Gas Water Heater Market 2023 Global Size, Share, Key Players, Production, Growth and Future Insights 2031

The global gas water heater market size was US$ 7.4 billion in 2021. The global gas water heater market size is estimated to reach US$ 11.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2030.

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A gas water heater is a heating appliance that heats water using gas as an energy source. They are made of aluminum composite material. They are flat panels consisting of two thin coated aluminum sheets attached to a non-aluminum core. They are primarily used to make exterior cladding or insulation, buildings, signage, and shipping containers. Gas water heaters are coated with different materials such as PE and PVDF. They find wide use in various applications such as building and construction, advertising, and transportation.

Factors Affecting Marketing Growth

The growth in infrastructural developments, replacement of conventional water heaters with more efficient gas water heaters, as well as deployment of smart water heaters, and building & construction activities across the globe are the major factors driving the growth of the global market.
The increase in disposable income of the consumers coupled with an improved lifestyle is significantly driving the growth of the global market.
Government initiatives to promote renewable water heaters such as solar water heaters and the presence of risk of leakage in gas heaters compared to electric heaters are major factors hindering the growth of the global market.

Impact on COVID-19 Analysis

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, businesses, financial institutions, industrial establishments, and infrastructure companies. The pandemic affected several economies ad caused lockdowns in many countries which limited the growth of the global market. The shutdown of industrial manufacturers led to a decline in the demand for solar-related equipment in most countries across the world led to a decline in the demand for the gas water heater market. COVID-19 had a negative impact on the growth of the global market.

Regional Analysis

Asia-Pacific is the highest revenue-generating region of the global water heater market due to huge demand from urban and rural regions. These developing countries are characterized by population growth, an increase in income, and improved lifestyle. The increase in the leading players who are engaged in introducing innovative and affordable gas water heaters to address the demand for hot water also drives the growth of the global market in the region.

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Leading Competitors
The prominent players in the global gas water heater market are:
Rheem Manufacturing Company
Racold
Lennox
HTP Comfort Solutions LLC
Haier Electronics
Bradford White Corporation
Bosch Thermotechnology
BDR Thermea Group
Ariston Thermo S.p.A
A.O. Smith
Others

Segmentation Analysis
The global gas water heater market segmentation focuses on Product Type, Installation Type, Fuel Type, Application, and Region.

Segmentation on the basis of Product Type
Instant
Storage

Segmentation on the basis of Installation Type
Outdoor
Indoor

Segmentation on the basis of Fuel Type
Natural Gas
LPG

Segmentation on the basis of Application
Residential
Commercial
Industrial

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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Key questions answered in the global market report are:

-- How does a global company acquire markets?
-- What are its core strategies and policies?
-- What factors will influence the market over the forecast period?
-- What are the factors driving and restraining the market?
-- What are the leading competitors in the global market?
-- Which region is growing at a higher pace in the global market?

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