water heater, is a type of water heating system that provides hot water only when needed, without the use of a storage tank. Unlike traditional water heaters that store and heat a specific amount of water continuously, tankless electric water heaters heat water on demand as it passes through the unit. This technology offers several benefits such as energy efficiency, space savings, and a continuous supply of hot water.
The Tankless Electric Water Heater Market was valued at USD 1,316.32 Million in 2022 and is expected to register a CAGR of 3.14% by 2032.
Increased consumer awareness about energy efficiency and environmental sustainability has driven interest in appliances like tankless electric water heater that reduce energy consumption and carbon footprints.