Residential Gas Water Heaters Market Analysis: Global Industry Size, Growth and Forecast

Report ID : 1358724 | Published : February 2025 | Study Period : 2023-2033 | Format : PDF + Excel

The market size of the Residential Gas Water Heaters Market is categorized based on Storage Water Heaters (Natural Gas Storage Water Heaters, Propane Storage Water Heaters) and Tankless Water Heaters (Natural Gas Tankless Water Heaters, Propane Tankless Water Heaters) and Commercial Water Heaters (Natural Gas Commercial Water Heaters, Propane Commercial Water Heaters) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Valued at $9.5 billion in 2023, the Residential Gas Water Heaters Market size is expected to grow to $14.2 billion by 2033, with a CAGR of 4.1% from 2024 to 2033. The report comprises various segments and analyzes the trends and factors playing a substantial role in the market.

The shifting consumer behaviors, new technological improvements, and increased focus on energy efficiency is what drives a fundamental change in the Residential Gas Water Heaters Market. Households are continuously looking for a reliable and efficient solution to their hot water requirements, and gas water heaters are preferred because of their low operating costs and quick warming rates. This evolving market includes a wide variety of products from conventional tanks to the more modernized tankless systems which boast improved efficiency, cost effectiveness, and space saving features.

In the last couple of years, the market has expectedly grown due to rise of residential constructions and increased awareness towards the ecological benefits of natural gas. To enhance the features of smart technology, insulation, and safety, modern manufacturers are spending more on research and development. To fully appreciate the complexity of the Residential Gas Water Heaters Market, one needs to analyze why consumers behave a certain way combined with the relevant regulations and market context, as this will help stake holders gain insightful advantages in this ever changing industry.

 

ATTRIBUTES	DETAILS
STUDY PERIOD	2023-2033
BASE YEAR	2023
FORECAST PERIOD	2024-2033
HISTORICAL PERIOD	2023-2024
UNIT	VALUE (USD BILLION)
KEY COMPANIES PROFILED	Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Bosch Thermotechnology, Noritz Corporation, Takagi Industrial Company Ltd., Navien Inc., Paloma Industries Inc., Rinnai Corporation, Whirlpool Corporation, Vulcan Engineering Company
SEGMENTS COVERED	By Storage Water Heaters - Natural Gas Storage Water Heaters, Propane Storage Water Heaters By Tankless Water Heaters - Natural Gas Tankless Water Heaters, Propane Tankless Water Heaters By Commercial Water Heaters - Natural Gas Commercial Water Heaters, Propane Commercial Water Heaters By Geography - North America, Europe, APAC, Middle East Asia & Rest of World.

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Residential Gas Water Heaters Market Dynamics

The Residential Gas Water Heaters Market is undergoing significant changes due to various dynamic factors. This section delves into the key drivers, restraints, opportunities, and challenges that are shaping the market landscape.

Market Drivers

1. Technological Advancements
2. Increasing Consumer Demand
3. Regulatory Support
4. Globalization

Market Restraints

1. High Operational Costs
2. Regulatory Challenges
3. Market Saturation

Market Opportunities

1. Emerging Markets
2. Product Innovation
3. Strategic Partnerships

Market Challenges

1. Technological Disruptions
2. Supply Chain Issues
3. Changing Consumer Preferences

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Key Players in the Residential Gas Water Heaters Market

This report provides an in-depth analysis of both established and rising industry participants. It provides broad lists of important companies organized by the types of products they offer and other market-related factors. In addition to characterizing these companies, the report contains the year each player entered the market, which is useful for research analysis by the study's analysts.

• Rheem Manufacturing Company
• A.O. Smith Corporation
• Bradford White Corporation
• Bosch Thermotechnology
• Noritz Corporation
• Takagi Industrial Company Ltd.
• Navien Inc.
• Paloma Industries Inc.
• Rinnai Corporation
• Whirlpool Corporation
• Vulcan Engineering Company

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