Global Gas Water Heater Market

Gas Water Heater Market Size, Share, Growth Analysis, By Product(Instant, Storage), By Capacity(<30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters), By Application(Residential, Commercial, College/University, Offices), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25E2070 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 94 |Figures: 76

Gas Water Heater Market Insights

Global Gas Water Heater Market size was valued at USD 7.94 Billion in 2022 and is poised to grow from USD 8.38 Billion in 2023 to USD 12.97 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The global water heater market is experiencing growth driven by several key factors. Consumers are increasingly inclined to adopt energy-efficient water heating systems, buoyed by favorable government subsidies that incentivize their use. Additionally, the rise in the number of hospitals and hotels, along with population growth and improved infrastructure in rural areas, contributes to the market's expansion. The growing disposable income of consumers and improvements in lifestyle are also significant drivers of this market. There is a notable shift towards energy-efficient water heaters, particularly in the residential and commercial sectors, boosting demand for gas water heaters.

While the global gas water heater market presents opportunities for manufacturers, such as innovations in technologies like heat pump systems and condensing gas-fired systems, there are challenges to contend with. Government initiatives aimed at promoting renewable water heaters, such as solar water heaters, pose competition. Moreover, concerns about the risk of gas leaks compared to electric water heaters can impede the growth of the gas water heater market.

Furthermore, global industries like construction, transportation, oil & gas, automotive, and energy have witnessed a slowdown in growth due to pandemic-related lockdowns. This declaration has reduced the demand for gas water heaters, affecting market growth negatively.

US Gas Water Heater Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 7.94 Billion

Largest Segment

Instant

Fastest Growth

Instant

Growth Rate

5.60% CAGR

Global Gas Water Heater Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Gas Water Heater Market Segmental Analysis

The global gas water heater market is segmented on the basis of product, capacity, application, fuel, region. By product, the market is segmented into instant, storage. By capacity, the market is segmented into <30 liters, 30-100 liters, 100-250 liters, 250-400 liters, >400 liters. By application, the market is segmented into residential, commercial, college/university, offices, government/Military, Others. By fuel, the market is segmented into natural gas, LPG. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.

Gas Water Heater Market Analysis By Product

The category of instant gas water heaters, also known as tankless water heaters, is clearly in the lead in the worldwide gas water heater industry. The immediate hot water supply offered by these tankless systems is especially useful in situations where water demand is sporadic, such as in kitchens and washbasins. Unlike conventional storage water heaters, tankless devices don't have a reservoir, so there's no need to continually heat and store a significant volume of water. Due to the design's only heating the water when necessary, it not only saves energy but also lessens hot water waste.

Additionally, instant gas water heaters have the benefit of supplying hot water continuously without the worry of running out, which is particularly desirable in homes with heavy hot water usage. The market for instant water heaters has expanded as customers look for more efficient and environmentally friendly options to meet their water heating demands. This is due to their better efficiency, creative designs, and emphasis on energy saving.

Gas Water Heater Market Analysis By Arrangement

The Liquefied Petroleum Gas (LPG) sector is the major player in the global market for gas water heaters. Traditional electric water heaters are infamous for consuming large amounts of energy when heating the water, but LPG offers an appealing substitute. A distinctive feature of gas water heaters is their ability to use LPG to instantly heat water as needed. This is completely in line with the expanding demand for on-demand hot water services at five-star resort hotels and leisure facilities, where patron comfort is of the utmost importance. The market also expands significantly as a result of the various climatic conditions found in various places. These factors, in addition to the availability of government incentives and subsidies, support the market's development even more. The ubiquitous availability of LPG cylinders makes it simple to acquire LPG refills, which is another crucial element driving the growth of the gas water heater market.

The natural gas category is simultaneously showing the fastest development, with a phenomenal compound annual growth rate (CAGR) of 5.2%. The greater awareness of natural gas's cost-effectiveness and environmental advantages as a heating fuel is to blame for this expansion. Natural gas is gaining popularity as a cleaner and more affordable choice for heating water as sustainability and energy efficiency become key issues, further fueling its rapid market rise.

Global Gas Water Heater Market By Product, 2023 (%)

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Gas Water Heater Market Regional Insights

The examination of the Asia-Pacific area includes a number of important nations, such as China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Due to their enormous populations and the increased need for hot water, especially during the winter, India and China stand out as major actors in this vast region. The Asia-Pacific region dominates the worldwide water heater market in terms of revenue generation, mostly due to the substantial demand it receives from both urban and rural regions. These emerging countries are characterized by steady population growth, rising incomes, and higher living standards. The region's rising need for hot water has been successfully addressed by a boom in prominent industry companies developing innovative and affordable gas water heaters. Throughout the projection period, these activities work as a group to significantly fuel the market's growth trajectory in the Asia-Pacific region.

In parallel, North America emerges as a rapidly expanding market, closely behind Asia Pacific. Numerous causes, such as growing knowledge of energy efficiency, the adoption of sustainable heating options, and a focus on lowering carbon footprints, can be blamed for the region's quick expansion. The market is seeing a noticeable increase in demand as individuals and companies in North America emphasize ecologically friendly and cost-effective water heating solutions, establishing it as a major growing region after Asia-Pacific.

Global Gas Water Heater Market By Geography, 2024-2031
  • Largest
  • Fastest

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Gas Water Heater Market Dynamics

Gas Water Heater Market Drivers

Modernizing the Fleet

  • Airlines are updating their aircraft to improve fuel economy and save expenses. Older aircraft are being replaced with new ones that have cutting-edge landing gear technology as part of this modernization program.

Low-Cost Carriers

  • Aircraft orders and deliveries have surged as a result of the growth of low-cost carriers (LCCs). LCCs are particularly significant in areas like Asia-Pacific, where they help the landing gear industry expand.

Advancing in Landing Gear Technology

  • Manufacturers are using strong, lightweight materials, including carbon composites, to increase the performance and lifespan of landing gear components. Because they are more effective and need less maintenance, electric actuation systems are likewise becoming more and more common.

Gas Water Heater Market Restraints

Supply-Chain Breakdowns

  • Global interruptions in the aircraft component supply chain, such as those brought on by COVID-19 pandemic, natural catastrophes, or geopolitical crises, are a possibility.

Uncompromising Regulatory Standards

  • Strict regulatory requirements for safety and dependability apply to the aircraft sector, which can lengthen development cycles and raise certification fees.

High Development Costs

  • Advanced landing gear systems need expensive development and production processes, which might prevent some businesses from entering the market.

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Gas Water Heater Market Competitive Landscape

The market for gas water heaters is very competitive, with both well-known industry leaders and up-and-coming companies competing for a piece of the expanding market for energy-efficient water heating solutions. A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, Racold, and Rheem Manufacturing Company are significant companies in this industry. These businesses use their distribution networks, technological know-how, and strong brand image to sustain a sizable presence.

Rising consumer knowledge of the advantages of energy-efficient gas water heaters, notably in terms of lower energy consumption and environmental effect, is one of the factors driving this competitive market. Leading manufacturers are releasing cutting-edge and reasonably priced gas water heaters to address the rising demand for hot water in both the residential and commercial sectors as sustainability becomes a top priority. Condensing gas-fired systems and heat pump technology are a couple of the advancements that have helped gas water heaters become more effective and appealing.

Gas Water Heater Market Top Player’s Company Profiles

  • BDR Thermea Group (Netherlands)
  • Bosch Thermotechnology (Germany)
  • Alpha Therm Ltd. (United Kingdom)
  • Haier Electronics (China)
  • HTP Comfort Solutions LLC (United States)
  • Lennox (United States)
  • Viessmann Group (Germany)
  • Racold (India)
  • Rheem Manufacturing Company (United States)
  • Takagi Industrial Co., Ltd. (Japan)
  • Noritz Corporation (Japan)
  • Rinnai Corporation (Japan)
  • Eemax, Inc. (United States)
  • State Industries (United States)
  • Navien, Inc. (South Korea)
  • Paloma Industries, Inc. (Japan)
  • Giant Factories Inc. (Canada)

Gas Water Heater Market Recent Developments

  • In September 2023, Rinnai, a Japanese manufacturer of water heaters, announced the launch of its new V65iN high efficiency tankless water heater.
  • In August 2023, A.O. Smith, an American manufacturer of water heaters, announced the acquisition of Sure Comfort, a Canadian manufacturer of tankless water heaters.
  • In July 2023, The European Commission proposed a new regulation that would require all new gas water heaters sold in the European Union to be at least 92% efficient by 2027.

Gas Water Heater Key Market Trends

  • Technology innovation: The efficiency of gas water heaters and the attractiveness of consumers are increased by constant innovations in the industry, for example, the development of heat pump systems and condensed gas systems.
  • Increasing Production Capacity: To fulfill the increased demand for gas water heaters, particularly in areas with rapid economic growth, manufacturers are increasing their manufacturing facilities.
  • Partnerships and Acquisitions: Strategic alliances, acquisitions and partnerships between market players are driving gas water storage development and market growth.

Gas Water Heater Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global Gas Water Heater Market analysis, the global market for gas water heaters displays a dynamic environment that is influenced by a variety of variables. Consumer knowledge of the environmental and financial advantages of gas water heaters is a major driver of the industry's expansion. Gas water heaters are becoming more and more popular as energy efficiency and sustainability take center stage. They provide a greener option to conventional electric water heaters. To increase efficiency and satisfy changing customer needs, major market participants, including industry titans and forward-thinking businesses, are implementing cutting-edge technology including heat pump systems and condensing gas-fired systems. The competitive environment is changing as a result of strategic alliances, purchases, and expansions that let businesses access emerging markets and cutting-edge technology. Additionally, government programs and initiatives to support energy-efficient appliances are boosting market expansion. Despite obstacles like safety worries and the COVID-19 pandemic's effects on certain businesses, the worldwide market for gas water heaters is positioned for long-term growth. As individuals and companies alike prioritize energy efficiency, economic effectiveness, and environmental responsibility in their water heating options, it promises to remain a crucial part of the worldwide heating solutions landscape.

Report Metric Details
Market size value in 2023 USD 7.94 Billion
Market size value in 2031 USD 12.97 Billion
Growth Rate 5.60%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Instant, Storage
  • Capacity
    • <30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, >400 Liters
  • Application
    • Residential, Commercial, College/University, Offices, Government/Military, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BDR Thermea Group (Netherlands)
  • Bosch Thermotechnology (Germany)
  • Alpha Therm Ltd. (United Kingdom)
  • Haier Electronics (China)
  • HTP Comfort Solutions LLC (United States)
  • Lennox (United States)
  • Viessmann Group (Germany)
  • Racold (India)
  • Rheem Manufacturing Company (United States)
  • Takagi Industrial Co., Ltd. (Japan)
  • Noritz Corporation (Japan)
  • Rinnai Corporation (Japan)
  • Eemax, Inc. (United States)
  • State Industries (United States)
  • Navien, Inc. (South Korea)
  • Paloma Industries, Inc. (Japan)
  • Giant Factories Inc. (Canada)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Gas Water Heater Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Gas Water Heater Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Gas Water Heater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Gas Water Heater Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Gas Water Heater Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Gas Water Heater Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Gas Water Heater Market size was valued at USD 7.94 Billion in 2022 and is poised to grow from USD 8.38 Billion in 2023 to USD 12.97 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The market for gas water heaters is very competitive, with both well-known industry leaders and up-and-coming companies competing for a piece of the expanding market for energy-efficient water heating solutions. A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, Racold, and Rheem Manufacturing Company are significant companies in this industry. These businesses use their distribution networks, technological know-how, and strong brand image to sustain a sizable presence. 'A.O. Smith (United States)', 'Ariston Thermo S.p.A (Italy)', 'BDR Thermea Group (Netherlands)', 'Bosch Thermotechnology (Germany)', 'Bradford White Corporation (United States)', 'Alpha Therm Ltd. (United Kingdom)', 'Haier Electronics (China)', 'HTP Comfort Solutions LLC (United States)', 'Lennox (United States)', 'Viessmann Group (Germany)', 'Racold (India)', 'Rheem Manufacturing Company (United States)', 'Takagi Industrial Co., Ltd. (Japan)', 'Noritz Corporation (Japan)', 'Rinnai Corporation (Japan)', 'Eemax, Inc. (United States)', 'State Industries (United States)', 'Navien, Inc. (South Korea)', 'Paloma Industries, Inc. (Japan)', 'Giant Factories Inc. (Canada)'

Airlines are updating their aircraft to improve fuel economy and save expenses. Older aircraft are being replaced with new ones that have cutting-edge landing gear technology as part of this modernization program.

Technology innovation: The efficiency of gas water heaters and the attractiveness of consumers are increased by constant innovations in the industry, for example, the development of heat pump systems and condensed gas systems.

The examination of the Asia-Pacific area includes a number of important nations, such as China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Due to their enormous populations and the increased need for hot water, especially during the winter, India and China stand out as major actors in this vast region. The Asia-Pacific region dominates the worldwide water heater market in terms of revenue generation, mostly due to the substantial demand it receives from both urban and rural regions. These emerging countries are characterized by steady population growth, rising incomes, and higher living standards. The region's rising need for hot water has been successfully addressed by a boom in prominent industry companies developing innovative and affordable gas water heaters. Throughout the projection period, these activities work as a group to significantly fuel the market's growth trajectory in the Asia-Pacific region.

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Global Gas Water Heater Market

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