BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India gas geyser market size to grow at a steady CAGR of 6.4% during the forecast period between 2023 and 2029. The India gas geyser market’s expansion is linked to the rising disposable income of Indian consumers, as well as to the rising number of product releases and brand penetration. India is the top importer of gas geysers, with 440 shipments, according to Volza’s Global Import Export Data of Gas Geyser. During the forecast period, it is expected that the market for gas geysers in India will see rapid expansion due to the growing incorporation of cutting-edge technologies, such as IoT, sensors, 4G/5G, and Wi-Fi.
India Gas Geyser Market – Overview
Crompton, a leading electrical equipment company in India, defines, “Gas geysers make use of Liquid Petroleum Gas (LPG) for heating water.” These geysers may quickly heat water and offer a steady supply of hot water. However, they are less effective than electric geysers and recover more slowly. Due to the isolation of the tank, which allows heat to be retained for a long period, it is one of the most energy-efficient geysers available. When necessary, a gas burner automatically activates to make sure the water is kept in storage at a particular temperature that is controllable by a thermostat.
India Gas Geyser Market – By Application
Based on application, the India gas geyser market is segmented into residential and commercial. The residential application accounts for a higher market share owing to an increasing disposable income and the rising number of residential spaces in India. Irregular electricity supply issues, especially in the smaller cities and towns, act as another factor fueling the demand for gas geysers in the residential segment. However, the commercial segment is projected to register growth at a higher for gas geysers during the forecast period.
Impact of COVID-19 on India Gas Geyser Market
The India gas geyser market was negatively impacted by the unprecedented COVID-19 outbreak in the country. The nationwide lockdown imposed during the initial phase of outbreak halted the manufacturing and production operations of the gas geysers in the country. Gas geysers were also placed under ‘non-essential’ goods. All these factors directly affected the demand and supply of gas geysers, incurring huge losses to the market. However, as production activities resume in the post-pandemic period, the India gas geyser market is projected to get back its growth track.
Major players operating in India gas geyser market include Havells India Limited, Bajaj Electricals, Hindware, Orient Electric, V-Guard, A.O. Smith, Crompton Greaves Consumer Electricals Limited, Venus Home Appliances (P) Ltd., and Ken Lifestyles Private Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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