Global 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 2023-2030

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 5.6% during the forecast period (2024-2031).

The global water heater market is witnessing growth driven by various factors. The increasing preference of consumers for energy-efficient water heating systems is boosted by government subsidies that incentivize their adoption. The market expansion is further propelled by the growth in the number of hospitals and hotels, population growth, and enhanced infrastructure in rural areas. The rise in disposable income and improvements in lifestyle also play a significant role in driving the market, with a notable shift towards energy-efficient water heaters, especially in the residential and commercial sectors, leading to increased demand for gas water heaters. While the global gas water heater market offers opportunities for manufacturers, including innovations in technologies like heat pump systems and condensing gas-fired systems, there are challenges to address. Government initiatives promoting renewable water heaters, such as solar water heaters, create competition. Additionally, concerns about the risk of gas leaks compared to electric water heaters can hinder the growth of the gas water heater market. Moreover, various global industries, including construction, transportation, oil & gas, automotive, and energy, have experienced a slowdown in growth due to pandemic-related lockdowns. This downturn has resulted in reduced demand for gas water heaters, negatively impacting market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Gas Water Heater Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global 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.

Drivers of the Global Gas Water Heater Market

Airlines are undertaking aircraft updates to enhance fuel efficiency and reduce expenses, replacing older aircraft with modern counterparts featuring cutting-edge landing gear technology.

The growth of low-cost carriers (LCCs) has led to a significant increase in aircraft orders and deliveries. LCCs, particularly prominent in regions like Asia-Pacific, play a crucial role in the expansion of the landing gear industry.

Manufacturers are incorporating robust and lightweight materials, such as carbon composites, to enhance the performance and lifespan of landing gear components. Additionally, electric actuation systems are gaining popularity due to their increased effectiveness and reduced maintenance requirements.

Restraints in the Global Gas Water Heater Market

The installation of Gas Water Heater can incur substantial upfront costs, especially for specialized or customized solutions. This may deter certain firms, particularly smaller ones, from investing in high-end flooring solutions.

While Gas Water Heater is durable, it requires regular maintenance and repairs. The ongoing upkeep requirements may cause businesses to hesitate in opting for high-end flooring options.

The highly fragmented nature of the Gas Water Heater industry includes numerous regional and local companies. This fragmentation can lead to competition in terms of pricing and challenges in maintaining consistent standards and product quality.

Market Trends of the Global Gas Water Heater Market

Continuous innovations in the gas water heater industry, such as the advancement of heat pump systems and condensed gas systems, contribute to enhanced efficiency and increased consumer appeal.

Manufacturers are expanding their production facilities to meet the growing demand for gas water heaters, especially in regions experiencing rapid economic growth.

The development and growth of the gas water storage market are propelled by strategic alliances, acquisitions, and partnerships among market players.