Jul. 26, 2022
Strong Growth Forecast For Instant Water Heaters
The global instant water heater market reached a value of US$3.13 billion in 2021. Looking forward, the market is forecast to reach $4.92 billion by 2027, a compound annual growth rate (CAGR) of 7.2 per cent over the forecast period. An instant water heater, or tankless water heater, is a device used to instantly heat cold water through gas or electrical heating unit. In comparison to traditional water heaters, instant water heaters are easy to install, cost-effective, convenient, compact, and energy efficient. They also heat faster through a small-sized heating chamber, producing a lower carbon footprint and emissions than a water heater tank. Significant growth in the hospitality industry is creating a positive outlook for the market. As well, environmental concerns are favouring market growth.