The global gas water heater market revenue was around US$ 7.8 billion in 2022 and is estimated to reach US$ 12.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2023 to 2031.
A gas water heater is sometimes referred to as a heat exchanger. It is a heating device that utilizes energy from several external sources and transmits it to heat the water. Water heaters come in different types such as storage gas water heaters and instant gas water heaters. Choosing a proper gas water heater relies upon many crucial factors such as the type of creation that it is to be installed into the needs of households, fuel cost & efficiency of the system, availability of fuel types, and storage.
Market Driving Factors
Technological innovation and advancements in gas water heaters create a positive impact on the market. Manufacturers have implemented advanced technologies such as cutting-edge combustion systems, smart thermostats, and enhanced insulation materials with a strong focus on the enhancement of energy efficiency. In addition, the integration of the Internet of Things (IoT) has enabled remote monitoring and control, which offers users with rise in convenience and energy management abilities.
Cost efficiency and high energy drive market growth. Due to the gas water heaters are significantly energy efficient. The maximum of the heat made is still utilized to heat the water, which indicates a very small quantity of heat that is wasted or lost. Gas water heaters are almost efficient because all of the heat is utilized to heat the water.
Low water pressure and the possibility of leaks hamper the market growth.
Regional Analysis
Asia-Pacific dominates the market in terms of the highest revenue. This is because of massive demand from rural and urban areas. In this region, some developing nations are characterized by population growth, increase in income, and enhanced lifestyle. In addition, there is a rise in the key players who are engaged in presenting affordable and innovative gas water heaters to address the demand for hot water in this region.
Segmentation Insights
Installation Type Insight
The indoor segment dominates the market. Indoor gas water heaters can be installed in bathroom or bedroom closets if preferred only if they are electric, sealed combustion chamber units, or direct vents. The indoor gas water heater is perfect for windy and cold climates, as it is a far lower hazard than a heater can suffer from freezing damage. The benefits of indoor tankless gas water heaters are inferior energy price and, no threat of weather damage which surges the resale value of the real estate. Thus, all these factors are driving the segment's growth.
Fuel Type Insight
The LPG segment dominates the market. LPG is one of the best options to substitute traditional electric water heaters that utilize way more energy than they should to heat water. Gas water heaters are custom-made to utilize LPG to rapidly heat water at any specific moment. The surge in demand for comfort and on-demand hot water services in luxury hotels, and other recreation centers boosts the market growth.
Application Insight
The commercial segment dominates the market. Commercial water heaters are designed for large-scale requirements. They are characterized by efficient performance, unique designs, easy adaptability, large capacity, and safe use. They are broadly utilized by commercial users including, corporate offices, schools, hospitals and hotels, and other commercial infrastructures.
Prominent Companies
Segmentation Outline
The global gas water heater market segmentation focuses on Installation Type, Fuel Type, Application, Product Type, and Region.
By Installation Type
By Fuel Type
By Application
By Product Type
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL GAS WATER HEATER MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: GAS WATER HEATER MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL GAS WATER HEATER MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL GAS WATER HEATER MARKET, BY INSTALLATION TYPE
5.1 OVERVIEW
5.2 OUTDOOR
5.3 INDOOR
6 GLOBAL GAS WATER HEATER MARKET, BY FUEL TYPE
6.1 OVERVIEW
6.2 NATURAL GAS
6.3 LPG
7 GLOBAL GAS WATER HEATER MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 RESIDENTIAL
7.3 COMMERCIAL
7.4 INDUSTRIAL
8 GLOBAL GAS WATER HEATER MARKET, BY PRODUCT TYPE
8.1 OVERVIEW
8.2 INSTANT
8.3 STORAGE
9 GLOBAL GAS WATER HEATER MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL GAS WATER HEATER MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 BDR THERMEA GROUP
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 A.O. SMITH CORPORATION
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 HAIER INC
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 LENNOX INTERNATIONAL INC
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 HTP LLC
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 ARISTON GROUP
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 BRADFORD WHITE CORPORATION
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. ECO SMART GREEN ENERGY PRODUCTS INC
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 BOSCH THERMOTECHNIK GMBH
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 NORITZ CORPORATION
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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