New York, NY -- (SBWIRE) -- 07/20/2016 -- The global tankless water heater market is perceiving major upsurge in demand owing to the major advantages it offers compared to conventional water heaters, according to a report by Persistence Market Research.

10 key findings in the global tankless water heater market are as follows:

1. Sale of tankless water heaters is projected to generate revenue worth US$25.50 Bn by the end of 2024.

2. In 2016, the estimated revenue generation from sale of tankless water heaters is US$16.9 Bn.

3. The global market is expected to rise at a CAGR of 5.3% for the forecast period of 2016 up to 2024.

4. High efficiency, long service life, and compact size are the major factors driving the global market.

5. Tankless water heaters are an effective alternative. Hence they are receiving government support through campaigning, subsidies, and rebates.

6. Tankless water heaters have applications both indoors and outdoors, and also in commercial as well as residential areas.

7. Condensing tankless water heaters are projected to increase at a CAGR of 6.9% through the forecast period.

8. Tankless water heaters are anticipated to record sales of 43.484 million units at the end of 2024, rising at a CAGR of 5.6% compared to 26.74 million units in 2015.

9. Europe dominated the global market with the highest share in terms of value and is projected to increase at a steady 3.8% CAGR for the forecast period.

10. North America to grow the fastest with Asia Pacific following up as second fastest for the forecast period.

For further information on the global tankless water heater market @ http://www.persistencemarketresearch.com/market-research/tankless-water-heater-market.asp

Key companies in the global tankless water heater market include Stiebel Eltron GmbH & Co. KG, Rinnai Corporation, Kyungdong Navien Co.,Ltd., Haier Electronics Group Co, Ltd., Ariston Thermo Group, Bradford White Corp., Bajaj Electricals Ltd., A.O. Smith, Rheem Manufacturing Company, and Noritz America Corp.

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