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Global Gas Water Heater Market size for 2016 was valued over USD 8 Billion and is set to exceed 30 Million Units by 2024

07-03-2018 10:12 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Global Gas Water Heater Market size for 2016 was valued over USD 8

Stringent government norms toward integration of energy efficient products coupled with growing demand for refurbishment of existing heating pipelines and systems will drive the gas water heater market size. Regulatory reforms pertaining to enhanced product efficiencies along with increasing consumer awareness towards emission control will further enhance the industry outlook. In 2017, Government of Canada enacted the federal Energy Efficiency Regulations 2016 to amend the existing mandates. The amendment implements improved energy efficiency standards subject to consumer product manufacture in the country and further homogenize domestic standards with that adopted by the U.S.

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.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research

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