Gas water heater market to witness extensive growth from tankless heater sales, China to be a major growth ground
Europe Gas Water Heater Market, By Application, 2016&2024 (Million Units)
The overall performance of a standard gas water heater and an instant electric water heater were testified which claimed to save Rs. 89 every month per bucket. The study has also concluded that an average residential consumer can hope to use just one LPG cylinder for about four months. The following table shows the comparison between the operating cost of a gas & electric heater
Operating cost of gas vs instant electric water heater to heat 18 liters (1 bucket) of water daily
|Required quantity||0.0876 kg||1.11 unit|
|Average cost||Rupees 42 per kg||Rs 6.00 per unit|
|Monthly expense||Rs 110.4 (0.0876*42*30)||Rs 199.8 (1.11*6.00*30)|
As per a report by Global Market Insights, Inc., the global gas water heater market is expected to surpass 30 million units in terms of volume by 2024 and generate revenue over USD 9 billion by 2024. This clearly states the impelling demand for gas and tankless water heaters across the globe. Justifying its energy and cost efficiency over conventional water heaters, gas water heaters are today’s most popular “green” water heating solutions.
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The growth of tankless gas water heater market
The advent of tankless gas water heaters has endorsed the overall industry with the most energy-efficient and sustainable water heater. In 2016, tankless water heaters grabbed 75% share of global gas water heater industry, owing to its longevity, endless supply, small size, cost effectiveness, lower standby losses, and durability. The emerging nations of Asia Pacific, MEA, and Latin America are witnessing rapid developments pertaining to gas water heater market. Tankless gas water heaters are witnessing huge deployment rate in the residential sector. The government of China has implemented standards and consumption codes to track the use of residential gas for water heating and cooking purpose. With its introduction of National Gas Utilization Policy, China has strongly promoted the use of natural gas for residential sector. This has significantly encouraged the growth of gas water heater market in the region. As per estimates, China gas water heater industry is likely to generate revenue over USD 1 billion by 2024.
Several governmental measures toward energy efficiency have prompted the gas water heater market players to conduct high-end research activities for the product diversification and innovation. Analyzing the current trends, the industry is witnessing intense competition with the presence of large number of manufactures across the globe. Cost effectiveness and energy efficiency of the products are the two major parameters underling the competitive hierarchy. Some of the renowned gas water heater industry players include American Water Heaters, Bradford White, Rheem, Reliance Water Heaters, Whirlpool, US Craft Master, and Kenmore.
Author Name : Ojaswita Kutepatil