Tankless water heaters have been around for years now, but their market share is finally growing to reflect the technology’s potential. While traditional water heaters have held onto their dominant place, the advantages of efficiency, smaller size, and environmental friendliness have allowed tankless models to gain ground. Moreover, according to researchers studying the trends in technology, those gains are only going to increase through the year 2020.
The Growth of The Tankless Heater
According to Business Wire, tankless water heaters are seeing popularity spikes all around the globe. In regions where electricity is cheaper than natural gas, for example, demand for electric, tankless heaters has been substantial over the past several years. Not only that, but the demand is predicted to increase. Which means the $13 billion value of the electric tankless heater market in 2015 is likely to increase substantially as more nations seek out the more efficient technology.
The need for electricity over natural gas is not the only deciding factor, though, as there are tankless heaters that use gas, or which are gas-electric hybrids. Even in countries where natural gas is common, like China, the other benefits of tankless heaters are giving them the edge over traditional water heaters. Because these devices are compact, and they do not need ventilation the way traditional systems do, they are ideal for big cities where cramped locations are the norm. That size and flexibility, combined with their energy efficiency and ability to provide on-demand hot water, means tankless heaters are growing more common everyday.
What Happens After 2020?
The report predicts that tankless water heaters will grow by roughly 9 percent until the year 2020. That does not mean demand for them will slip by that date; it just means the experts can only predict so far into the future. However, judging from the trends around the world toward cleaner, greener, more efficient technology, it is unlikely the demand for tankless water heaters is going to slump any time soon.
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