Gas Water Heater Market Size, Share, Growth Analysis, By Product(Instant, Storage), By Capacity(<30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters), By Application(Residential, Commercial, College/University, Offices), By Region - Industry Forecast 2024-2031

Gas Water Heater Market size was valued at USD 7.94 Billion in 2022 and is poised to grow from USD 8.38 Billion in 2023 to USD 12.97 Billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The market for gas water heaters is very competitive, with both well-known industry leaders and up-and-coming companies competing for a piece of the expanding market for energy-efficient water heating solutions. 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 are significant companies in this industry. These businesses use their distribution networks, technological know-how, and strong brand image to sustain a sizable presence. 'A.O. Smith (United States)', 'Ariston Thermo S.p.A (Italy)', 'BDR Thermea Group (Netherlands)', 'Bosch Thermotechnology (Germany)', 'Bradford White Corporation (United States)', 'Alpha Therm Ltd. (United Kingdom)', 'Haier Electronics (China)', 'HTP Comfort Solutions LLC (United States)', 'Lennox (United States)', 'Viessmann Group (Germany)', 'Racold (India)', 'Rheem Manufacturing Company (United States)', 'Takagi Industrial Co., Ltd. (Japan)', 'Noritz Corporation (Japan)', 'Rinnai Corporation (Japan)', 'Eemax, Inc. (United States)', 'State Industries (United States)', 'Navien, Inc. (South Korea)', 'Paloma Industries, Inc. (Japan)', 'Giant Factories Inc. (Canada)'

Airlines are updating their aircraft to improve fuel economy and save expenses. Older aircraft are being replaced with new ones that have cutting-edge landing gear technology as part of this modernization program.

Technology innovation: The efficiency of gas water heaters and the attractiveness of consumers are increased by constant innovations in the industry, for example, the development of heat pump systems and condensed gas systems.

The examination of the Asia-Pacific area includes a number of important nations, such as China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Due to their enormous populations and the increased need for hot water, especially during the winter, India and China stand out as major actors in this vast region. The Asia-Pacific region dominates the worldwide water heater market in terms of revenue generation, mostly due to the substantial demand it receives from both urban and rural regions. These emerging countries are characterized by steady population growth, rising incomes, and higher living standards. The region's rising need for hot water has been successfully addressed by a boom in prominent industry companies developing innovative and affordable gas water heaters. Throughout the projection period, these activities work as a group to significantly fuel the market's growth trajectory in the Asia-Pacific region.