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Gas Water Heater Market Product (Instant, Storage), Installation (Outdoor, Indoor), Fuel (Natural Gas, LPG), Application (Residential, Commercial, Industrial)
PORTLAND, OREGON, UNITED STATES, September 12, 2022 /EINPresswire.com/ --
Gas Water Heater Top Companies
The major companies profiled in gas water heater market report include A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, Racold, and Rheem Manufacturing Company.
AMR published a report, the gas water heater market size was valued at $7.42 billion in 2021, and gas water heater market forecast is estimated to reach $12.41 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Key Locating of Gas Water Heater Market:
Asia-Pacific is expected to exhibit CAGR of 6.0% during 2022–2031.
By product type, the instant segment accounted for the largest gas water heater market share in 2021.
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By installation type, the indoor gas water heater was the leading segment in 2021.
By fuel type, the natural gas segment was the highest revenue contributor in 2021.
By application type, the commercial segment was the highest revenue contributor in 2021.
Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry has created great demand for hot water in cold regions, which fuels demand for gas water heaters.
Additional growth strategies such as expansion of production capacities, acquisition, partnership, and research & innovation in the water heater application are key development in the global gas water heater market trends.
Growth of the global gas water heater market is driven by factors such as inclination of consumers toward adoption of energy efficient systems, favorable government subsidies that encourage use of gas water heaters, surge in number of hospitals and hotels, and increase in population and improved infrastructure in rural areas.
Rise in disposable income of consumers, coupled with improved lifestyle significantly boosts the market. Furthermore, growth in concern among consumers regarding natural resources and energy is encouraging consumers to shift toward energy-efficient water heating systems. Although buying and installation cost is high, its operating cost is quite low.
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Impact Of Covid-19 On The Global Gas Water Heaters Industry
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies.
The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market.
The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the gas water heater industry.
Building & construction activities across the globe were on hold during the pandemic period owing to strict measures of social distancing, lack of labor, and raw material supply disruptions. This further declined the growth of the market in 2020. Moreover, temporary shutdown of factories, manufacturing bases, and other processing industries hampered the growth of the gas water heater market.
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The increase in awareness among consumer regarding health awareness led to increase in the demand for hot water, which led to increase in the demand for water heater industry.
A gas water heater, also known as heat exchanger, is a heating device that uses energy from various external sources and transfers it to heat the water. Water heater comes in various types such as instant gas water heaters and storage gas water heaters.
David Correa Allied Analytics LLP 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn
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