Natural Gas Tanks Water Heaters Market

Market Overview

The Global Natural Gas Tanks Water Heaters Market Size is slated to grow substantially at a CAGR of approximately 7.3% during forecast period.

Water heating systems known as natural gas tank water heaters heat and store water in a tank using natural gas as the main fuel source. Typically, these water heaters are installed in homes and businesses to deliver a constant flow of hot water for everyday usage. The bottom of the tank has a gas burner that heats the water in the tank in natural gas tank water heaters. When the water reaches the top of the tank after heating, it is prepared for use.

These water heaters are available in a variety of sizes and capacities to satisfy the hot water needs of various homes and structures. They can assist to save long-term energy expenses because they are often more energy-efficient than electric water heaters. They must be properly ventilated and maintained on a regular basis to function safely and efficiently, though.

The natural gas tank water heaters market offer a dependable and effective supply of hot water, these water heaters are a popular option for many families. Natural gas tank water heaters come in a variety of brands and types and are offered for sale through a variety of brick-and-mortar stores and online retailers. Customers should carefully weigh factors including cost, energy efficiency, and capacity when selecting a natural gas tank water heater. Government rules and incentives for reducing emissions and improving energy efficiency also have an impact on the market.

Market Dynamics

Market Drivers

• Rising Investment In Pipeline Construction

The market for natural gas tank water heaters is driven by rising investment in pipeline construction and infrastructure expansion. The building of natural gas pipelines is being funded by both public and commercial entities, which boosts the fuel's accessibility and availability. This makes using natural gas tank water heaters for hot water demands in homes and businesses more practical and economical.

The market for natural gas tank water heaters may also grow when natural gas pipes are installed in previously untapped regions. Also, the enhancement of natural gas tank water heaters' energy efficiency and the decrease of hazardous emissions can both result from infrastructural development. Customers may be encouraged to migrate from conventional electric tank water heaters to natural gas tank water heaters as a result. The market for natural gas tank water heaters can profit from increasing spending on infrastructure development and pipeline construction.

Market Restraints

• High Installation Cost

A constraint to the market for natural gas tank water heaters is high installation costs. Due to the requirement for a gas connection and appropriate ventilation, installing a natural gas tank water heater might be more expensive than installing an electric one. Due of this, it might not be as enticing to customers searching for a cheaper solution for their hot water needs. However, the installation procedure can also need expert assistance, raising the entire cost. As a consequence, some customers can decide to keep using their current electric water heaters or select different kinds of water heating systems.

Moreover, natural gas tank water heaters require continuing maintenance, such as cleaning and inspections, which can raise the overall cost of ownership. The long-term cost- and energy-saving benefits of natural gas tank water heaters, which can offset the initial installation expenses, should be not.

Market Opportunities

• Government Measures to Encourage Renewable Water Heaters

The market for natural gas tank water heaters may benefit from government measures to encourage renewable water heaters. Governments may provide incentives or subsidies to entice people to convert to renewable water heaters as they place more emphasis on lowering carbon emissions and boosting the usage of renewable energy sources. This can apply to systems that use solar energy, heat pumps, and other renewable energy sources. The Initiative for Better Energy, Emissions, and Equity (E3 Initiative) will concentrate on advancing the research, development, and national deployment of clean heating and cooling systems in residential and commercial buildings, including heat pumps, cutting-edge water heaters, low-to-no global warming potential refrigerants, and smarter HVAC diagnostic tools.

The E3 Initiative will work with partners around the country to alter the heating and cooling industry over the next ten years and make inexpensive, eco-friendly, and effective solutions widely accessible in America. However, some customers could choose natural gas tank water heaters' dependability and use over renewable water heaters, which might need more maintenance and might be less efficient in particular areas. In general, government programs to support renewable water heaters might present market participants with a chance to position natural gas tank water heaters as a competitive substitute.

Market Scope

Segmental Analysis

Segment By Type

• Below 100 Liter

The Natural Gas Tank Water Heaters market is predicted to develop significantly in the below 100 litres segment because of its small size and great energy efficiency. Small water heaters are typically found in tiny flats or houses with just one or two occupants. They are an excellent option for customers who wish to reduce their energy costs because they are affordable and use less energy.

• 100 to 300 Liter

Natural Gas Tank Water Heaters are also popular in the 100 to 300 liters range, where they are mostly utilized in houses with three to five occupants or small business organizations. These water heaters are appropriate for small to medium-sized families because to their reasonable storage capacity and energy efficiency.

• Above 300 Liter

The Natural Gas Tank Water Heaters market is predicted to develop moderately in the over 300 liters segment due to its large storage capacity. These water heaters are often utilized in sizable commercial buildings like hotels, hospitals, and industrial sites where there is a high demand for hot water.

Segment By Application

• Commercial Application

The increasing need for hot water in commercial facilities including hotels, hospitals, and restaurants, the market for Natural Gas Tank Water Heaters is anticipated to expand significantly in the commercial application sector. In order to satisfy their daily hot water needs, these companies need a lot of hot water, and natural gas tank water heaters are a dependable and affordable alternative.

• Residential Application

Natural Gas Tank Water Heaters find a sizable market in the residential application sector, where they are mostly utilized in homes for personal hygiene activities including bathing, washing, and cleaning. Households choose these water heaters because of their ease of use, low cost, and high energy efficiency.

Regional Analysis

The Global Natural Gas Tanks Water Heaters Market is segmented by region as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

North America

The strong needs for hot water in the residential, commercial, and industrial sectors makes North America an important market for natural gas tanks water heaters. The largest market in North America for natural gas tank water heaters is the United States, followed by Canada. The market in this area is being propelled by expanding investment in the construction sector, rising consumer awareness of energy-efficient goods, and government programs to encourage energy saving.

Europe

Another large market for natural gas tank water heaters is Europe, which is led by nations like Germany, France, and the United Kingdom. The adoption of renewable energy sources and the increased need for energy-efficient water heating solutions are what are fueling the market expansion in Europe.

Key Players

1. Rinnai
2. A.O. Smith
3. Rheem
4. Haier
5. Noritz
6. Midea
7. Bosch
8. Vanward
9. Stiebel Eltron
10. Panasonic
11. GREE
12. Hubbell

Recent Developments

To meet rising demand for mixed refrigerants in the liquefied natural gas industry, Air Products stated in April 2021 that it will expand its industrial gases production plant in Louisiana, USA.

Linde's new mixed refrigerant, L80, will be released in November 2020. This product is intended to increase efficiency and decrease environmental impact in low-temperature refrigeration systems.

The Opteon XL41 refrigerant from The Chemours Company, a new low GWP mixed refrigerant made for commercial and industrial refrigeration applications, will be released in September 2020.