Monday 10 February 2020

Global Instant Water Heater market ‘to hit $15bn by 2026’

Global Instant Water Heater market ‘to hit $15bn by 2026’

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.

It notes growing concerns in the business world regarding high utility bills coupled with the availability of energy-efficient heating appliances across the market will also drive growth.

The report suggests benefits of Instant Water Heaters include on-demand heating, low operation cost, low electricity consumption and longer product lifecycles, as well as enhanced customer control and emissions reductions.

It states: "Stringent environment regulations toward carbon emissions along with prevailing building standards and codes supporting the deployment of energy-efficient heating appliances will foster the tankless water heater market growth."

Written by

Bruna Pinhoni

Trending Articles