Pune, Maharashtra -- (SBWire) -- 11/21/2018 --The gas water heater market is estimated to experience considerable gains in the ensuing years, considering the rise in awareness regarding its benefits and the imposition of energy efficiency regulations across several countries. Individuals who are building a new home or simply planning on updating their water heating system have lately been observed shifting their preference to gas heaters, given their advantages such as easy installation and low operating costs as compared to electric water heaters, although a little expensive than natural gas.
Growing demand for refurbishment of the conventional systems along with increasing demand for low emission heating units will foster the U.S. gas water heater market. Increasing investments towards development of customized products favoured by integration of smart temperature control devices will positively influence the business outlook. Strong economic factors including payback period and initial costs will further embellish the product demand. In 2017, General Electric in collaboration with Department of Energy (DOE) launched its Geo Spring Hybrid Water Heater. As per DOE, the product estimates 62% less energy consumption in comparison to a standard 50-gallon water heater.
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Notable players in gas water heater market include Rinnai, A.O. Smith, Rheem, Bradford White, American Water Heaters, State Water Heaters, Kenmore, US Craft Master, Reliance Water Heaters, Whirlpool, Noritz, Lochinvar, Racold, Ferroli, and V-guard.
Residential gas water heater market in 2016, was valued over 25 million units. Ongoing residential establishments across developing countries favoured by rising infrastructural investments will stimulate the product demand. Advancing real estate sector coupled with growing demand for refitting of existing infrastructure will foster the product penetration. Rapid technological advancements along with increasing measures to reduce product standby losses will further thrust the industry growth.
Germany gas water heater market share is predicted to witness gain over 1% by 2024. Growing environmental constraints coupled with increasing adoption of advanced heating technologies will foster the business landscape. Favorable government initiatives along with growing consumer awareness toward ecological balance will further stimulate the product demand. Frequent amendments in the European Directive 2009/125/EC to include and regulate advancing heating and cooling technologies including smart control heaters will positively impact the business growth. Increasing concerns to reduce emissions during the use phase of products along with improved product life expectancies will further drive the gas water heater market.
As compared to electric water heaters, gas water heaters are also quickly reparable and if a house has immense hot water needs then the supply will be more rapidly replenished through the system. In fact, gas water heaters are also considered to be more energy efficient than their electrical counterparts. The various benefits pertaining to cost and energy efficiency for household hot water needs will fuel product demand and eventually propel the growth rate of the gas water heater market in the years to come.
A secondary but quite influential factor encouraging the demand for gas water heaters across several countries is the introduction of benefits like tax credits or energy efficiency regulations. For example, EU's new Energy Efficiency Directive commissions member states to impose an indicative national energy efficiency target of at least 32.5% for the year 2030. Imposition of such stringent laws is likely to encourage residents to opt for energy efficient water heating solutions, thereby stimulating the growth rate of the gas water heater market.
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Stringent government norms toward integration of energy efficient products coupled with growing demand for refurbishment of existing heating pipelines and systems will drive the gas water heater market size. Regulatory reforms pertaining to enhanced product efficiencies along with increasing consumer awareness towards emission control will further enhance the industry outlook. In 2017, Government of Canada enacted the federal Energy Efficiency Regulations 2016 to amend the existing mandates. The amendment implements improved energy efficiency standards subject to consumer product manufacture in the country and further homogenize domestic standards with that adopted by the U.S.
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Gas Water Heater Market Detail Analysis Focusing on Key Players Smith, Rheem, Bradford White, American Water Heaters, State Water Heaters, Kenmore, US Craft Master
Gas Water Heater Market Report offers an inclusive and decision-making overview, including definitions, classifications and its applications. The Gas Water Heater Market is anticipated to reflect a positive growth trend in forthcoming years. The essential driving forces behind the growth and popularity of Gas Water Heater Market is analyzed detailed in this report.