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, 2023 - 2032
Gas water heater market size is projected to expand at 6.7% CAGR from 2023 to 2032, propelled by the rising demand for energy-efficient and cost-effective water heating solutions.
The growing emphasis on eco-friendly technologies and the sustainable adoption of cleaner energy sources is contributing to the high sales of gas water heaters. The rising technological advancements are leading to the development of more efficient and user-friendly models. For instance, in February 2023, manufacturing company Rheem launched Rheem maximus, a super highly efficient gas water heater consisting of a powerful, efficient burner for providing high energy and cost savings. The increasing rate of urbanization and population growth is also further amplifying the demand for residential and commercial water heating solutions. The influx of government initiatives for promoting the use of natural gas and renewable energy sources will compliment the industry growth.
The gas water heater industry is segregated into product, capacity, application, fuel, and region.
Based on product, the market share from the storage segment is projected to rise at substantial CAGR from 2023 to 2032. The growth can be attributed to the increasing consumer demand for energy-efficient solutions along with the rising technological advancements for the introduction of more efficient storage models. The growing consumer interest in reliable and eco-friendly heating options will further boost the segment growth.
With respect to application, the gas water heater industry from the residential segment is anticipated to depict significant CAGR during 2023-2032. This is ascribed to the increasing residential construction activities, the rising awareness of energy-efficient home solutions, and the high demand for reliable and cost-effective water heating solutions. The surging consumer preference for efficient appliances is further driving the adoption of gas water heaters in residential settings to offer improved performance, energy efficiency, and convenience.
Regionally, the Europe gas water heater industry is slated to expand at rapid pace from 2023 to 2032. The growth can be attributed to the rising emphasis on energy efficiency, the influx of government initiatives for promoting cleaner energy sources, and the growing awareness of environmental sustainability. The increasing residential and commercial construction activities will also drive the regional market growth.
- Chapter 1 Methodology & Scope
- 1.1 Market definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Unpaid sources
- Chapter 2 Executive Summary
- 2.1 Business trends
- 2.2 Product trends
- 2.3 Capacity trends
- 2.4 Application trends
- 2.5 Fuel trends
- 2.6 Regional trends
- Chapter 3 Heat Meters Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Vendor matrix
- 3.2 Regulatory landscape
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Growing demand for energy efficient water heaters
- 3.3.1.2 Replacement of conventional water heating technology
- 3.3.1.3 Stringent energy efficiency norms
- 3.3.1.4 Rapid urbanization and advancing product customization
- 3.3.1.5 Frequent power outages and growing demand from off grid areas
- 3.3.2 Industry pitfalls & challenges
- 3.3.2.1 High installation cost
- 3.3.2.2 Availability of counterparts
- 3.4 Growth potential analysis
- 3.5 Porter's Analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL Analysis
- Chapter 4 Competitive Benchmarking
- 4.1 Innovation & sustainability landscape
- 4.2 Competitive landscape, 2022
- 4.2.1 Strategic dashboard
- Chapter 5 Heat Meters Market, By Product
- 5.1 Key product trends
- 5.2 Instant
- 5.3 Storage
- Chapter 6 Heat Meters Market, By Capacity
- 6.1 Key capacity trends
- 6.2 <30 liters
- 6.3 30 - 100 liters
- 6.4 100 - 250 liters
- 6.5 250 - 400 liters
- 6.6 >400 liters
- Chapter 7 Heat Meters Market, By Application
- 7.1 Key application trends
- 7.2 Residential
- 7.3 Commercial
- 7.3.1 College/university
- 7.3.2 Offices
- 7.3.3 Government/military
- 7.3.4 Others
- Chapter 8 Heat Meters Market, By Fuel
- 8.1 Key application trends
- 8.2 Natural gas
- 8.3 LPG
- Chapter 9 Heat Meters Market, By Region
- 9.1 Key regional trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 France
- 9.3.3 Germany
- 9.3.4 Italy
- 9.3.5 Austria
- 9.3.6 Spain
- 9.3.7 Netherlands
- 9.3.8 Denmark
- 9.3.9 Finland
- 9.3.10 Sweden
- 9.3.11 Norway
- 9.4 Eurasia
- 9.4.1 Russia
- 9.4.2 Belarus
- 9.4.3 Armenia
- 9.4.4 Kazakhstan
- 9.4.5 Kyrgyzstan
- 9.5 CIS
- 9.5.1 Azerbaijan
- 9.5.2 Moldova
- 9.5.3 Tajikistan
- 9.5.4 Turkmenistan
- 9.5.5 Uzbekistan
- 9.6 Asia Pacific
- 9.6.1 China
- 9.6.2 Australia
- 9.6.3 India
- 9.6.4 Japan
- 9.6.5 South Korea
- 9.6.6 Indonesia
- 9.6.7 Malaysia
- 9.6.8 Thailand
- 9.6.9 New Zealand
- 9.6.10 Philippines
- 9.7 Middle East & Africa
- 9.7.1 Saudi Arabia
- 9.7.2 UAE
- 9.7.3 Qatar
- 9.7.4 Kuwait
- 9.7.5 Oman
- 9.7.6 Turkey
- 9.7.7 South Africa
- 9.7.8 Nigeria
- 9.7.9 Egypt
- 9.7.10 Israel
- 9.7.11 Iraq
- 9.8 Latin America
- 9.8.1 Brazil
- 9.8.2 Argentina
- 9.8.3 Chile
- 9.8.4 Mexico
- Chapter 10 Company Profiles
- 10.1 A. O. Smith
- 10.2 Lennox International Inc.
- 10.3 Ariston Thermo USA LLC}
- 10.4 BDR Thermea Group
- 10.5 Ariston Holding N.V.
- 10.6 Bosch Thermotechnology Corp.
- 10.7 Bradford White Corporation
- 10.8 Haier Inc.
- 10.9 Ariston Thermo India Private Limited
- 10.10 Rheem Manufacturing Company
- 10.11 American Water Heater
- 10.12 Rinnai America Corporation
- 10.13 State Industries
- 10.14 FERROLI S.p.A
- 10.15 Hubbell Heaters
- 10.16 Havells India Ltd.
- 10.17 Westinghouse Electric Corporation
- 10.18 Parker Boiler Company
- 10.19 Vaillant
- 10.20 Noritz Corporation
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