Trusted Business Insights presents the Updated and Latest Study on Gas Water Heater Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Gas Water Heater Market
Industry / Sector Trends
Global Gas Water Heater Market size for 2016 was valued over USD 8 Billion and is set to exceed 30 Million Units by 2024.
Market Segmentation, Outlook & Regional Insights: Gas Water Heater Market
Gas Water Heater Market, By Application, 2016&2024 (Million Units)
Government mandates toward adoption of energy efficient products along with increasing demand for replacement of existing heating systems across North America and Europe will augment the gas water heater market size. Advancing product efficiencies along with growing concern towards reduction in cost of energy and standby losses will further positively impact the business landscape. In 2017, Government of Canada implemented the federal Energy Efficiency Regulations 2016 repealing the existing regulations. The amendment aims at increasing energy efficiency standards for consumer products and further harmonizing Canadian standards with that in the U.S.
Rapid urbanization coupled with rising demand for tailored products subject to end-use applications will stimulate the gas water heater market. Developing economic scenario on account of rampant commercialization and residential establishments will boost the product demand across Asia Pacific region. The National Gas Utilise Policy by the Government of China implements standards and consumption codes to track and secure residential gas use for water heating and cooking purposes. Strong economic factors including initial costs and payback periods will positively influence the industry landscape.
Ongoing technological advancements including digital temperature control and electronic thermostats coupled with increasing emission control measures will foster the gas water heater market growth. Extreme climatic conditions along with rising concern towards energy conservation will further complement the industry outlook. In 2017, General electric launched its Geo Spring Hybrid Water Heater in collaboration with Department of Energy (DOE). As per DOE, the product is projected to consume 62% less energy when compared to standard 50-gallon water heater.
Gas Water Heater Market, By Product
Storage gas water heater market is predicted to witness growth over 1% owing to lower initial costs and ease-of-replacement when compared to their counterparts. The product integrates pre-heating and holding capacity which further amplifies its penetration pertaining to the availability of optimum warm water quantity.
Tankless in 2016 accounted for over 75% of the global gas water heater market share. Durability, longevity, endless supply, and comparatively small size are some of the imperative parameters which will embellish the business growth. Developing regions across Asia Pacific, the Middle East &, Africa, and Latin America will witness higher product penetration owing to rising demand for lower standby losses and cost-effective products.
Gas Water Heater Market, By Application
Residential gas water heater market size is set to exceed 27 million units by 2024 pertaining to ongoing residential establishments across developing regions including India, Brazil and Mexico. Rising investments across real estate sector and refurbishment of existing conventional infrastructure in regions including the U.S., Russia and China will foster the business outlook. In 2017, Blackstone and Saudi Arabias Public Investment Fund have agreed to collaboratively invest USD 40 billion towards residential and commercial infrastructure projects in the U.S.
Commercial gas water heater market share is predicted to witness growth over 3% by 2024. Increasing investments towards development of energy efficient, cost-effective products coupled with government initiatives towards curtailment of emissions will further augment the industry share. Technological integrations toward hybrid and flexible heating appliances will further fuel the product demand.
Gas Water Heater Market, By Region
The U.S. accounted for over 70% of the North America gas water heater market share owing to ongoing replacement of the traditional heating systems. Increasing adoption of customized products along with smart control heating facilities will positively influence the business landscape. The Building America program introduced by the Department of Energy to ensure energy efficiency across residential buildings will positively influence the product demand.
Spain gas water heater market is set to witness growth over 1% by 2024. Advancing heating technologies and environmental constraints across the country will foster the industry landscape. As per the European Commission, technological progression subject to smart control heaters and water level standards are to be maintained under the labelling and eco-design directive. Rising concerns toward emissions during the use phase of products and better product life expectancies will further complement the industry potential.
China gas water heater market is projected to exceed USD 1 billion by 2024. Rapid commercialization and residential establishments pertaining to advancing economy will stimulate the industry outlook. Rising demand for energy efficient heating systems coupled with increasing consumer awareness towards emissions will further boost the product demand.
Key Players, Recent Developments & Sector Viewpoints: Gas Water Heater Market
Notable players in gas water heater market include A.O. Smith, Rinnai, Bradford White, Rheem, State Water Heaters, American Water Heaters, Kenmore, Reliance Water Heaters, US Craft Master, Whirlpool, Lochinvar, Noritz, Racold, V-guard and Ferroli
High-end research initiatives toward the development of energy efficient and cost-effective appliances are the prominent strategic measures adopted by the leading industry players. The industry has witnessed intense competition from its available counterparts over the years subject to low initial cost.
Gas Water Heater Industry Viewpoint
These products provide a continual supply of hot water and are also referred as geysers, calorifiers, heat exchangers, hot water tanks and heaters, and boilers depending on the region, and non-potable and potable applications across industrial and domestic establishments, and their energy source. Natural gas is used for heating and can be consumed directly or through generating electricity that, in turn, heats water
What are the Key Insights Covered: Exhaustive Gas Water Heater Market
1. Market size (sales, revenue and growth rate) of Gas Water Heater industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Gas Water Heater industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Gas Water Heater industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Gas Water Heater industry.
What is the Research Methodology used: Gas Water Heater Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Gas Water Heater Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
This post was originally published on Downey Magazine