Yahoo Finance Gas Water Heater Market revenue to cross USD 14 Bn by 2030: Global Market Insights Inc.
Major gas water heater market players include Haier, A.O. Smith, Bosch Thermotechnology, Rheem Manufacturing, Westinghouse Electric Corporation, and others.
Selbyville, Delaware, June 06, 2022 (GLOBE NEWSWIRE) --
The gas water heater market is expected to record a valuation of USD 14 billion by 2030, as reported in a research study by Global Market Insights Inc. Shifting consumer trends toward efficient and smart water heating technologies along with ongoing developments in gas distribution pipelines are poised to accelerate system adoption. The increasing number of smart city construction projects coupled with the systems leading to substantial drop in the electricity bills is anticipated to complement the industry scenario.
Shifting customer focus toward infrastructure development for large commercial spaces including airports, shopping complexes, and government complexes, among others will drive the demand for 250 - 400 liters units. The growing requirement of these systems, primarily across the hospitality industry where they are utilized in indoor swimming pools and hot water jacuzzies, is slated to foster the industry landscape. In addition, the increasing adoption of central & space heating systems especially across the Nordic countries (such as Sweden and Denmark) that experience extreme climatic conditions is likely to influence the product penetration.
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Growing carbon & GHG emissions and rising concerns toward energy efficiency accompanying modern technological advancements will boost the commercial water heater industry growth. The introduction of government mandates to regulate the use of energy-efficient appliances is set to augment the product installation.
The natural gas water heater market is estimated to grow more than CAGR 7.0% by 2030 owing to the new product developments, comprising remote control, temperature regulation, gas, and ignition control, besides optimized performance and ongoing research & development activities that will support the industry. Due to COVID-19, natural gas prices are rising thereby reducing the overall demand. However, growing accessibility to gas pipeline networks in line with frequent power outages and reduction in electricity bills will spur the gas water heater market trends.
The U.S. gas water heater market growth is accredited to the growing adoption of hot water equipment on account of extreme climatic conditions in the country. Ongoing government mandates toward zero-emission buildings coupled with mass deployments of systems across remote, military, and other outdoor applications including rooftops to propel the product adoption. Additionally, eminent market players are focusing on strategic growth ventures on top of smart product innovations to achieve a diverse product portfolio.
Major players operating across the gas water heater market consist of Haier, A.O. Smith, Bosch Thermotechnology, Rheem Manufacturing, Westinghouse Electric Corporation, Rinnai America Corporation, Ferroli, Bradford White, Hubbell Heaters, Havells India Limited, American Standard Water Heater, Vaillant Group, BDR Thermea Group, State Industries, Noritz Corporation, and Lennox International among others.
Some key findings of the gas water heater market report include:
Ongoing O&G exploration along with an increasing number of Central Gas Distribution (CGD) projects leading to the easy availability of the fuel will strengthen the market outlook.
Stringent government mandates and policies combined with the introduction of incentives to enhance the utilization of smart appliances will account the gas water heater market growth.
The surging product demand followed by key advantages offered including Wi-Fi enabled devices, PUF insulated coating, after-sales services, and easy installation will stimulate product adoption.
Various funding programs toward building establishments by both private and public owned firms are set to generate the business dynamics.
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Partial chapters of report table of contents (TOC):
Chapter 3 Gas Water Heater Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.2.1 Rinnai America Corporation
3.2.2 Ariston Thermo India
3.2.3 A.O. Smith
3.2.4 RHEEM Manufacturing
3.2.5 State Industries
3.2.6 Ariston Holding
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Impact of raw material price hike on HVAC equipment
3.6 Impact of Russia Ukraine war on the industry dynamics
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 North America & Latin America
3.7.1.1.1 Growing demand for energy efficient water heaters
3.7.1.1.2 Replacement of conventional water heating technology
3.7.1.2 Europe
3.7.1.2.1 Stringent energy efficiency norms
3.7.1.2.2 Growing demand for replacement of existing water heaters
3.7.1.3 Asia Pacific & MEA
3.7.1.3.1 Rapid urbanization and advancing product customization
3.7.1.3.2 Increasing demand for energy efficient systems
3.7.1.3.3 Frequent power outages and growing demand from off grid areas
3.7.2 Industry pitfalls & challenges
3.7.2.1 High installation cost
3.7.2.2 Availability of counterparts
3.8 Growth potential analysis
3.9 Porter's Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/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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