A lead analyst at AMR highlighted that the gas water heater market across Asia-Pacific is anticipated to achieve the highest CAGR during the forecast period.
Allied Market Research published a research report on the gas water heater market. The findings of the report states that the global market for gas water heater generated $7.42 billion in 2021, and is projected to reach $12.41 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restrains and opportunities to help the market players in devising several growth strategies. Growing inclination among consumers toward the adoption of energy-efficient systems, rise in the number of hotels and hospitals globally, favorable government subsidies that encourage the use of water heaters, rise in disposable income of consumers, and rise in population and enhanced infrastructure in rural areas drive the growth of the gas water heater market. However, the risk of leakage in gas heaters compared to electric heaters impede the market growth. Nevertheless, innovation in technologies provide prolific growth opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the gas water heater market globally. The outbreak of the COVID-19 pandemic impacted the global gas water heater market negatively, owing to lockdowns in several nations across the globe, which caused the shutdown of many manufacturing facilities including those of gas water heaters, thereby affecting their demand. Construction and infrastructural activities were delayed or cancelled due to the strict rules laid down by the government to prevent the spread of the virus. Moreover, there were challenges regarding shortage of raw material and disruptions in supply chain faced by the market due to the strict import and export bans imposed by the government. However, the market is recovering phase with the easing of restrictions and the number of Covid-19 cases coming down.
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“Gas water heater market is rapidly growing due to a rise in demand for hot water in hotels, hospitals, and schools. In addition, expansion of piped gas networks especially in the developing countries in order to use the resources in a sustainable way is also propelling the growth of the gas water heater market. The increasing utilization of the energy-efficient water heaters in residential sectors, especially in cold regions will have a positive impact on the gas water heater market. The rise in electricity prices and presence of technical issues in the electric-powered water heaters have led to an increase in the demand for gas water heaters.” said Yerukola Eswara Prasad, Manager, Energy and Power at Allied Market Research.
The report offers a detailed segmentation of the global gas water heater market based on product type, installation type, fuel type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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Based on product type, the instant segment was the largest market in 2021, grabbing nearly two-thirds of the global gas water heater market share and would dominate through 2031. However, the storage segment is anticipated to grow at the fastest CAGR of 5.5% during the forecast period.
By installation type, the indoor segment held the largest share in 2021, contributing to around two-thirds of the global gas water heater market share and would maintain a noteworthy growth through 2031. However, the outdoor segment is expected to exhibit the fastest CAGR of 5.6% during the forecast period.
Based on fuel type, the LPG segment was the largest market in 2021, grabbing over two-thirds of the global market, and is likely to lead the trail during the forecast period. However, the natural gas segment is expected to achieve the fastest CAGR of 5.5% during the forecast period.
In terms of application, the commercial segment grabbed the largest market share of more than two-fifths of the global market in 2021, and would maintain its dominance during the forecast period. Nevertheless, the industrial segment is estimated to grow at the highest CAGR of 5.8% during the forecast period.
Based on region, the gas water heater market across Asia-Pacific held the largest share in 2021, garnering nearly two-fifths of the global market and would maintain its dominance during the forecast period. However, the same region is expected to grow at the highest CAGR of 6.0% during the forecast period.
The leading market players analyzed in the global gas water heater market report include Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Racold, and Rheem Manufacturing Company.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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