Gas Water Heater Market Size, Price Trends, Competitive Market Share & Forecast by 2024: Global Market Insights, Inc.
Global Gas Water Heater Market size is forecast to grow at over 5% CAGR from 2016 to 2024. Growing infrastructure spending and real estate development on a global scale has led to high consumption. Additionally, increased disposable income has resulted in significant installed base and replacement demand, which is projected to fuel revenue in the coming years.
Commercial gas water heater market size will witness growth on account of demand from the hospitality and retail sector. High focus on energy efficiency initiatives by governments worldwide has spurred product development, innovation, and R&D in the industry. Growth in the housing industry will continue being the most significant driving force for revenue over the forecast timeframe. Consumer preferences for advanced and sophisticated products are forecast to present an attractive growth opportunity for companies operating in the gas water heaters market.
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The presence of piped gas networks will bolster the industry over the next few years. Other competing technologies include solar, hybrid, and electric water heater market. Electric products occupy significant share on account of high degree of convenience, increased safety, and awareness regarding the benefits of these devices. Although the natural gas water heaters market is characterized by higher purchase prices as opposed to other substitutes, they use less energy and have lower operating costs, which will help sustain demand.
Major product segments include storage and tankless heaters. Storage based products offer higher ease of usage; however, the tankless segment is set to witness growth in the coming years due to their energy efficient nature and environmental sustainability. These typically do not require expensive upgrades as seen in electric models, and are expected to be the preferred product type over the coming years, particularly in residential areas. Residential gas water heater market share dominated the global industry revenue in 2015, which can be attributed to the large number of households. Additionally, growth in the construction industry and demand for multiple devices per home will contribute to revenue.
Asia Pacific gas water heaters market share is poised to remain the largest regional industry over the forecast timeline. The region is characterized by high demand from countries such as China, Japan, and India. Furthermore, considerable number of industries and commercial settings will be responsible for estimated growth. Europe and U.S. gas water heater market is mature in nature, with demand projected to be steady in the coming years.
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Major players in the industry include Rheem, American Water Heater Company, Crompton Greaves, Bradford White, A.O. Smith, Rinnai America Corp., Siemens, Haier, etc. In order to gain competitive advantage, these companies focus on developing energy efficient products suited for a wide range of end-use areas. Other strategies include focus on branding for gaining a robust consumer base.