The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Gas Water Heater Market.
It was estimated prior to this unanticipated outbreak that the Gas Water Heater Market was likely to witness an impressive CAGR of 5.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Gas Water Heater Market Share: By Product Type
Based on the product type, the market is segmented as instant and storage. The storage segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The storage water heater comprises a tank which provides large volume of hot water which well suites the requirements for multi-families compared to the instant or tankless heater.
Gas Water Heater Market Share: By Capacity Type
Based on the capacity type, the market is segmented as <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and >400 liters. The 30-100 liters segment is expected to remain dominant during the forecast period owing to requirement for hot water in both commercial and residential applications throughout the day.
Gas Water Heater Market Share: By Fuel Type
Based on the fuel type, the market is segmented as natural gas and LPG. The LPG segment is expected to remain dominant market during the forecast period due to government incentives for energy efficient appliances. LPG facilitates reliable substitute to electric heaters. Despite high cost and unavailability of connection points, there has been a boost in the adoption of LPG over the natural gas heaters.
Gas Water Heater Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing gas water heater market during the forecast period, with China, Japan, India, and Australia being the major countries offering promising growth opportunities. The growth of the market is owing to the increasing population and extensive growth of the manufacturing sector in the Asia-Pacific region.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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