Because of the imposed lockdown, the global growth rate of industries such as construction and building, transportation, oil and gas, automotive, and energy has decreased. This has further reduced the demand for tankless water heaters, stifling market growth.
A Tankless Water Heater Market is a type of heating appliance that uses electricity or gas to heat water. It differs from traditional or tanked water heaters in that it does not store water and heats water as it passes through the heating units in a short period of time.
Increased infrastructure development, replacement of traditional & tank-based water heaters with modern tankless water heaters, deployment of smart water heaters, and building & construction activities around the world are the major drivers driving the global tankless water heater market's growth. In contrast, a shift in emphasis towards the production of tankless electric water heaters with enhanced quality and energy efficiency is expected to create potential growth opportunities for key players in this market.
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