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

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.