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 (Natura

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

The gas water heater market is inclined to observe massive growth by 2030 owing to mounting demand for energy-efficient heating systems across the globe. In addition, rising need to replace conventional water heating systems, along with rapid urbanization, surging availability of product customization, and frequent electricity outages in remote grid areas, are likely to boost market growth in the forthcoming years.

The coronavirus pandemic posed a threat to the industry due to strict lockdown restrictions imposed worldwide. However, in the post-pandemic scenario, major participants have been engaging in consistent research activities to develop efficient product portfolios.

Additionally, government support to encourage the utilization of efficient water heating systems has boosted gas water heater market growth. For instance, in May 2022, the U.S. Department of Energy proposed the Energy Policy and Conservation Act that chalked out energy conservation standards for commercial water heaters, boilers, and storage tanks.

Moreover, major players in the industry have been focusing on product up-gradation along with strategic collaborations to improve their business standing in the sector, thereby fueling industry growth. For instance, in July 2021, Bradford White Corporation, a manufacturer of commercial and industrial water heating systems, introduced its high-performance and high-efficient Infiniti L tankless water heating systems. The novel product range has a 15-year warranty, the company’s proprietary scale reduction technology, field gas conversion, integrated flush ports, and a requalification pump to provide instant hot water.

The gas water heater market has been bifurcated in terms of fuel, product, application, capacity, and region. Based on product, the market has been divided into storage and instant. The storage segment is projected to grow at a CAGR of over 5% by 2030 driven by the rising need for hot water across various commercial institutes.

The market in terms of capacity has been categorized into below 30 liters, 30-100 liters, 100-250 liters, 250-400 liters, and above 400 liters. Growing demand across single and multifamily apartments due to ongoing demand for use in kitchens and bathrooms is likely to propel the uptake for below 30 liters capacity gas water heaters.

In the regional landscape, the market spans the regions of North America, Eurasia, Europe, CIS, APAC, LATAM, and MEA. Eurasia is likely to witness a huge demand through the assessment timeframe on account of adverse climatic conditions and vast untapped potential in the sector.

Meanwhile, the Commonwealth of Independent Regions (CIS) gas water heater industry is foreseen to grow significantly up to 2030 as a result of ongoing technological advancements and the development of extensive product designs. The gas water heater market in Middle East & Africa is slated to exhibit prominent growth over the forecast period owing to increased deployment across the hospitality industry, coupled with considerable demand from commercial facilities like hospitals.