The global gas water heater market growth is attributed to the rise in the number of hospitals, hotels, and wide domestic applications, a surge in population and improved infrastructure in rural areas, and rapid growth of the residential construction sector and stringent government regulations toward environmental pollution.
PORTLAND, Ore., Sept. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Gas Water Heater Market by Product Type (Instant, Storage), By Installation Type (Outdoor, Indoor), By Fuel Type (Natural Gas, LPG), By Application (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report. The gas water heater industry was valued at $7.8 billion in 2022 and is estimated to reach $12.8 billion by 2032, exhibiting a CAGR of 5.1% from 2023 to 2032.
A gas water heater, also known as a natural gas or propane water heater is a source to heat water. It typically consists of a storage tank where the water is heated and stored until needed. Gas water heaters are used to heat water for a variety of purposes, including bathing, dishwashing, and laundry, in both residential and commercial buildings. They are known for their high efficiency and rapid turnaround times, as they are able to heat water faster than electric heating systems.
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Prime Determinants of Growth:
The global gas water heater market growth is attributed to the rise in the number of hospitals, hotels, and wide domestic applications, a surge in population and improved infrastructure in rural areas, the rapid growth of the residential construction sector, and stringent government regulations toward environmental pollution. However, technical issues and favorable government subsidies encouraging the use of solar water heaters may restrict market growth. Moreover, innovation in technologies and the expansion of piped gas networks across developing countries present new opportunities in the coming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $7.8 Billion |
Market Size in 2032 | $12.8 Billion |
CAGR | 5.1 % |
No. of Pages in Report | 342 |
Segments covered | Product Type, Installation Type, Fuel Type, Application, and Region |
Drivers | Rise in the number of hospitals, hotels, and wide domestic applications |
Surge in population and improved infrastructure in rural areas | |
Rapid growth of the residential construction sector and stringent government regulations toward environmental pollution | |
Opportunities | Expansion of piped gas networks across developing countries |
Innovation in technologies | |
Restraints | Favorable government subsidies encourage the use of solar water heaters |
Technical Issues |
Impact Scenario:
The Russia-Ukraine war had significant consequences for various sectors, including the gas water heater market:
- The Russia-Ukraine conflict had a significant impact on the gas water heater market in the specific region and neighboring areas.
- Reduced production of natural gas for residential purposes and instability of people living space during the conflict has had a negative impact on the market development.
- Furthermore, the conflict causes companies to reassess their business strategies, potentially shifting market dynamics and competition.
An economic recession also has various impacts on the gas water heater market:
- During an economic crisis, the gas water heater market has experienced significant impact due to reduced industrial activities and financial constraints.
- As businesses face financial challenges and uncertainty, investment decisions were deferred or scaled back, leading to a decline in demand for gas water heater solutions.
- Industries affected by the economic downturn had prioritized cost-cutting measures over environmental initiatives.
- In addition, the scarcity of resources and restricted cash flow also limited companies' ability to invest in upgrading and renewing existing systems.
- Moreover, the economic crisis has been overcome, and the market growth in construction sectors has seen massive growth.
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The indoor segment to maintain its leadership status throughout the forecast period-
Based on installation type, the indoor segment held the highest market share in 2022, accounting for more than two-third of the global gas water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rapid demand for indoor gas water heaters comes from residential and commercial buildings, due to the increase in the investment of the consumers towards the residential buildings which leads to the development of the market. However, the outdoor segment is projected to manifest a CAGR of 5.4% from 2023 to 2032. Because this type of gas water heater is utilized in various applications such as in industrial areas.
The LPG segment to maintain its leadership status throughout the forecast period-
Based on fuel type, the LPG segment held the highest market share in 2022, accounting for more than two-thirds of the global gas water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. This dominance is mostly due to the present scenario of the low cost of LPG resources that are present in society. Moreover, the natural gas segment is projected to manifest a CAGR of 5.3% from 2023 to 2032. owing to an increase in the development of natural gas production facilities across developing countries such as India, and China that have led to a significant positive impact on the market.
The commercial segment to maintain its leadership status throughout the forecast period-
Based on application, the commercial segment held the highest market share in 2022, accounting for more than two-fifths of the global gas water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. This dominance is mostly due to the increase in the investment of the major construction companies in commercial buildings. However, the industrial segment is projected to manifest a CAGR of 5.6% from 2023 to 2032. Owing to an increase in the development of industrial facilities across developing countries such as India, and China that have led to a significant positive impact on the market.
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The instant segment to maintain its leadership status throughout the forecast period-
Based on product type, the instant segment held the highest market share in 2022, accounting for nearly two-thirds of the global gas water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rapid demand for instant gas water heaters comes from commercial buildings, due to the increase in consumer spending on leisure activities for comfort which leads to the development of the market. However, the storage segment is projected to manifest a CAGR of 5.3% from 2023 to 2032. Because this type of gas water heater is utilized in various applications such as in residential and industrial areas.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global gas water heater market revenue, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 5.8% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in the gas water heater market. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth and urbanization, leading to increased demand for gas water heater products. The increase in investment toward comfort and presence of gas pipelines is a factor that is anticipated to offer new growth opportunities for gas water heaters in Asia-Pacific during the forecast period.
Leading Market Players: -
- A.O. Smith Corporation
- Ariston Group
- BDR Thermea Group
- Bosch Thermotechnik GmbH
- Bradford white corporation
- EcoSmart Green Energy Products, inc.
- Haier Inc.
- HTP LLC
- Lennox International Inc.
- Noritz Corporation
The report provides a detailed analysis of these key players in the global gas water heater market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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