Gas Water Heater Market 2022 By Top Trends, Growth Outlook & Forecast To 2030
Fueled by growing concerns over escalating energy bills and the subsequent focus on efficient heating systems, the gas water heater market is anticipated to observe significant inclination.
Fueled by growing concerns over escalating energy bills and the subsequent focus on efficient heating systems, the gas water heater market is anticipated to observe significant inclination. Lately, consumer attention towards more economical solutions and power-saving is soaring considerable heights. There is also a stronger need for heating systems that have straightforward installation and minimum maintenance requirements.
In addition to these benefits, what makes gas water heaters highly favored is their much faster recovery rate, making them a convenient option for larger families. In contrast to their electric counterparts, these water heaters function faster and are less expensive to operate while providing hot water in times when the electricity goes out. These systems can be accessed in various capacities and are found to be cheaper to operate than electric systems as they continuously flow out hot water in much less time.
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Gas water geysers have also grown prominent in recent years owing to their high flame-out protection and safety. Driven by their increasing importance, several key gas water heater industry participants are placing their bets on growth-driven strategies, like partnerships, acquisitions, and new product launches for improved revenue sales.
For instance, in October 2021, A. O. Smith Corporation acquired Canadian residential and commercial water heater supplier, Giant Factories, Inc. in a bid to increase its North American market penetration and create additional capacities while enhancing its distribution capabilities.
Below is a glimpse of some major trends that are likely to reshape the growth curve of this market avenue in the coming years.
Mounting preference for natural gas-fueled heaters
On account of their advantages of convenience, lower costs and efficiency, the importance of natural gas is set to expand in the gas water heater market. In addition to domestic use, natural gas hot water boilers help in heating water and generating steam for heat radiators, combining the job of both central heating systems and water boilers. They hence assist in saving up on maintenance as well as additional energy charges for heating water.
Natural gas water heaters are also favored for their lower environmental harmful effects as they are cleaner than oil and generate less soot. The increasing adoption of tankless-coil and direct gas water heaters will also enhance the industry outlook.
Growing adoption of storage water heaters
Increasing suitability of storage water heaters in large families mainly for bathing purposes will propel the gas water heater industry expansion. These water heaters can provide hot water to an entire household with multiple bathrooms. However, the perks of different levels of safety make them a strong contender in the heating business. They also come with a tough and durable body that protects them from overheating.
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Increasing commercial use
The growing interest in water heating solutions across a wide range of commercial spaces, like hospitals, and educational institutes to cater to heavy and light-duty requirements will outline the demand for gas water heaters in the near future. These water heating systems help to heat water through the combustion of gases. They are hence considered ideal for places with short peak demand periods, including hotels, convention centers, and schools.
To add further, the gas water heater market will also witness transformation with the surge in the number of initiatives, including the CEESM Residential Water Heating Initiative, for efficient water heating solutions. The growing need for gas geysers in both households and offices taking into account their faster recovery rate and maximum savings will further highlight the industry dynamics.
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