The gas water heater market size was valued at $7.42 billion in 2021, and gas water heater market forecast is estimated to reach $12.41 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. A gas water heater is a device that heats water using natural gas or propane as a fuel source. Gas water heaters are commonly used in homes and businesses to provide hot water for bathing, cleaning, and other uses.
One of the main advantages of gas water heaters is their lower operating cost compared to electric water heaters, as natural gas and propane are typically less expensive than electricity. Gas water heaters also tend to heat water more quickly than electric water heaters, providing a more immediate supply of hot water.
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Gas water heaters typically consist of a tank, a burner, a flue, and various safety features. The burner is used to heat the water in the tank, and the flue removes the exhaust gases from the combustion process. Some gas water heaters have a pilot light to ignite the burner, while others use an electronic ignition system.
The major companies profiled in gas water heater market report include A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, Racold, and Rheem Manufacturing Company.
Gas water heaters come in various sizes and capacities to meet the hot water needs of different households and businesses. Some models are designed for indoor use, while others are designed for outdoor installation. It is important to choose a gas water heater that is properly sized for the needs of the household or business to ensure adequate hot water supply and energy efficiency.
Asia-Pacific is expected to exhibit CAGR of 6.0% during 2022–2031.
By product type, the instant segment accounted for the largest gas water heater market share in 2021.
By installation type, the indoor gas water heater was the leading segment in 2021.
By fuel type, the natural gas segment was the highest revenue contributor in 2021.
By application type, the commercial segment was the highest revenue contributor in 2021.
Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry has created great demand for hot water in cold regions, which fuels demand for gas water heaters.
Expansion of production capacities, acquisition, partnership, and research & innovation in the water heater application are key development in the global gas water heater market trends.
Rapid urbanization and development of global regions in context with construction of new residential and commercial buildings and infrastructure are anticipated to fuel the gas water heater market growth globally.
Rise in electricity prices, high operating costs, and technical issues associated with electric water heaters are expected to drive growth of the global gas water heater industry.
Growth of the global gas water heater market is driven by factors such as inclination of consumers toward adoption of energy efficient systems, favorable government subsidies that encourage use of gas water heaters, surge in number of hospitals and hotels, and increase in population and improved infrastructure in rural areas.
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Rise in disposable income of consumers, coupled with improved lifestyle significantly boosts the market. Furthermore, growth in concern among consumers regarding natural resources and energy is encouraging consumers to shift toward energy-efficient water heating systems.
COVID-19 analysis:
Building & construction activities across the globe were on hold during the pandemic period owing to strict measures of social distancing, lack of labor, and raw material supply disruptions. This further declined the growth of the market in 2020. Moreover, temporary shutdown of factories, manufacturing bases, and other processing industries hampered the growth of the gas water heater market. Thus, all these factors collectively led to decreased the global gas water heater market growth in 2020.
The increase in awareness among consumer regarding health awareness led to increase in the demand for hot water, which led to increase in the demand for water heater industry. The presence of demand due to outbreak of pandemic has positive impact on the development of the market in the forecast period.
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A gas water heater, also known as heat exchanger, is a heating device that uses energy from various external sources and transfers it to heat the water. Water heater comes in various types such as instant gas water heaters and storage gas water heaters.
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