Global Gas Water Heater Market Size, Share & Industry Trends Analysis Report By Product Type, By Application (Commercial, Residential, and Industrial), By Installation Type (Indoor and Outdoor), By Fuel Type, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Gas Water Heater Market
Market Report Description
The Global Gas Water Heater Market size is expected to reach $10.4 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
A gas water heater is a piece of heating equipment that uses gas as its energy source to warm water. Gas water heaters heat water far more quickly in contrast to an electric water heater, which makes them a practical choice for bigger families. A 50-gallon tank can be heated by a gas heater in about an hour. Traditional gas water heaters also have the ability to continue to operate in the case of a power loss.
An electric heater is likely to struggle to keep up with the hot water demands of a bigger household, therefore for families of four or more, a gas heater is typically a preferable option. The primary factors boosting the growth of the worldwide gas water heater market are the rise in infrastructure projects, substitution of traditional water heaters with much more efficient gas water heaters, installation of smart water heaters, as well as building & construction activities across the world.
In a tank-style gas water heater, cold water is heated and then stored until it is required by various home appliances and plumbing fittings. The convection rule of physics, which governs how heat rises, regulates how a gas water heater operates. In the case of a gas water heater, the cold water is pushed into the tank via a cold water supply tube in order to maintain a steady flow.
A gas burner is situated beneath the sealed tank, heating the cold, dense water at the bottom. The hot water discharge line draws the rising water from the tank as it gets hotter so that it can be used wherever hot water is needed. Since the hot water dispenser pipe's function is to channel off hot water, which is placed at the top of the tank, it is much smaller than the dip tube.
COVID-19 Impact Analysis
The growth of the gas water heater market was also disrupted by the abrupt occurrence of the pandemic. Throughout most countries across the world, the closure of industrial producers caused a reduction in demand for gas water heaters, which in turn caused a decline in the market for gas water heaters. The reduction in power usage in industrial facilities all over the world during the pandemic has a detrimental effect on the market's growth. In addition, due to stringent social segregation policies, a labor shortage, and disruptions in the availability of raw materials, building and construction activities were put on pause throughout the outbreak period in all parts of the world.
Market Growth Factors
High Energy And Cost Efficiency
Gas water heaters are significantly energy efficient. The maximum of the heat produced is still used to heat the water, which indicates a very small amount of heat that is lost or wasted. Because all of the heat is used to heat the water, gas water heaters are nearly 100 % efficient. Gas is the primary source of energy because it is extracted, and utilized, and only experiences small losses during transportation. Additionally, a gas water heater operates on extremely basic technology. Water flows through a heat exchanger as it travels through a pipeline.
More Environmentally Friendly Nature Of Gas Water Heaters
Nature is maintaining the proper balance of carbon dioxide in the atmosphere on its own. The Earth, however, suffers when the carbon emissions balance changes to include more carbon dioxide than oxygen. The atmosphere's excess CO2 raises global temperatures and brings very severe weather changes. In some areas, a gas water heater is slightly more environmentally friendly than any other type of water heater. Despite this, a gas heater still emits a lot of dangerous gases, it is still a smaller figure than the emissions from the power plant that generates the electricity for the electric water heater.
Market Restraining Factors
Risk Of Water Leaks And Low Water Pressure
The most occurring issue with a gas water heater is water leakage. Any water heater would ultimately begin to leak because water will corrode the tank over time and cause microscopic cracks and fractures. Additionally, there can be other causes of water leakages in a gas water heater as well. The water connections can be loose if the leak looks to be originating from the top of the tank. Verify that the hot water exits pipes and cold-water intake pipes are both firmly connected and are not rattling or otherwise loose.
Product Type Outlook
On the basis of Product Type, the Gas Water Heater Market is segregated into Instant and Storage. Tankless water heaters, commonly referred as instant water heaters, instantly deliver hot water. In bathrooms and kitchens, where water demand is minimal, these water heaters are used. They lack storage, thus there is no hot water waste or need to heat more water. Additionally, they must be turned on before usage and deactivated right away after.
Installation Type Outlook
Based on Installation Type, the Gas Water Heater Market is segmented into Outdoor and Indoor. In 2021, the indoor segment procured the highest revenue share of the gas water heater market. Indoor gas water heaters can be installed in closets in the bedroom or bathroom. They are sealed combustion chamber or direct vent models, due to which, there is eliminated the risk of any mishaps if installed in indoor settings.
Fuel Type Outlook
By the Fuel Type, the Gas Water Heater Market is classified into Natural Gas and LPG. In 2021, the natural gas segment garnered a substantial revenue share of the gas water heater market. The surge in the growth of the segment is majorly attributed to the increasing focus of governments as well as people on environment conservation. In order to minimize the impact of gas that is emitted after heating the water, natural gas is one of the best alternatives to fuel a gas water heater.
On the basis of Application, the Gas Water Heater Market is categorized into Residential, Commercial, and Industrial. In 2021, the residential segment recorded a significant revenue share of the gas water heater market. The growth of the segment is rising due to the rapid development of residential infrastructure, rising disposable incomes, the expansion of the piped gas network, and the rising rate of electrification in various developing countries.
|Market size value in 2021||USD 7 Billion|
|Market size forecast in 2028||USD 10.4 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 6% from 2022 to 2028|
|Number of Pages||208|
|Number of Tables||408|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product Type, Installation Type, Fuel Type, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-Wise, the Gas Water Heater Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific accounted for the largest revenue share of the gas water heater market. The growth of the regional market is rising because of a number of reasons, including a low rate of inflation, strong manufacturing output, and a well-balanced vaccination rollout. Moreover, a rise in the supply of gas and electricity in China's semi-urban areas is anticipated to boost the demand for water heaters.
Free Valuable Insights: Global Gas Water Heater Market size to reach USD 10.4 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH (Bosch Thermotechnology Corporation), A. O. Smith Corporation, Haier Smart Home Co., Ltd. (Haier Group Corporation), Lennox International, Inc., Rheem Manufacturing Company, Ariston Holding N.V., BDR Thermea Group, and Bradford White Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
By Installation Type
By Fuel Type
- Natural Gas
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Robert Bosch GmbH (Bosch Thermotechnology Corporation)
- A. O. Smith Corporation
- Haier Smart Home Co., Ltd. (Haier Group Corporation)
- Lennox International, Inc.
- Rheem Manufacturing Company
- Ariston Holding N.V.
- BDR Thermea Group
- Bradford White Corporation
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