Press release
Global Gas Water Heater Market size for 2016 was valued over USD 8 Billion and is set to exceed 30 Million Units by 2024
China gas water heater market will witness strong growth pertaining to rapid commercialization and residential establishments to integrate a sustainable economic scenario. High end research investments with an aim to achieve reduced cost of energy favored by government initiatives to introduce clean energy systems will further complement the business outlook. The China Strategy of Energy Production and Consumption Revolution (2016-2030) aims at addressing energy security, economic and environmental challenges in the country. The program bridges across Sustainable Development Goal (SDG) 7 (affordable and clean energy) and SDG 13 (climate action) by the regulators.
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Residential gas water heater market in 2016, was valued over 25 million units. Ongoing residential establishments across developing countries favoured by rising infrastructural investments will stimulate the product demand. Advancing real estate sector coupled with growing demand for refitting of existing infrastructure will foster the product penetration. Rapid technological advancements along with increasing measures to reduce product standby losses will further thrust the industry growth.
Growing demand for refurbishment of the conventional systems along with increasing demand for low emission heating units will foster the U.S. gas water heater market. Increasing investments towards development of customized products favoured by integration of smart temperature control devices will positively influence the business outlook. Strong economic factors including payback period and initial costs will further embellish the product demand. In 2017, General Electric in collaboration with Department of Energy (DOE) launched its Geo Spring Hybrid Water Heater. As per DOE, the product estimates 62% less energy consumption in comparison to a standard 50-gallon water heater.
Germany gas water heater market share is predicted to witness gain over 1% by 2024. Growing environmental constraints coupled with increasing adoption of advanced heating technologies will foster the business landscape. Favorable government initiatives along with growing consumer awareness toward ecological balance will further stimulate the product demand. Frequent amendments in the European Directive 2009/125/EC to include and regulate advancing heating and cooling technologies including smart control heaters will positively impact the business growth. Increasing concerns to reduce emissions during the use phase of products along with improved product life expectancies will further drive the gas water heater market.
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Notable players in gas water heater market include Rinnai, A.O. Smith, Rheem, Bradford White, American Water Heaters, State Water Heaters, Kenmore, US Craft Master, Reliance Water Heaters, Whirlpool, Noritz, Lochinvar, Racold, Ferroli, and V-guard.
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