New York, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Global Instant Gas Water Heater Market Size is to grow from insignificant in 2022 to significant Share by 2032, at a Compound Annual Growth Rate (CAGR) of 14.27% during the projected period.
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Instant gas water heaters, which are additionally referred to as tankless or on-demand water heaters, are another kind of water heater that instantly heats water as it passes through them. They never store any water internally save what is in the heat exchanger coil. These heaters are mostly powered by either natural gas or propane. Instant gas water heaters are cost-effective since they only heat water when it is required. There are negligible idle energy losses, as in conventional tank-type water heaters. These water heaters are small and occupy less floor space because there is no storage tank, thus well suited for smaller residences. Instant gas water heaters are considerably more cost-effective than typical storage tank heaters, which may appeal to customers who expect to save money on energy while also reducing their environmental effects. The rising amount of disposable income in emerging economies is expected to increase demand for modern equipment such as instant gas water heaters. Additionally, continual technological advancements are resulting in better-performing and user-friendly units, offering opportunities for instant gas water heaters market expansion. Furthermore, technological advances such as autonomous operation, wireless connectivity, and Internet of Things (IoT) integration might enhance the ease and convenience of instant gas water heaters.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Instant Gas Water Heater Market Size, Share, and COVID-19 Impact Analysis, By Type (Condensing, Non-Condensing), By Fuel (Natural Gas, LPG), By Application (Commercial, Residential, Industrial), By Distribution Channel (Supermarket & Hypermarket, Specialty Store, Convenience Store, Online Stores), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The non-condensing segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global instant gas water heater market is segmented into the condensing and non-condensing. Among these, the non-condensing segment is dominating the market with the largest revenue share of 42.6% over the forecast period. This can be attributed to their more affordable initial cost and ease of installation. Non-condensing water heaters are simpler and more typical in design. They utilize gas to heat the water, and the combustion fumes are expelled immediately without being heated further. This means they are not as energy efficient as condensing systems, nevertheless, they tend to be less complicated, more economical, and more straightforward to install, with fewer ventilation needs.
The natural gas segment is witnessing significant CAGR growth over the forecast period.
On the basis of fuel, the global instant gas water heater market is segmented into natural gas and LPG. Among these, the natural gas segment is witnessing significant CAGR growth over the forecast period. This can be ascribed to natural gas's extensive availability and low cost in many places. Natural gas is mostly cheaper than electricity in many areas, making it an economical choice for water heating. In addition, natural gas burns cleaner and emits less hazardous emissions than other fossil fuels.
The supermarket & hypermarket segment is expected to hold the largest share of the Global Instant Gas Water Heater Market during the forecast period.
Based on the distribution channel, the global instant gas water heater market is classified into supermarkets & hypermarkets, specialty stores, convenience stores, and online stores. Among these, the supermarket & hypermarket segment is expected to hold the largest share of the instant gas water heater market during the forecast period. These are massive shopping centers that market a wide variety of goods, including residential appliances like instant gas water heaters. Customers may perspective, grasp, and occasionally even watch product demonstrations, which can aid in their decision-making process.
The residential segment accounted for the largest revenue share of more than 46.3% over the forecast period.
On the basis of application, the global instant gas water heater market is segmented into commercial, residential, and industrial. Among these, the residential segment is dominating the market with the largest revenue share of 46.3% over the forecast period. This is mostly owing to the widespread use of instant gas water heaters in residential applications around the world. In this market, demand is typically for smaller-capacity systems than in the commercial segment.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 36.2% market share over the forecast period. The key drivers of this expansion include an increasing population, fast-growing urbanization, a burgeoning middle class, and a greater emphasis on energy conservation. Because of its vast population and rapidly rising economy, China, in particular, is a major contributor to the instant gas water heaters market. North America, on the contrary, is expected to grow the fastest during the forecast period. The market for instant gas water heaters in North America is well-established with extensive usage in both the residential and commercial sectors. The Europe market is expected to register a substantial CAGR growth rate during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Display Market include EcoSmart Green Energy Products, Inc., NORITZ Corporation, Navien Inc., V-Guard Industries Ltd., GENERAL ELECTRIC, Ariston Thermo S.p.A., Haier Electronics, Racold, A.O. Smith, Bradford White Corporation, Rheem Manufacturing Company, HTP Comfort Solutions LLC, and many others.
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Recent Developments
- On August 2023, Rheem® has introduces its latest generation of its tankless gas water heaters, the RTGH Series Super High Efficiency Condensing and the RTG Series High Efficiency Non-Condensing. This improved product line incorporates new performance characteristics as well as a more compact, modern design.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Instant Gas Water Heater Market based on the below-mentioned segments:
Instant Gas Water Heater Market, Type Analysis
- Condensing
- Non-Condensing
Instant Gas Water Heater Market, Fuel Analysis
- Natural Gas
- LPG
Instant Gas Water Heater Market, Application Analysis
- Commercial
- Residential
- Industrial
Instant Gas Water Heater Market, Distribution Channel Analysis
- Supermarket & Hypermarket
- Specialty Store
- Convenience Store
- Online Stores
Instant Gas Water Heater Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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