Rising customer preference for efficient water heating technologies along with ongoing development of gas distribution pipelines could propel the gas water heater market size by 2027. An increase in the number of smart city construction projects and a noticeable drop in electricity bills is expected to drive industry expansion.
Concerns such as increasing carbon emissions have troubled economies worldwide. The introduction of government mandates and norms regulating the use of energy efficient heating appliances in all public establishments and new buildings is likely to fuel the demand efficient gas water heaters. Consumer preference towards gas alternatives on account of their uninterrupted power supply is another positive factor favoring businesses. Space and central heating systems are gaining grip across Nordic countries such as Sweden and Denmark that experience extreme winters.
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Given to growing adoption, manufacturers in the gas water heater market are developing novel products. For example, in 2019, key market player, Rinnai Corporation announced the launch of a new product line, including its innovative I-Series Boiler meant for the residential sector, for home heating as well as domestic hot water production. With such breakthroughs, Global Market Insights, Inc., reports that the gas water heater market may register annual installation of more than 35.7 million units by 2027.
As per fuel type, the natural gas water heaters are anticipated to gain demand adhered by its diverse features such as clean combustion, mass flow capabilities, and low operation costs. Technological development led by several research and development activities have enable the inclusion of advanced features in these heaters such as remote control, temperature regulation, ignition & gas control, and optimized performance. Meanwhile, factors like accessibility to gas pipeline networks, frequent power outages in developing economies, and reduction in electricity bills have encouraged the purchase of these heaters.
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In terms of application, there is robust usage of gas water heaters having capacity over 4000 liters, in large commercial spaces such as airports, shopping complexes, and other public facilities, given to the rising focus on infrastructure development. Application of these systems in the hospitality sector for indoor swimming pools and hot water jacuzzies is also on the rise.
Geographically speaking, the UK gas water heater market witnessing substantial progress owing to surge in the adoption of hot water equipment due to extreme climatic conditions. The current mass deployment of these systems throughout remote military areas and other outdoor applications like in pavements and rooftops, along with government rules regarding zero emission buildings is likely to boost regional product demand.
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While on a global scale, major companies like Havells India, Rheem Manufacturing, Rinnai Corporation, Noritz Corporation, and A.O Smith are holding a key share in the gas water heater market. These firms are implementing various business strategies such as new product development, smart innovations, and inorganic growth ventures in order to achieve product differentiation.
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