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Gas water heater market to accrue appreciable returns via residential & commercial applications over 2017-2024, China to spur the regional demand
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With the rising product penetration witnessed across myriad geographies, companies have been unabashedly exploiting the potential of gas water heater industry. For instance, Rinnai Corporation, a key Japanese manufacturer of proficient tankless water heaters, is likely to manufacture gas-driven tankless water heaters in the U.S. to meet the high product demand. The firm, in all likelihood, may lease a factory in Georgia with an investment of nearly USD 79 million. Furthermore, the firm also expects to produce 100000 water heater every year with the production commencing in April 2018, and in 2019, the gas water heater market giant also plans to construct a new unit near the leased factory by making capital investments worth USD 71 million. As per authentic sources, the production of gas water heaters at the newly constructed plant will begin in the first half of 2021 and the unit will produce nearly 200000 gas water heaters. Given the massive reach of this project, Rinnai’s move has been predicted to have a sizable impact on gas water heater industry.
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The escalating demand for energy-preserving water heating tools with the rise in the residential and commercial constructions is expected to spur China gas water heater industry size, slated to hit USD 1 billion by 2024. Europe isn’t far behind either, when it comes to the implementation of gas water heaters. Analysts state that the rising awareness regarding the efficiency of advanced water heating technologies and mounting ecological concerns are expected to impact the growth trends of gas water heater market across Spain, which is projected to register a CAGR of 1% over 2017-2024.
It has been observed that some of the major players such as A.O. Smith Corporation, Rheem Manufacturing Company, American Water Heater Company, and Rinnai Corporation have contributed immensely toward gas water heater market share by means of adopting tactics such as novel product launches and M&As. Global Market insights, Inc., claims gas water heater industry to collect a revenue of over USD 9 billion by 2024.
Browse key industry insights spread across 245 pages with 366 market data tables & 9 figures & charts from the report, “Gas Water Heater Market Size By Product (Storage, Tankless), By Application (Residential, Commercial {College/Universities, Office, Government/Military}, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Denmark, UK, Germany, Netherlands, Sweden, Italy, Russia, Spain, China, Japan, South Korea, India, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Chile), Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/gas-water-heater-market
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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