NEWARK, Del, July 11, 2024 (GLOBE NEWSWIRE) -- The fuel gas heater market value is expected to rise from US$ 1,954.80 million in 2024 to US$ 3,124.00 million by 2034. This market is analyzed to surge ahead at a CAGR of 4.80% over the next decade.
Key players are expanding their operations in geographies where growth prospects seem to be bright or at least consistent over the next decade. Some of these countries that are on players' radar include Canada, South Korea, Australia, etc.
Growing concerns over sustainability are encouraging the use of gases that cause little to no damage to the environment. A prime example of these gases is propane and butane. Heaters compatible with these gases are expected to fuel the market expansion in upcoming years.
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In certain countries, where cold weather is predominant for a substantial portion of the year, players are finding significant takers of fuel gas heaters.
Key Takeaways from the Fuel Gas Heater Market Report
- The global fuel gas heater market was valued at US$ 1,529 million in 2019. By 2023, the market attained a valuation of US$ 1,865.3 million, expanding at a CAGR of 4.30%.
- Natural gas is a widely used fuel type in fuel gas heaters. The segment is accounting for 45.20% of the total market share.
- Conventional heaters are a broadly used technology in the fuel gas heater market. This section contributes to about 30.30% of the global market.
- The Canada fuel gas heater market is projected to expand at a CAGR of 5.40% over the forecast period.
- In Europe, Spain is estimated to register a CAGR of 5.10% over the next ten years.
- In Asia Pacific, South Korea and Australia are expected to perform at a CAGR of 5.40% each.
“Industry participants are motivated by the current market scenario, which presents higher demand for gases and technology that are aligned with sustainability goals,” opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Strategies Adopted by Key Players
Key players resort to default strategies like partnerships, collaborations, acquisitions, and mergers to raise their market position. Players are further advertising their products on their social media pages to boost awareness among their target audience. Apart from this, industry participants are offering services and support to their customers to build a loyal clientele.
In upcoming years, as demand for sustainably engineered solutions amps up, industry players are expected to adjust their strategies and supply chains. Further, the players are continually upgrading their product portfolio to offer the best of their services and products to customers.
Top 10 Key Players in the Fuel Gas Heater Industry
- Heatco
- Exotherm Corporation
- Sigma Thermal
- Cast Aluminum Solutions
- ELMESS Thermosystemtechnik GmbH & Co. KG
- Quiri Thermal Exchanges
Key Developments that Shape the Fuel Gas Heater Market
- In November 2023, the Utah project started “green” hydrogen production, while bringing greater awareness to a national debate regarding the way the fuel should be used, which organizations or individuals should be funding it, and its safety to heat the homes.
- In December 2023, the Massachusetts Department of Public Utilities ruled the phasing out of natural gas. The department is instead encouraging the transition to utilize electricity for heating and other functions of gas.
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Market Segmentation of Fuel Gas Heater Products
By Type of Fuel:
- Natural Gas Heaters
- Propane Heaters
- Butane Heaters
By Application:
- Residential
- Commercial
- Industrial
By Technology:
- Convection Heaters
- Radiant Heaters
- Forced Air Heaters
By Distribution Channel:
- Online Retail
- Offline Retail
- Direct Sales
Different Regional Markets are as Follows:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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