The global Instant Water Heater market is forecast to hit $15 billion (£11.6bn) by 2026.
Global Market Insights predicts the sector will see a compound annual growth rate (CAGR) of more than 3% between 2020 and 2026, driven by adoption across a range of sectors.
The report says this includes robust growth in the tourism industry, the "surging development" of commercial buildings and growing demand from residential applications due to increasing disposable income, customer awareness of climate change and desire for improved living standards.
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