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), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 - 2026

Industry Trends

Gas Water Heater Market size exceeded USD 7.5 billion in 2020 and yearly installation is anticipated to surpass 35.7 million units by 2027. Growing need to address the hot water requirements across both residential and commercial buildings along with rising demand from off grid areas will augment the business growth. In addition, rising consumer awareness associated with advanced technological development will accelerate the industry landscape.
 

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The outbreak of coronavirus, also known as COVID-19 has largely impacted the global economy. The virus initially recognized in December 2019 in China’s Hubei province has consequently resulted in a global health threat. The novel virus has impacted more than 140 countries causing lockdowns in a few countries, thereby, restricting the industry outlook. Nevertheless, continual demand for new strategies to respond to the existing crisis including surging investments in the real estate sector is set to affect the business landscape.
 

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Growing focus on product advancement and differentiation will accelerate the gas water heater market demand

Product advancements along with technical innovations comprising remote monitoring, AI enabled UI display, and Wi-Fi enabled connectivity is set to drive the gas water heater industry share. The industry players are focused at launching new models with respect to the stated energy efficiency standards to minimize the carbon emissions. Key factors comprising ease of installation, low maintenance cost, along with energy-efficient fuel type make the systems favorable in comparison to its counterparts.
 

Shifting focus toward new product development suiting customer requirements coupled with competitive pricing is anticipated to positively enhance the business outlook. High water holding capacity, instant supply of hot water and un-compromised water pressure, are the features included by the companies in the new products. Additionally, surging replacement and upgradation of the conventional units with highly efficient star rated technologies will drive the business outlook.
 

Storage gas water heater market will grow at over 7% through 2027 on account of growing installation in both residential & commercial spaces

Surging deployment of the units across various commercial spaces including hospitals, airports, and hotels on account of communication enabled control features and advanced operational benefits is set to complement the storage gas water heater market trends. The availability of varying capacity options along with low maintenance cost and un-compromised water pressure will augment the industry landscape. The tank systems provide large volume of hot water and is primarily suitable for single and multi-families when compared to a tankless unit.
 

Ongoing development of smart city construction projects coupled with zero emission green building projects is anticipated to drive the product demand. For instance, as per the World Economic Forum, over 50% of the buildings constructed in China are in accordance with the energy efficiency standards. Substantial growth across the tourism sector, rising urban migration and increasing customer awareness toward smart and energy efficient appliances will further increase the product deployment.
 

Availability of multiple capacity systems will stimulate the gas water heater industry forecast

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Growing deployment of below 30 liters water heaters across small commercial complexes and residential apartments will augment the gas water heater industry size. The units are largely deployed across various multi-family establishments, in the kitchens & bathrooms to meet the daily hot water requirements. The industry manufacturers are focused at providing competitive pricing along with ongoing product upgradations which will further influence the business scenario.
 

Growing urban migration along with increasing urbanization primarily in the upcoming economies will accelerate the installation of 30-100 liters water heaters. The systems are largely utilized across the commercial facilities comprising airports, restaurants, hospitals, and shopping complexes. Availability of variety of large capacity models along with newly developed technology have significantly enhanced the industry statistics. The rising demand from resorts and restaurants with instant hot water supplies for use in kitchens, washrooms, swimming pools and saunas is set to strengthen the business landscape.
 

Infrastructural expansion along with surging investments toward pipeline development will drive the product demand across residential establishments

Residential gas water heater market will grow owing to multi-community infrastructural expansion along with ongoing expansion of high-rise buildings. Establishment of large-scale introduction of pipeline network and city gas distribution projects along with strict mandates to achieve high efficiency standards is set to influence the product demand. For instance, Racold enables its systems befitting various family households, pertaining to different safety features including automatic cutoff after 20 minutes and child lock, among others.
 

Ongoing foreign and national investments to enable product innovation, increasing research & development activities coupled with incorporation of new technologies comprising of improved communication system is set to propel the gas water heater business growth.
 

The LPG water heaters accounted for more than 6% of revenue share in year 2020

The unit is available in a range of fuel options comprising of both LPG and natural gas, edging towards positive gas water heater market statistics. Adverse and extreme climatic conditions in certain geographies along with availability of government incentives on utilization of smart & efficient hot water equipment will augment the product demand. Prevailing unavailability of connection points along with high cost across the regions primarily favors the penetration of LPG over its natural gas counterparts.
 

Booming manufacturing sector will augment the Europe gas water heater industry size

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Europe gas water heater market will contribute over USD 400 Million of revenue share from 2021 to 2027. Strict government norms regulating the deployment of efficient electrical appliances coupled with stringent environment standards focused on limiting carbon emissions is set to influence the product installation. Growing number of manufacturing facilities along with rising requirement for on demand heating from residential & commercial establishments is set to drive the industry statistics.
 

Strategic growth ventures will favor the gas water heater market forecast

The key players operating across the gas water heater market focus primarily on product upgradation along with joint ventures as their substantial growth strategies. The manufacturers in the market comprise of Lennox, A.O Smith, BDR Thermea Group, Bradford White Corporation, Ariston Thermo, Haier Electronics, Racold, Whirlpool Corporation, Bosch Thermotechnology, Rinnai Corporation, Ferroli, Rheem Manufacturing, Hubbell, State Water Heaters, Havells India Limited, American Standard Water Heaters, HTP Comfort Solutions, Vaillant Group, Noritz Corporation and Westinghouse Electric Corporation. Further, they involve in forward integration strategies to provide after sales services to suit the customer requirements.
 

Global gas water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2017 to 2027, for the following segments:
 

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
  • Offices
  • Government/Military
  • Others

By Fuel

• Natural Gas
• LPG

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

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Austria
  • Spain
  • Netherland
  • Denmark
  • Finland
  • Sweden
  • Norway
• Eurasia
  • Russia
  • Belarus
  • Armenia
  • Kazakhstan
  • Kyrgyzstan
• CIS
  • Azerbaijan
  • Moldova
  • Tajikistan
  • Turkmenistan
  • Ukraine
  • Uzbekistan

• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Singapore
  • Thailand
  • New Zealand
  • Philippines
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Bahrain
  • Oman
  • Turkey
  • South Africa
  • Nigeria
  • Algeria
  • Egypt
  • Israel
  • Cyprus
  • Lebanon
  • Iraq
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Mexico