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Gas Water Heater Market Size By Product (Instant, Storage), By Capacity (< 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, > 400 Liters), By Application (Residential, Commercial [College/University, Office, Government/Military]), By Fuel (Natural Gas, LPG), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

  • Report ID: GMI706
  • Published Date: May 2022
  • Report Format: PDF

Industry Trends

Gas Water Heater Market size surpassed USD 8 billion in 2021 and is anticipated to grow at around 5% CAGR from 2022 to 2030. Increasing hot water requirements across both commercial and residential buildings coupled with increasing demand from the off-grid areas is set to accelerate the business landscape. Further, shifting consumer awareness toward advance technological and product development is projected to bolster the industry scenario.
 

Gas Water Heater Market

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The outbreak of COVID- 19 has had a significant impact on the overall industry owing to the shutdown of various industrial and manufacturing facilities with delays in various infrastructure development projects. With increasing government relaxation on imposed lockdowns, followed by the recommencement of industrial operations will complement the market growth. In addition, a surge in demand of HVAC equipment on account of rising construction activities across commercial and residential establishments as well as expansion of infrastructural buildings will boost the business outlook.
 

Shifting focus on product differentiation to fuel market demand

Technological advancements and innovations consisting of AI enabled UI display, remote monitoring, along with Wi-Fi enabled connectivity is set to sway the market valuation. The key industry players are focusing to introduce new & advanced models in line with the stated energy efficiency standards to minimize the carbon and GHG emissions. Ease of installation, energy-efficient fuel type, and low maintenance cost are some of the vital factors contributing to the systems capability when compared to its counterparts.
 

New product developments accustomed to suit its consumer requirements together with availability of competitive pricing will positively influence the installations. However, ongoing replacement, and upgradation of the existing units with efficient star rated technologies is predicted to expand the gas water heater market share.
 

Trend of growing installation across both residential & commercial spaces

Storage water heater market demand is estimated to witness more than 5% gains through 2030. Increasing deployment of the units across numerous commercial spaces comprising of airports, hospitals, and hotels due to communication enabled control features merged with advanced operational benefits will stimulate the product adoption. Availability of varying capacity options with un-compromised water pressure and low maintenance cost options is set to sway the market expansion.
 

Ongoing development of zero emission green building projects and smart city construction projects to spur the equipment demand. The rising urban migration, considerable growth across the tourism sector with customer awareness toward smart and efficient appliances is set to garner gas water heater market revenues.
 

Availability of multiple capacity gas water heater systems

UK Gas Water Heater By Capacity 

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Increasing urbanization and rise in migration with rising dispensable incomes specifically in the developing economies is set to augment the 30 - 100 liters water heaters installation. Rising demand from restaurants and resorts for instant hot water supplies utilized in washrooms, kitchens, saunas, and swimming pools will strengthen the industry landscape. Furthermore, availability of a variety of large capacity models with new developed advanced technology will enhanced the market value.
 

Improved deployment of below 30 liters equipment across residential apartments and small commercial complexes is set to broaden the inclinations for gas water heater. Moreover, the key manufacturers focus on ongoing upgradations along with providing competitive pricing which is set to influence the industry scenario.
 

Infrastructural expansion and surging investments toward pipeline development

Numerous national and foreign investments will enable product innovation, increase the research & development activities, and incorporate new technologies consisting of better and advanced communication systems will propel the business growth. For instance, introduction of the Energy Ace Code by the California Public Utilities Commission, will support ensure energy efficiency in water heaters primarily those installed across the households.
 

Residential gas water heater market is set to showcase 6% growth during 2022-2030. Multi-community infrastructural expansion and ongoing expansion of high-rise buildings will contribute to the market outlook. Strict norms to attain high efficiency standards large-scale introduction of city gas distribution projects and pipeline networks driving the demand.
 

Thriving manufacturing sector in Asia Pacific

Japan gas water heater market by fuel

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India gas water heater market contributes nearly USD 9 Million of revenue by 2030. Stringent government policies and mandates which regulate the deployment of efficient electrical equipment with strict environment standards focusing on limiting the carbon and GHG emissions will impact the product sales. Increasing number of manufacturing facilities combined with growing requirement for on demand heating from commercial & residential establishments will foster the industry forecast.
 

Availability of multiple fuel options to drive the LPG equipment demand

Extreme and adverse climatic conditions across various geographies with availability of multiple government incentives is set to enhance the market statistics. High cost across the regions and unavailability of multiple connection points is set to favor the product penetration than its natural gas counterparts.
 

Inorganic growth ventures comprising to favor the global market

The major gas water heater market players operating focus specifically on ventures including mergers, joint ventures, and acquisitions with units differentiation as their substantial growth strategies. Manufacturers in the industry consist of Lennox International, American Standard Water Heaters, A.O Smith, Bradford White Corporation, Haier Electronics, Ariston Thermo India, American Water Heater, Ferroli, Rinnai Corporation, Rheem Manufacturing, State Industries, Hubbell Heaters, Bosch Thermotechnology, Havells India Limited, and BDR Thermea Group among others.
 

This market research report on gas water heater includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2018 to 2030, for the following segments:

Market, By Product

  • Instant
  • Storage

Market, By Capacity

  • <30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • 250-400 Liters
  • >400 Liters

Market, By Application

  • Residential
  • Commercial
    • College/University
    • Offices
    • Government/Military
    • Others

Market, By Fuel

  • Natural Gas
  • LPG

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Austria
    • Spain
    • Netherland
    • Denmark
    • Finland
    • Sweden
    • Norway
  • Eurasia
    • Russia
    • Belarus
    • Armenia
    • Kazakhstan
    • Kyrgyzstan
  • CIS
    • Azerbaijan
    • Moldova
    • Tajikistan
    • Turkmenistan
    • Uzbekistan
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Singapore
    • Thailand
    • New Zealand
    • Philippines
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Oman
    • Turkey
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Iraq
  • Latin America
    • Brazil
    • Argentina
    • Chile
    • Mexico

 

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of gas water heater crossed USD 8 billion in 2021 and will register an annual installation of over 57 million units by 2030.

Storage water heater segment is anticipated to record over 5% CAGR through 2030 due to the rising product demand across commercial spaces, such as airports, hotels, and hospitals.

Indian market revenue will surpass USD 9 million by 2030 because of the stringent rules and regulations imposed by the government concerning energy efficiency and low carbon footprint.

American Standard Water Heaters, Lennox International, A.O Smith, Haier Electronics, Bradford White Corporation, American Water Heaters, and Ariston Thermo India, among many others, are the main players in this market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 2048
  • Countries covered: 7
  • Pages: 900

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