May 18, 2020
According to the research report titled ‘Gas Water Heater Market Size By Product, By Capacity, By Application , By Fuel, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global gas water heater market is expected to grow substantially during 2020-2026.
Factors such as affordability, lightweight and higher energy efficiency have impelled the demand for gas water heaters across residential sector, which in turn is a major factor driving the market growth. Less repair & maintenance costs and easy installation associated with gas water heaters are also fueling the market size.
International energy-efficiency standards aiming to lower the carbon emissions have compelled manufacturers to focus on developing innovative products. In addition, growing population in China and India has resulted in escalating investments towards residential construction. Increasing development of residential as well as commercial infrastructure is stimulating the industry outlook.
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As per capacity, below 30 liters segment is predicted to acquire commendable returns in the ensuing years. Gas water heaters with less than 30 liters capacity are widely adopted in kitchens and bathrooms in residential establishments for on-demand hot water supply. Rising number of single and multifamily apartments is contributing towards the popularity of the product across the globe.
Considering the geographical landscape, gas water heater market in Eurasia is expected to register a substantial growth during the analysis timeframe. High prevalence of unpredictable climatic conditions is augmenting the regional demand.
On the other hand, Middle East & Africa market is anticipated to expand significantly during the forecast period. Rising adoption of gas water heaters in hospitality sector owing to booming travel & tourism sector is promoting the business outlook. Gas water heaters are widely deployed across commercial establishments such as hospitals across MEA.
CIS (Commonwealth of Independent States) gas water heater industry is also poised to amass noticeable gains in the forthcoming years. Technological advancements and development of innovative products are creating lucrative growth avenues for the CIS market players.
Noritz Corp., Vaillant Group, Parker Boiler Co., American Standard Water Heaters, Westinghouse Electric Corp., Havells India Ltd., Hubbell Electric Heater Co., Ferroli S.p.A., State Water Heaters, Rinnai Corp., Whirlpool Corp., Rheem Manufacturing Co., Racold, Haier Electronics, Bradford White Corp., Bosch Thermotechnology, Ariston Thermo S.p.A., BDR Thermea Group, HTP Comfort Solutions LLC, Lennox and A.O. Smith are the key participants in gas water heater market.