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Gas Water Heater Market Size

Report ID: GMI706
Published Date: Oct 2023
Report Format: PDF

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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.

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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.

Gas Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2022
Gas Water Heater Market Size in 2022:	USD 8.9 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.8%
2032 Value Projection:	USD 16.7 Billion
Historical Data for:	2019 to 2021
No. of Pages:	900
Tables, Charts & Figures:	1,684
Segments covered:	Product, Capacity, Application, Fuel
Growth Drivers:	Growing demand for energy efficient water heaters Replacement of conventional water heating technology Stringent energy efficiency norms Rapid urbanization and advancing product customization Frequent power outages and growing demand from off grid areas
Pitfalls & Challenges:	High installation cost Availability of counterparts

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market valuation of gas water heater was worth USD 9.38 billion in 2023 and is anticipated to reach USD 16.75 billion by 2032.

The instant gas water heater market is anticipated to record over 6.4% through 2032, owing to the increasing consumer preference for appliances that reduce energy consumption and lower utility bills, along with competitive product pricing and availability of multi-capacity variants.

The gas water heater market for North America will record more than 6.5% CAGR from 2023 to 2032, attributed to the presence of leading players in the country and modern technological advancements.

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, and Rinnai America Corporation.