Tankless Water Heater Market 2030: Revolutionizing Hot Water Solutions
Tankless Water Heater Market Growth & Trends The global tankless water heater market size is expected to reach USD 6.80 billion by 2030, expanding at a CAGR of 8.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rapid growth in the adoption of these heaters in the residential and commercial industries, as they are capable of saving space as well as energy, drives the market growth. Additionally, several tankless water heaters are equipped with energy star ratings, which make them economical and eco-friendly for buyers which increases the market growth. The high cost of a tankless heater as compared to a traditional water heater is expected to restrain the market growth. COVID-19 had a negative impact on the growth of the market. Most leading brands experienced a decline in sales due to the pandemic. This is due to the closure of numerous manufacturing & industrial facilities and delays in some infrastructural expansion projects. However, go...