Portland, OR, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global gas water heater market generated $7.42 billion in 2021, and is projected to reach $12.41 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $7.42 billion |
| Market Size in 2031 | $12.41 billion |
| CAGR | 5.3% |
| No. of Pages in Report | 384 |
| Segments covered | Product type, application, installation, fuel type, and region. |
| Drivers | Increase in urban population |
| Surge in adoption toward energy efficient systems | |
| Opportunities | Rise in number of hospitals and hotels |
| Rise in disposable income among people | |
| Restrains | Rise in adoption of electric heaters |
| Risk of leakage in gas |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global gas water heater market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities including those of gas water heaters, which adversely impacted its demand during the pandemic.
- Besides, all sorts of construction and infrastructural activities or projects were either postponed or cancelled. This was majorly due to the stringent social distancing restrictions imposed by the government to appreciably curb the spread of the virus during the pandemic.
- In addition, the industry suffered huge crisis of raw material shortage and supply chain disruptions due to the strict import and export bans imposed by the government.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global gas water heater market based on product type, application, installation, fuel type, and region.
Based on product type, the instant segment held the largest market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The storage segment, on the other hand, is expected to cite the fastest CAGR of 5.5% during the forecast period.
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Based on installation type, the indoor segment held the dominating market share in 2021, garnering around two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The outdoor segment, on the other hand, is expected to cite the fastest CAGR of 5.6% during the forecast period.
Based on fuel type, the LPG segment held the largest market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The natural gas segment, on the other hand, is predicted to cite the fastest CAGR of 5.5% during the forecast period.
Based on application, the commercial segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is predicted to cite the fastest CAGR of 5.8% during the forecast period.
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Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.0% during the forecast period. The report also analyses other regions such as North America, Europe and LAMEA.
The key players analyzed in the global gas water heater market report include Bradford White Corporation, Haier Electronics, HTP Comfort Solutions LLC, Lennox, A.O. Smith, Ariston Thermo S.p.A, BDR Thermea Group, Bosch Thermotechnology, Racold, and Rheem Manufacturing Company.
The report analyzes these key players of the global gas water heater indutsry. These market players have made judicious use of innovative strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to strengthen their prowess in the industry. The report is helpful in analysing recent developments, product portfolio, business performance and operating segments by leading players of the market.
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