Gas Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial [College/University, Office, Government/Military]), By Fuel (Natural Gas, LPG), By Capacity & Forecast, 2024 – 2032

Gas Water Heater Market Size

Gas Water Heater Market was valued at USD 9.38 billion in 2023 and is set to grow at a CAGR of 6.8% during 2024 and 2032. Gas water heaters are widely used for providing hot water for bathing, cooking, cleaning, and space heating in homes, businesses, and other settings. Continuous efforts by various to enhance the energy efficiency of these products along with user-friendly interfaces providing easy access to temperature settings and diagnostic information will accelerate the business outlook.
 

Furthermore, continuous introduction of modern and innovative solutions including Wi-Fi connectivity, remote monitoring and voice control functions in conjunction with major players focusing on business and product expansion.
 

COVID- 19 Impact

The COVID- 19 pandemic impacted the industry's growth owing to lockdown restrictions, shortages of workers, and delays in several ongoing operations. Ongoing government mandates, introduction of vaccination campaigns along with resumption of various industrial operations will influence the business dynamics. However, upcoming construction operations, followed by real-estate development will have a positive impact on the industry landscape.
 

Gas Water Heater Market Trends

The convenience of on-demand hot water coupled with smart features and environmental considerations will drive the adoption of gas water heaters across various applications. Advanced safety features comprising flame failure detection, overheat protection along with air quality sensors to ensure safe operation will proliferate the product penetration. Furthermore, emerging markets showing increased demand for gas water heating solutions in line with homeowners and businesses are replacing older, less efficient gas water heaters with newer, more energy-efficient models will complement the industry growth.
 

Gas Water Heater Market Analysis

Based on product, the instant gas water heater industry is estimated to showcase around 6.4% growth rate up to 2032. Increasing consumer's preference seeking appliances that reduce energy consumption and lower utility bills along with competitive product pricing and availability of multi-capacity variants will propel the business potential. Moreover, the products are designed to deliver uninterrupted supply particularly in regions with frequent power outages, thereby driving the industry trends.
 

250-400 liters gas water heater market accounted for USD 0.7 billion in 2022. Smart city construction projects in line with environmental concerns and regulations for the development of these systems with low NOx emissions will fuel the business dynamics. Growing urbanization and shifting consumer trends to energy efficient technology will complement the product penetration. Furthermore, introduction of incentives to enhance the utilization of smart appliances along with stringent government mandates and policies will drive the industry scenario.
 

Based on application, the commercial gas water heater market will cross USD 4.6 billion by  2032. Rising focus on strategic growth ventures and alliances by major players in the market along with smart product innovations to achieve a diverse product portfolio will influence the business outlook. Moreover, large-scale introduction of city gas distribution projects and pipeline networks in conjunction with strict norms to attain high efficiency standards will stimulate the product demand.
 

Based on fuel, the natural gas market accounted for USD 3.4 billion in 2022, owing to rapid expansion of the existing grid networks coupled with ongoing building construction and refurbishment activities. Additionally, Central Gas Distribution (CGD) projects leading to the easy availability of the fuel in line with growing awareness of smart appliances to reduce the increasing carbon footprint will complement the industry landscape.
 

North America gas water heater market is projected to witness more than 6.5% CAGR through 2032. The optimized performance and ongoing research & development activities coupled with growing accessibility to gas pipeline networks will sway the industry growth. Thereafter, rising investments by major players toward innovations for enhanced efficiency and energy savings is set to fuel the storage market size.
 

Gas Water Heater Market Share

Eminent players operating in the Gas water heater industry are:

• A. O. Smith
• Lennox International Inc.
• Ariston Thermo USA LLC
• BDR Thermea Group
• Ariston Holding N.V.
• Bosch Thermotechnology Corp.
• Bradford White Corporation
• Haier Inc.
• Ariston Thermo India Private Limited
• Rheem Manufacturing Company
• American Water Heater
• Rinnai America Corporation
• State Industries
• FERROLI S.p.A
• Hubbell Heaters
• Havells India Ltd.
• Westinghouse Electric Corporation
• Parker Boiler Company
• Vaillant
• Noritz Corporation
   

Gas Water Heater Industry News

• In January 2022, GE Appliances launched RealMAX, its first comprehensive atmospheric gas water heater series including atmospheric gas, electric, tankless, and point of use water heaters in different capacities. These technologically advanced products offer various capacity ranges, easy installation, feature an LED indicator, and are durable & applicable for residential & light commercial uses. The launch of the advanced products strengthened the company’s portfolio and footprint across the industry.
   
• In January 2019, Ariston Thermo completed the acquisition of Calorex, a leader in water heating solutions across Mexico. The company caters to the residential & commercial sectors and is engaged in the production, marketing, and designing of electric, solar, and gas water heaters. The acquisition helped the company in strengthening its water heating portfolio and its position across the North America and Latin America heating markets.
   

This market research report on gas water heater includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments:

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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 buildings
  • Government buildings
  • Others

By Fuel

• Natural gas
• LPG

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

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Austria
  • Spain
  • Netherlands
  • 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
  • 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