Gas Water Heater Market: The Key to an Endless Supply of Hot Water

The gas water heater market size was valued at $7.42 billion in 2021, and gas water heater market forecast is estimated to reach $12.41 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Asia-Pacific gas water heater market is expected to exhibit CAGR of 6.0% during 2022-2031.

A gas water heater is a type of water heating appliance that uses natural gas or propane as its fuel source to heat and provide a continuous supply of hot water for residential or commercial use. These heaters are commonly used because of their efficiency, reliability, and cost-effectiveness.

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Gas water heaters use either natural gas or propane as their primary energy source. Natural gas is typically more common in areas with access to a natural gas supply, while propane is often used in more rural or off-grid locations.

The major companies profiled in gas water heater market report include A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, Racold, and Rheem Manufacturing Company.

Tank-Type Water Heaters: These are the most common and consist of a large tank that stores and heats water continuously. Hot water is ready for use as soon as you turn on a faucet or appliance.

Tankless (On-Demand) Water Heaters: These heaters heat water on demand as it flows through the unit. They don't store hot water, which can be more energy-efficient but may have limitations in terms of simultaneous hot water supply.

Rapid development of industrialization, modernization, and spread of information through internet led to development of the tourism industry has created great demand for hot water in cold regions, which fuels demand for gas water heaters.

Expansion of production capacities, acquisition, partnership, and research & innovation in the water heater application are key development in the global gas water heater market trends.

Rapid urbanization and development of global regions in context with construction of new residential and commercial buildings and infrastructure are anticipated to fuel the gas water heater market growth globally.

Rise in electricity prices, high operating costs, and technical issues associated with electric water heaters are expected to drive growth of the global gas water heater industry.

Growth of the global gas water heater market is driven by factors such as inclination of consumers toward adoption of energy efficient systems, favorable government subsidies that encourage use of gas water heaters, surge in number of hospitals and hotels, and increase in population and improved infrastructure in rural areas.

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Gas water heaters are known for their high energy efficiency. Newer models often come with improved insulation and features like electronic ignition, which help reduce heat loss and save energy.

The capacity of a gas water heater is typically measured in gallons. Common residential sizes range from 30 to 80 gallons or more. The size you choose should depend on your household's hot water usage.

Regular maintenance is important to ensure the safe and efficient operation of a gas water heater. This includes flushing the tank to remove sediment buildup, checking for gas leaks, and inspecting the burner and pilot light.

Rise in disposable income of consumers, coupled with improved lifestyle significantly boosts the market. Furthermore, growth in concern among consumers regarding natural resources and energy is encouraging consumers to shift toward energy-efficient water heating systems.

By product type, the instant segment accounted for the largest gas water heater market share in 2021.

By installation type, the indoor gas water heater was the leading segment in 2021.

By fuel type, the natural gas segment was the highest revenue contributor in 2021.

By application type, the commercial segment was the highest revenue contributor in 2021.

Gas water heaters are a popular choice for providing hot water in homes and businesses due to their reliability and cost-effectiveness. When selecting a gas water heater, it's important to consider factors such as the type, capacity, energy efficiency, and safety features to meet your specific hot water needs. Additionally, regular maintenance and professional installation are crucial for safe and efficient operation.

COVID-19 analysis:

Building & construction activities across the globe were on hold during the pandemic period owing to strict measures of social distancing, lack of labor, and raw material supply disruptions. This further declined the growth of the market in 2020. Moreover, temporary shutdown of factories, manufacturing bases, and other processing industries hampered the growth of the gas water heater market. Thus, all these factors collectively led to decreased the global gas water heater market growth in 2020.

The increase in awareness among consumer regarding health awareness led to increase in the demand for hot water, which led to increase in the demand for water heater industry. The presence of demand due to outbreak of pandemic has positive impact on the development of the market in the forecast period.

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A gas water heater, also known as heat exchanger, is a heating device that uses energy from various external sources and transfers it to heat the water. Water heater comes in various types such as instant gas water heaters and storage gas water heaters.

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