Gas Water Heater Market Worth Over $10 Billion by 2026, Says Global Market Insights, Inc.
Gas Water Heater Industry is set to achieve over a 6% CAGR from 2020 to 2026, owing to increasing demand for energy-efficient and reliable heating appliances.
SELBYVILLE, Del., March 23, 2020 (Newswire.com) - The global gas water heater market value is to hit USD 10 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Growing customer preference towards energy-efficient and smart water heating technologies, along with the rapid development of gas distribution pipelines, will stimulate product adoption over the forecast timeframe. In addition, increasing construction of green buildings coupled with a significant drop in electricity bills will complement the business landscape.
Increased development of large commercial spaces, including airports, shopping complexes and other public facilities will facilitate mass deployment above 250 liters capacity units. Surging adoption of central and space heating systems across Nordic countries experiencing extreme winters will enhance the business outlook. In addition, the increasing use of these units across the hospitality industry for indoor swimming pools and hot water jacuzzies will augment the market growth.
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The natural gas water heater market is projected to grow on account of key merits including clean combustion, low operation cost and mass flow capabilities. Increasing accessibility to gas pipeline networks and frequent power outages in developing areas will complement the market growth. Furthermore, the units possess remarkable features, including remote control, temperature regulation, ignition & gas control, along with optimized performance, which will significantly enhance the business outlook.
Some major findings of the gas water heater market report include:
- Increased funding toward building establishments both by privately owned firms and world-renowned institutes, like world banks, will spur the business growth
- Increasing product demand owing to key benefits like Wi-Fi-enabled devices, PUF insulated coating, provision of easy installation and after-sales services
- Stringent environmental norms and available government incentives to encourage the use of eco-friendly appliances will stimulate the industry growth
- Key players operating across the market include Noritz Corporation, A.O Smith, Havells India, Rheem and Rinnai
- Easy availability of gas fuel owing to ongoing oil & gas exploration and CGD projects will augment the business landscape
Browse key industry insights spread across 655 pages with 1,456 market data tables and 34 figures and charts from the report, “Gas Water Heater Market Outlook By Application (Residential, Commercial [College/University, Office, Government/Military]), Products (Instant ,Storage), Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), Fuel (Natural Gas, LPG), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2020 - 2026" in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/gas-water-heater-market
For Europe, the U.K. showcases escalating growth across the gas water heater market, owing to its extreme, cold winters. The deployment of heating units in remote military and outdoor applications, including in pavements and rooftops, coupled with mandated zero-emission building norms, will boost the product demand. The key players across the market are focusing on product differentiation and smart innovations.
Technological advancements and surging concerns toward energy-efficiency will fuel the gas water heater industry growth. The respective governments across the globe are mandating the use of reliable and low emission heating appliances across all new buildings and public establishments. For instance, a few global policies governing the market include Energy or Eco Labeling and Energy Efficiency Directive. In addition, unavailability reliable or an uninterrupted power supply force the end users to shift towards gas alternative, thus enhancing the business outlook.
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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.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Global Market Insights, Inc.
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Source: Global Market Insights, Inc.
