U.S. Tankless Water Heater Market Size & Outlook, 2025-2033
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U.S. tankless water heater market highlights
- The U.S. tankless water heater market generated a revenue of USD 713.0 million in 2024 and is expected to reach USD 1,860.0 million by 2033.
- The U.S. market is expected to grow at a CAGR of 11.5% from 2025 to 2033.
- In terms of segment, electric was the largest revenue generating product in 2024.
- Electric is the most lucrative product segment registering the fastest growth during the forecast period.
Tankless water heater market data book summary
| Market revenue in 2024 | USD 713.0 million |
| Market revenue in 2033 | USD 1,860.0 million |
| Growth rate | 11.5% (CAGR from 2025 to 2033) |
| Largest segment | Electric |
| Fastest growing segment | Electric |
| Historical data | 2021 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Gas |
| Key market players worldwide | A.O. Smith Corp, Palomar Holdings Inc, Rinnai Corp, Stiebel Eltron, Takagi Seiko, Noritz Corp, Navient Corp |
Other key industry trends
- In terms of revenue, U.S. accounted for 17.7% of the global tankless water heater market in 2024.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2033.
- In North America, U.S. tankless water heater market is projected to lead the regional market in terms of revenue in 2033.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 1,860.0 million by 2033.
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Tankless Water Heater Market Scope
Tankless Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Navient Corp | View profile | 4500 | 13865 Sunrise Valley Drive, Herndon, VA, United States, 20171 | https://www.navient.com |
| Noritz Corp | View profile | 7174 | 93 Edo-machi, Chuo-ku, Kobe, Japan, 650-0033 | http://www.noritz.co.jp |
| Rinnai Corp | View profile | 12731 | 2-26, Fukuzumi-cho, Nakagawa-ku, Nagoya, Japan, 454-0802 | http://www.rinnai.co.jp |
| Takagi Seiko | View profile | - | Iwafune, Niigata, Japan, Asia | http://www.takagi-j.com |
| A.O. Smith Corp | View profile | 12000 | 11270 West Park Place, P. O. Box 245008, Suite 170, Milwaukee, WI, United States, 53224-9508 | https://www.aosmith.com |
| Stiebel Eltron | View profile | 11-50 | West Hatfield, Massachusetts, United States, North America | http://www.stiebel-eltron-usa.com |
| Palomar Holdings Inc | View profile | 213 | 7979 Ivanhoe Avenue, Suite 500, La Jolla, CA, United States, 92037 | https://plmr.com |
U.S. tankless water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to tankless water heater market will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 75.39% in 2024. Horizon Databook has segmented the U.S. tankless water heater market based on electric, gas covering the revenue growth of each sub-segment from 2021 to 2033.
The tankless water heating systems are gaining popularity among the U.S. consumers as it saves both energy and space. As reported by the U.S. Energy Information Administration, water heating is the second largest residential energy use. Using the tankless products consumers will be able to reduce this energy consumption.
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. tankless water heater market , including forecasts for subscribers. This country databook contains high-level insights into U.S. tankless water heater market from 2021 to 2033, including revenue numbers, major trends, and company profiles.
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U.S. tankless water heater market size, by product, 2021-2033 (US$M)
U.S. Tankless Water Heater Market Outlook Share, 2024 & 2033 (US$M)
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