Asia Pacific Gas Water Heater Market size crossed USD 3.2 Billion in 2019 and is predicted to observe around 6.7% growth rate between 2020 and 2026.
Get more details on this report - Request Free Sample PDF
The market growth is owing to strict government norms focusing to adopt energy efficient heating units coupled with ongoing replacement of conventional heating systems. Rising concern toward high energy costs along with ongoing technological advancement will stimulate the product adoption. In addition, rapid urban area development along with shifting consumer trends toward sustainable heating technologies will fuel the industry growth.
Accessibility of piped natural gas for commercial and residential consumers coupled with abundant gas resources will fuel the instant gas water heater market growth. Increasing demand for low emission heating units and modification of conventional systems will positively influence the business outlook. Moreover, key advantages including clean combustion, mass flow and upsurge in adoption across remote and off-grid areas will boost the product deployment.
Increasing infrastructural investments along with ongoing development of residential establishments will stimulate < 30 Liters gas water heater market. These units are widely deployed across bathrooms, kitchens and multifamily establishments to meet the hot water requirements. The un-compromised water pressure and low maintenance cost along with availability of varying design options will drive the business growth.
Commercial applications are anticipated to grow on account of flourishing tourism sector along with robust expansion of building infrastructure. Increasing deployment across all commercial spaces including airport, hotels and hospitals owing to communication enabled control features and advanced operational benefits will positively stimulate the business outlook. Increasing requirement of immediate hot water along with key benefits including standby loss and low energy consumption will further boost the industry growth.
Ongoing development activities toward refurbishment of existing pipeline network will foster the industry growth. Low natural gas prices and saving in electricity bills and are some of the key advantages offered by the product. Increasing investments in real estate industry primarily across the Malaysia, Thailand, Japan, India and South Korea will augment the business landscape. Establishment of city gas distribution projects along with green building policies will boost the product deployment.
Introduction of cutting-edge designs with extensive features including Wi-Fi integrated systems and leakage detection will drive the India gas water heater market growth. Increasing urbanization coupled with availability of low-cost labor will complement the business outlook. In addition, strict government norms toward improvement in product efficiencies will inspire the industry players to launch new products which will drive the industry growth. For instance, in 2019, A.O. Smith introduced iCOMM connectivity platform including remote monitoring and essential data regarding health.
Prominent players operating across the industry includes A.O. Smith, Lennox, HTP Comfort, BDR Thermea, Ariston Thermo, Bosch, Rinnai, Havells India, Ferroli, Vaillant, Racold and Haier Electronics. Ongoing mergers & acquisitions along with extensive research & development activities being undertaken by the industry players has been a key strategic inference to expand their industry presence.