The latest trends in the global gas water heater market are driven by an upsurge in the number of product launches by prominent industry participants. Citing an instance, in August 2020, water heating and treatment leader, A. O. Smith, announced the addition of Cyclone XL to its high-efficiency and industry-leading commercial gas water heating line.
The product functions at 1,000,000 Btu/hour with a smaller footprint as compared to two existing Cyclone 500,000 Btu/hour units. The new Cyclone XL adjusts the rate of firing and increases cost savings and efficiency. The product is ideal for large commercial applications like stadiums, hotels, high-rises, healthcare facilities, convention centers, and multi-family housing complexes.
Similar advancements are set to bolster the demand for gas water heaters. On this note, the gas water heater market size is projected to witness an annual installation of more than 35.7 million units by 2027, cites the latest research by Global Market Insights, Inc.
This rise is attributed to escalating carbon emissions coupled with surging concerns towards energy-efficiency. Additionally, the introduction of government mandates and norms regulating the usage of energy efficient heating appliances across all new public establishments and buildings will boost the demand for various gas water heater components over the anticipated span.
Few pivotal trends driving gas water heater industry growth comprise:
Surging demand for natural gas water heaters
An increase in the research and development activities as well as new product developments including ignition & gas control, remote control, and temperature regulation will push the demand for natural gas water heaters through the estimated period. The natural gas water heater industry is expected to grow on account of prime advantages including mass flow capabilities, low operation cost, and clean combustion.
These water heaters are also slated to exhibit high demand owing to multiple benefits such as reduction in electricity bills and greater accessibility to gas pipeline networks.
Increasing adoption of gas water heaters in the hospitality industry
The gas water heater market is poised to gain massive proceeds from surging product deployment in the hospitality sector for indoor swimming pools and hot water jacuzzies. Enhanced focus toward infrastructure development of large commercial spaces comprising airports, shopping complexes, and other public facilities will augment the adoption of more than 4000 liters capacity gas hot water heaters.
The increasing adoption of central and space heating systems across Nordic countries comprising Sweden and Denmark amongst others will positively influence the installation of different products such as ventless gas water heaters through 2027.
Escalating demand for gas water heaters in the UK
The UK is characterized by mass usage of gas water heater systems across remote military and other outdoor applications including pavements and rooftops. The UK gas water heater market is estimated to deliver appreciable proceeds owing to the surging adoption of hot water equipment due to extreme climatic conditions.
Prominent industry participants are also focusing on smart innovations and inorganic growth ventures for the achievement of product differentiation.
In a nutshell, surging product demand on account of multiple advantages such as easy installation, PUF insulated coating, after sales services, and Wi-Fi enabled devices will impel gas water heater industry outlook over the assessment period.
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