Tankless Water Heater Market Revenue To Reach USD 4.6 Billion By 2025 Owing To Introduction of New Products With Advanced Designs – MENAFN.COM

Tankless Water Heater Market Revenue To Reach USD 4.6 Billion By 2025 Owing To Introduction of New Products With Advanced Designs – MENAFN.COM

(MENAFN - GetNews) According to new report available with Million Insights, the global tankless water heater industry research report offers thorough insights on applications, products, top vendors & growth drivers. This study enables many opportunities for the market players to invest in research and development. The global tankless water heater market size is projected to reach USD 4. 6 billion by 2025, according to a new report published by Million Insights, with a CAGR of 7. 5% from 2019 to 2025. The introduction of new products with advanced designs is the driving tankless water heaters demand. For example, companies like Raheem and Rinnai, in 2019, introduced efficient water heaters providing voice recognition and Wi-Fi connectivity allowing the customers to monitor water circulation and temperature through their smartphones. Electric products accounted for a higher market share in 2018 and are expected to grow significantly over the years. The surging demand for these heaters among the commercial and residential sectors is predicted to drive the market growth in the upcoming years. Several residents are using electric tankless water heaters owing to their low operating and maintenance costs, and energy efficiency. Additionally, these products are long-lasting and cost-effective against their gas counterparts. The