According to the latest market report published by Persistence Market Research titled 'Tankless Water Heater Market: Global Industry Analysis and Forecast, 2016 - 2024', globally, the revenue generated from sales of tankless water heater market is estimated to be valued at US$ 16.9 Bn by 2016 end, and is expected to increase at a CAGR of 5.3% during the forecast period (2016-2024).
Tankless water heaters, also called inline, flash, instantaneous, continuous flow, on demand, or instant-on water heater are used to heat water on demand and instantly. Tankless water heaters are used in residential and commercial applications for water heating. The source of energy can be electric or gas. Attributes such as low space utilization, high energy efficiency, and superior service life of tankless water heaters are factors driving demand for a tankless water heater. Tankless water heaters are anticipated to be effective alternatives for high energy consuming conventional water heater. Tankless water heaters can be installed for residential as well as commercial use at indoor or outdoor locations depending on consumer requirement.
