Global Market Insights added a new report on gas water heater market to its research database. The report focuses on global major leading players with information such as company profiles, growth, product segment, technology segment, end user segment and region.
Gas water heater market in Germany is projected to expand over 1% by 2024.Growing awareness towards ecological balance along with favorable government initiatives will foster the product penetration. Growing adoption of advanced and innovative heating technologies along with frequent amendments in EU directives to regulate and include advancing cooling and heating technologies will embellish the industry landscape. Improved product life and growing concerns to reduce carbon footprint will further propel the product outlook.
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Gas Water Heater Market size is predicted to surpass USD 9 billion by 2024. Rising demand for the upgradation of aged heating systems and pipelines coupled with stringent government norms pertaining to energy efficient products will stimulate the gas water heater market.
Increasing consumer awareness toward energy conservation along with regulatory reforms toward improved product efficiencies will further embellish the business outlook. The government of Canada in 2017, enacted the Energy Efficiency Regulation 2016 to amend the current targets. The aim of amendment is toward improving energy efficiency standards and to homogenize the domestic standards as adopted by the U.S.
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Growing investments in research and development to reduce cost of power along with ongoing government initiatives toward development of sustainable energy technologies will foster the gas water heater market in China. Residential establishments to integrate the renewable energy technologies coupled with rapid commercialization will further stimulate the product penetration. The CSEPCR Strategy of China aims at addressing the environmental and economic challenges and energy security in the nation.
The gas water heater market from residential was valued over 25 million units in 2016. Rising demand for refitting of infrastructure and advancing real estate sector will fuel the business landscape. Rising infrastructure spending along with increasing residential establishments across the developing economies will further compliment the industry outlook. Increasing measures to decrease product standby losses and rapid technological advancement will favor the industry outlook.
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Key players in the gas water heater market includes V-guard, Rinnai, American Water Heaters, A.O. Smith, Kenmore, U.S. Craft Master, Whirlpool, Reliance Water heaters, Lochinvar, Bradford White, State Water Heaters, Rheem, Ferroli and Noritz.
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