Gas Water Heater Market size is projected to cross USD 14 billion by 2030, as reported in the latest study by Global Market Insights Inc.
Growing dispensable incomes and improved standards of living along with increasing urbanization & urban migration are estimated to augment the gas water heater industry growth. Shifting consumer trends toward energy-efficient & reliant systems coupled with surging multi-family & single apartments are set to foster the product demand. Ongoing advancements in conventional heating units in line with developments in star-rated technologies are anticipated to drive the gas water heater market outlook. In addition, the rising use of hot water for numerous household requirements comprising cleaning & cooking together with personal hygiene will accelerate the business expansion.
Ongoing construction activities and the refurbishment of existing buildings in commercial sector
Increasing requirement of the equipment across various commercial establishments comprising shopping complexes, malls, and hospitals, among others is likely to sway the commercial water heater market growth. Competitive product pricing and availability of multi-capacity variants merged with the availability of different fuel options will influence the industry trends. Manufacturers are further engaged in forward integration, providing innovative and advanced products in line with repair & maintenance services. Moreover, these units developed are equipped to provide continuous uninterrupted supply primarily across areas experiencing frequent power cuts, thereby driving the gas water heater market statistics.
Rising concerns associated with energy-efficient solutions and energy security
The COVID- 19 pandemic has impacted the industry growth owing to lockdown enforcements and lack of workforce availability with delays in several ongoing projects. Recommencement of various industrial operations, government guidelines, and vaccination drives to curb the virus spread will propel the business dynamics. Furthermore, continuous construction activities followed by development in the real-estate sector are positively influencing the gas water heater market revenue.
Robust investments due to research & development activities for storage gas heaters
The introduction of sustainable building energy standards merged with rising investments by major players toward innovations for enhanced efficiency and energy savings to fuel the storage market demand. The increasing point of connections combined with a rapid expansion of the existing grid networks is predicted to boost the adoption of electric storage water heaters.
Browse key industry insights spread across 900 pages with 2017 market data tables & 31 figures & charts from the report, “Gas Water Heater Market Size By Product (Instant, Storage), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), By Fuel (Natural Gas, LPG), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Robust development and expansion in the service sector across the Asia Pacific
The China gas water heater market is slated to grow by more than 5% CAGR through 2030 because of the shifting consumer focus toward energy-efficient appliances and robust expansion of the service sector. The increasing consumer trends toward luxury & high-end products on account of high indispensable incomes and high standards of living are poised to bolster the business growth. Ongoing building construction and refurbishment activities and growing awareness of smart appliances to reduce the increasing carbon footprint will complement the industry share. However, the amalgamation of modern product features to suit customer requirements and the presence of leading players in the country will garner the product installation.
Eminent players operating in the gas water heater market include Haier, A.O. Smith, Bosch Thermotechnology, Rheem Manufacturing, Westinghouse Electric Corporation, Rinnai America Corporation, Ferroli, Bradford White, Hubbell Heaters, Havells India Limited, American Standard Water Heater, Vaillant Group, BDR Thermea Group, State Industries, Noritz Corporation, and Lennox International among others. Major manufacturers focus on technological upgrades coupled with modern product developments to gain a competitive edge over their counterparts.
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