12:33 PM The changing dynamics in Instant Water Heater Market with covid-19 impact assessment |
| The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Instant Water Heater Market.
It was estimated prior to this unanticipated outbreak Instant Water Heater Market \will reach CAGR of 3.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Instant Water Heater Market Insights
Instant water heater marketis likely to witness a healthy CAGR of 3.4% during the forecast period. Growing demand for energy efficient water heaters, replacement of conventional water heating systems, and rapid urbanization are likely to drive the market in the coming years.
Market Share Analysis
Instant Water Heater Market Share: By Application Type
Based on the application type, the market is segmented as residential and commercial. The commercial segment is expected to grow at a higher CAGR during the forecast period, driven by easy installation, minimal maintenance, smart city projects. Also, the replacement of conventional units with instant heating technologies across malls, airports and shopping centers to further drive the market.
Instant Water Heater Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing region for the instant water heater market during the forecast period, with China and India being the major growth propellers. Increasing population along with rapid urbanization and growing number of residential building construction projects is likely to foster the market in the coming years.
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