Gas Water Heater Market size to exceed $7.5bn by 2027
Published Date: February 3, 2021 Authors: Ankit Gupta, Srishti Agarwal
Gas Water Heater Market size is projected to surpass USD 7.5 billion by 2027, as reported in the latest study by Global Market Insights, Inc.
Improved standards of living, growing dispensable incomes combined with increasing urban migration will augment the gas water heater industry growth. Shifting customer focus toward reliable and energy efficient systems along with increasing single and multifamily apartments will foster the product demand. Rising use of hot water for various household requirements including cooking, cleaning and personal hygiene is set to augment the industry landscape.
Ongoing advancement of conventional water heating units coupled with establishment of energy efficient star rated technologies will drive the gas water heater market share. Substantial features comprising AI integrated units and systems, thickened PUF insulation coating along with compatible user-interface will further encourage the product installation.
Smart city construction projects along with ongoing building refurbishment activities will boost the demand for instant gas heaters
Increasing investments and funding programs from private entities including the World Bank along with introduction of sustainable building energy standards is set to drive the instant gas water heater market statistics. Growing requirement to suffice for peak hour demand coupled with the expansion of construction and real estate sector will enhance the product demand for instant units. Further, increasing tourism across the geographies including Thailand and Singapore among others will accelerate the business landscape.
The commercial sector is anticipated to grow at over 7.5% CAGR through 2027
Greater requirement of the equipment in various commercial establishments including hospitals, shopping complexes and malls among others will strengthen the commercial segment of gas water heater market size. Availability of multi capacity variants, competitive product pricing along with availability of different fuel options are some substantial factors which will influence the market trends. The manufactures are involved in forward integration, thereby providing innovative products details along with free maintenance and repair services. The products developed are equipped with ability to provide continuous uninterrupted supply in areas experiencing frequent power cuts which will further boost their adoption.
Browse key industry insights spread across 650 pages with 1,500 market data tables & 33 figures & charts from the report, “Gas Water Heater Market Statistics By Product (Instant ,Storage), Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Application (Residential, Commercial [College/University, Office, Government/Military]), Fuel (Natural Gas, LPG), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2021 - 2027”in detail along with the table of contents:
Robust expansion of service sector development across developing nations will fuel the growth across North America region
The U.S. gas water heater market will witness growth on account of robust expansion of service sector, technological advancements and shifting consumer focus toward energy efficient appliances. Shifting customer trends toward high end luxury products on account of high standards of living will influence the regional market demand. Ongoing building refurbishment activities coupled with increasing awareness toward smart appliances to reduce carbon footprint is set to accelerate the business outlook. Additionally, integration of modern features to suit customer requirements coupled with presence of leading industry players in the region will augment the product adoption.
Key players operating in the gas water heater market comprise of A.O. Smith, Haier Electronics, Bosch Thermotechnology, Whirlpool Corporation, Rheem Manufacturing, Westinghouse Electric Corporation, Ferroli, Rinnai Corporation, Bradford White, Hubbell, Havells India Limited, HTP Comfort Solutions, American Standard Water Heaters, Vaillant Group, BDR Thermea Group, State Water Heaters, Noritz Corporation, Lennox, Racold, and Ariston Thermo. The leading manufacturers are focusing on technical upgradation along with advanced product developments to gain competitive edge amongst its immediate counterparts.