Press release
Gas Water Heater Market size is forecast to grow at over 5% CAGR from 2016 to 2024: Global Market Insights, Inc.
Commercial gas water heater market size will witness growth on account of demand from the hospitality and retail sector. High focus on energy efficiency initiatives by governments worldwide has spurred product development, innovation, and R&D in the industry. Growth in the housing industry will continue being the most significant driving force for revenue over the forecast timeframe. Consumer preferences for advanced and sophisticated products are forecast to present an attractive growth opportunity for companies operating in the gas water heaters market.
Industrial areas are also a major consumer of these products, with considerable usage in thermal power plants, chemicals, food & beverage, manufacturing, and related sectors. Frequent power outages and electricity shortage has led to solar water heaters market growth, which may act as a restraint over the forecast timeframe.
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The presence of piped gas networks will bolster the industry over the next few years. Other competing technologies include solar, hybrid, and electric water heater market.
Although the natural gas water heaters market is characterized by higher purchase prices as opposed to other substitutes, they use less energy and have lower operating costs, which will help sustain demand.
Major product segments include storage and tankless heaters. Storage based products offer higher ease of usage; however, the tankless segment is set to witness growth in the coming years due to their energy efficient nature and environmental sustainability.
Residential gas water heater market share dominated the global industry revenue in 2015, which can be attributed to the large number of households. Additionally, growth in the construction industry and demand for multiple devices per home will contribute to revenue.
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Asia Pacific gas water heaters market share is poised to remain the largest regional industry over the forecast timeline. The region is characterized by high demand from countries such as China, Japan, and India. Furthermore, considerable number of industries and commercial settings will be responsible for estimated growth. Europe and U.S. gas water heater market is mature in nature, with demand projected to be steady in the coming years.
Major players in the industry include Rheem, American Water Heater Company, Crompton Greaves, Bradford White, A.O. Smith, Rinnai America Corp., Siemens, Haier, etc. In order to gain competitive advantage, these companies focus on developing energy efficient products suited for a wide range of end-use areas. Other strategies include focus on branding for gaining a robust consumer base.
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Global Market Insights, Inc.
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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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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