In the recently revised research report made by FMI, the fuel gas heater market is expected to record US$ 1,954.80 million in 2024. Rising growth prospects for fuel gas heater solution providers in developed countries are key motivators of this market.
The fuel gas heater industry is forecast to expand at a CAGR of 4.80% in the ten-year time frame. Factors like surging adoption rates and use cases for fuel gas heating applications are supporting the market growth. Additionally, technological advancements and innovations in fuel gas heaters by market players are forecast to boost market growth.
According to revenue analysis of the fuel gas heater market by FMI analysts for the year 2034, the market is expected to surpass US$ 3,124.00 million.
Attributes | Key Insights |
---|---|
Fuel Gas Heater Market Size (2024E) | US$ 1,954.80 million |
Market Valuation (2034F) | US$ 3,124.00 million |
Value-based CAGR (2024 to 2034) | 4.80% |
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In a later section of this report, analysis of fuel source preferences and regional market dynamics in the fuel gas heating industry are also vividly discussed.
In the section below, find out emerging opportunities in the fuel gas heater market, instant water heater market, and electric water heater market. The comparative study is beneficial for players seeking expansion of their scope.
Core Market:
Attributes | Fuel Gas Heater Industry |
---|---|
CAGR (2024 to 2034) | 4.80% |
Growth Factor | Growing demand for fuel gas heaters in the residential sector |
Opportunity | IoT connectivity and smart thermostat integration to increase opportunities for fuel gas heaters |
Key Trends | Surging demand for hybrid heating solutions |
Instant Water Heater Market:
Attributes | Instant Water Heater Market |
---|---|
CAGR (2024 to 2034) | 4.60% |
Growth Factor | Increasing prominence of home energy management systems |
Opportunity | Sustainability trends push the integration of renewable energy sources |
Key Trends | Evolving consumer needs propose a heightened scope of hybrid water heaters |
Electric Water Heater Market:
Attributes | Electric Water Heater Market |
---|---|
CAGR (2024 to 2034) | 5.2% |
Growth Factor | Increasing demand for heaters to be used in the residential sector |
Opportunity | Surging product launches by market players |
Key Trends | Rising focus on sustainability to set the trends in the electric water heater market |
Leading Type of Fuel | Natural Gas |
---|---|
Value Share (2024) | 45.20% |
Natural gas is excessively used in fuel gas heaters as it is less polluting and generates a lesser degree of greenhouse gases than its counterparts. Analysts at FMI have estimated that this gas is expected to account for 45.20% of the overall market share.
Alternatively, heaters powered by propane and butane are expected to garner consumer interest and increase take-up over the next decade. This shift in dynamics is expected to make natural gas lose its share in the future, which is comparatively less environmentally friendly.
Leading Technology | Conventional Heaters |
---|---|
Value Share (2024) | 30.30% |
Conventional heaters continue to have a substantial grip in the fuel gas heater market. This segment is projected to offer a value share of 30.30% in the year 2024. The key factor that is still driving the growth of conventional heaters is the cost-savings people experience through the purchase of conventional heaters as opposed to other contemporary options.
Countries | Forecast CAGR (2024 to 2034) |
---|---|
Canada | 5.40% |
Spain | 5.10% |
South Korea | 5.40% |
Japan | 4.90% |
Australia | 5.40% |
The market size of fuel gas heaters in Canada is becoming wider, stretching at a rate of 5.40% over the next ten years. The adoption rate of fuel gas heaters in Canada is higher than in the United States. The country is projected to observe an array of factors that induce market growth:
The growth rate of the fuel gas heater market in Spain is estimated at 5.10% CAGR over the forecast period. The growth of this market is compounding due to various factors, including:
The fuel gas heater industry in South Korea is thriving at a consistent 5.40% CAGR. Factors controlling the market dynamics in the country are as follows:
Japan is projected to witness a compounding growth rate of 4.90% for the next decade. Key factors fueling the market growth are as follows:
Australia’s fuel gas heater market is expected to expand at a CAGR of 5.40% over the next ten years. Key aspects that are compelling market growth are mentioned below:
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Fuel gas heater companies are expanding their operations across geographies where growth potential seems to be higher. Players are taking extra measures to develop green and efficient heating systems for a sustainable future for the planet.
Going forward, players are expected to continue on their path of research and developmental activities to introduce breakthroughs in the market for advancement.
Industry participants are offering their products online as customers are attracted to the convenience of online platforms. By offering benefits like fast shipping and quality customer service, players are raising their product sales.
Events Shaping the Fuel Gas Heater Market
Current projections of the market indicate a valuation of US$ 1,954.80 million in 2024.
Looking ahead to 2034, the current forecast projects a CAGR of 4.80% for the industry.
FMI predicts the market to reach US$ 3,124.00 million by the year 2034.
Conventional heaters are predicted to hold a significant market share during the forecast period.
South Korea, Japan, and Canada are predicted to offer many opportunities for investors and stakeholders.
Heatco, Exotherm Corporation, and Sigma Thermal are powerful players in the fuel gas heater industry.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2019 to 2023 and Forecast, 2024 to 2034
5.1. Historical Market Volume (Tons) Analysis, 2019 to 2023
5.2. Current and Future Market Volume (Tons) Projections, 2024 to 2034
5.3. Y-o-Y Growth Trend Analysis
6. Global Market - Pricing Analysis
6.1. Regional Pricing Analysis By Fuel Type
6.2. Global Average Pricing Analysis Benchmark
7. Global Market Demand (in Value or Size in US$ Million) Analysis 2019 to 2023 and Forecast, 2024 to 2034
7.1. Historical Market Value (US$ Million) Analysis, 2019 to 2023
7.2. Current and Future Market Value (US$ Million) Projections, 2024 to 2034
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Market Background
8.1. Macro-Economic Factors
8.1.1. Global GDP Growth Outlook
8.1.2. Global Chemical Industry Overview
8.1.3. Manufacturing Value-Added
8.1.4. Industry Value Added
8.1.5. Parent Market Outlook
8.1.6. Other Macro-Economic Factors
8.2. Forecast Factors - Relevance & Impact
8.2.1. Top Companies Historical Growth
8.2.2. GDP Growth Forecast
8.2.3. Manufacturing Industry Forecast
8.2.4. Global Urbanization Growth Outlook
8.2.5. End-use Industry Growth Outlook
8.2.6. Other Forecast Factors
8.3. Value Chain
8.3.1. Product Manufacturers
8.3.2. End Users
8.3.3. Avg. Profitability Margins
8.4. COVID-19 Crisis - Impact Assessment
8.4.1. Current Statistics
8.4.2. Short-Mid-Long Term Outlook
8.4.3. Likely Rebound
8.5. Market Dynamics
8.5.1. Drivers
8.5.2. Restraints
8.5.3. Opportunity Analysis
8.6. Global Supply Demand Analysis
8.7. Key Regulations & Certifications
8.8. Trade Scenario
8.9. Parent Market Overview
8.10. Key Developments
8.11. Patent Analysis
8.12. Porter’s and PEST Analysis
8.13. Production Process Overview
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Fuel Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Million) and Volume Analysis By Fuel Type, 2019 to 2023
9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Fuel Type, 2024 to 2034
9.3.1. Natural Gas Heaters
9.3.2. Propane Heaters
9.3.3. Butane Heaters
9.4. Market Attractiveness Analysis By Fuel Type
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Million) and Volume Analysis By Application, 2019 to 2023
10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Application, 2024 to 2034
10.3.1. Residential
10.3.2. Commercial
10.3.3. Industrial
10.4. Market Attractiveness Analysis By Application
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ Million) and Volume Analysis By Technology, 2019 to 2023
11.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Technology, 2024 to 2034
11.3.1. Convection Heaters
11.3.2. Radiant Heaters
11.3.3. Forced Air Heaters
11.4. Market Attractiveness Analysis By Technology
12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Distribution Channel
12.1. Introduction / Key Findings
12.2. Historical Market Size (US$ Million) and Volume Analysis By Distribution Channel, 2019 to 2023
12.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Distribution Channel, 2024 to 2034
12.3.1. Online Retail
12.3.2. Offline Retail
12.3.3. Direct Sales
12.4. Market Attractiveness Analysis By Distribution Channel
13. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
13.1. Introduction
13.2. Historical Market Size (US$ Million) and Volume Analysis By Region, 2019 to 2023
13.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Region, 2024 to 2034
13.3.1. North America
13.3.2. Latin America
13.3.3. East Asia
13.3.4. South Asia Pacific
13.3.5. Western Europe
13.3.6. Eastern Europe
13.3.7. Middle East and Africa (MEA)
13.4. Market Attractiveness Analysis By Region
14. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
14.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
14.4.1. By Country
14.4.1.1. USA
14.4.1.2. Canada
14.4.1.3. Mexico
14.4.2. By Fuel Type
14.4.3. By Application
14.4.4. By Technology
14.4.5. By Distribution Channel
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Fuel Type
14.5.3. By Application
14.5.4. By Technology
14.5.5. By Distribution Channel
14.6. Market Trends
14.7. Key Market Participants - Intensity Mapping
14.8. Drivers and Restraints - Impact Analysis
15. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
15.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
15.4.1. By Country
15.4.1.1. Brazil
15.4.1.2. Chile
15.4.1.3. Rest of Latin America
15.4.2. By Fuel Type
15.4.3. By Application
15.4.4. By Technology
15.4.5. By Distribution Channel
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Fuel Type
15.5.3. By Application
15.5.4. By Technology
15.5.5. By Distribution Channel
15.6. Market Trends
15.7. Key Market Participants - Intensity Mapping
15.8. Drivers and Restraints - Impact Analysis
16. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
16.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
16.4.1. By Country
16.4.1.1. China
16.4.1.2. Japan
16.4.1.3. South Korea
16.4.2. By Fuel Type
16.4.3. By Application
16.4.4. By Technology
16.4.5. By Distribution Channel
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Fuel Type
16.5.3. By Application
16.5.4. By Technology
16.5.5. By Distribution Channel
16.6. Market Trends
16.7. Key Market Participants - Intensity Mapping
16.8. Drivers and Restraints - Impact Analysis
17. South Asia Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
17.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
17.4.1. By Country
17.4.1.1. India
17.4.1.2. ASEAN
17.4.1.3. ANZ
17.4.1.4. Rest of SAP
17.4.2. By Fuel Type
17.4.3. By Application
17.4.4. By Technology
17.4.5. By Distribution Channel
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Fuel Type
17.5.3. By Application
17.5.4. By Technology
17.5.5. By Distribution Channel
17.6. Market Trends
17.7. Key Market Participants - Intensity Mapping
17.8. Drivers and Restraints - Impact Analysis
18. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
18.1. Introduction
18.2. Pricing Analysis
18.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
18.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
18.4.1. By Country
18.4.1.1. Germany
18.4.1.2. Italy
18.4.1.3. France
18.4.1.4. UK
18.4.1.5. Spain
18.4.1.6. BENELUX
18.4.1.7. NORDICS
18.4.1.8. Rest of W. Europe
18.4.2. By Fuel Type
18.4.3. By Application
18.4.4. By Technology
18.4.5. By Distribution Channel
18.5. Market Attractiveness Analysis
18.5.1. By Country
18.5.2. By Fuel Type
18.5.3. By Application
18.5.4. By Technology
18.5.5. By Distribution Channel
18.6. Market Trends
18.7. Key Market Participants - Intensity Mapping
18.8. Drivers and Restraints - Impact Analysis
19. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
19.1. Introduction
19.2. Pricing Analysis
19.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
19.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
19.4.1. By Country
19.4.1.1. Russia
19.4.1.2. Poland
19.4.1.3. Hungary
19.4.1.4. Balkan & Baltics
19.4.1.5. Rest of E. Europe
19.4.2. By Fuel Type
19.4.3. By Application
19.4.4. By Technology
19.4.5. By Distribution Channel
19.5. Market Attractiveness Analysis
19.5.1. By Country
19.5.2. By Fuel Type
19.5.3. By Application
19.5.4. By Technology
19.5.5. By Distribution Channel
19.6. Market Trends
19.7. Key Market Participants - Intensity Mapping
19.8. Drivers and Restraints - Impact Analysis
20. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
20.1. Introduction
20.2. Pricing Analysis
20.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
20.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034
20.4.1. By Country
20.4.1.1. KSA
20.4.1.2. Other GCC Countries
20.4.1.3. Türkiye
20.4.1.4. South Africa
20.4.1.5. Other African Union
20.4.1.6. Rest of MEA
20.4.2. By Fuel Type
20.4.3. By Application
20.4.4. By Technology
20.4.5. By Distribution Channel
20.5. Market Attractiveness Analysis
20.5.1. By Country
20.5.2. By Fuel Type
20.5.3. By Application
20.5.4. By Technology
20.5.5. By Distribution Channel
20.6. Market Trends
20.7. Key Market Participants - Intensity Mapping
20.8. Drivers and Restraints - Impact Analysis
21. Country-wise Market Analysis
21.1. Introduction
21.1.1. Market Value Proportion Analysis, By Key Countries
21.1.2. Global Vs. Country Growth Comparison
21.2. USA Market Analysis
21.2.1. By Fuel Type
21.2.2. By Application
21.2.3. By Technology
21.2.4. By Distribution Channel
21.3. Canada Market Analysis
21.3.1. By Fuel Type
21.3.2. By Application
21.3.3. By Technology
21.3.4. By Distribution Channel
21.4. Mexico Market Analysis
21.4.1. By Fuel Type
21.4.2. By Application
21.4.3. By Technology
21.4.4. By Distribution Channel
21.5. Brazil Market Analysis
21.5.1. By Fuel Type
21.5.2. By Application
21.5.3. By Technology
21.5.4. By Distribution Channel
21.6. Chile Market Analysis
21.6.1. By Fuel Type
21.6.2. By Application
21.6.3. By Technology
21.6.4. By Distribution Channel
21.7. China Market Analysis
21.7.1. By Fuel Type
21.7.2. By Application
21.7.3. By Technology
21.7.4. By Distribution Channel
21.8. Japan Market Analysis
21.8.1. By Fuel Type
21.8.2. By Application
21.8.3. By Technology
21.8.4. By Distribution Channel
21.9. South Korea Market Analysis
21.9.1. By Fuel Type
21.9.2. By Application
21.9.3. By Technology
21.9.4. By Distribution Channel
21.10. India Market Analysis
21.10.1. By Fuel Type
21.10.2. By Application
21.10.3. By Technology
21.10.4. By Distribution Channel
21.11. ASEAN Market Analysis
21.11.1. By Fuel Type
21.11.2. By Application
21.11.3. By Technology
21.11.4. By Distribution Channel
21.12. ANZ Market Analysis
21.12.1. By Fuel Type
21.12.2. By Application
21.12.3. By Technology
21.12.4. By Distribution Channel
21.13. Germany Market Analysis
21.13.1. By Fuel Type
21.13.2. By Application
21.13.3. By Technology
21.13.4. By Distribution Channel
21.14. Italy Market Analysis
21.14.1. By Fuel Type
21.14.2. By Application
21.14.3. By Technology
21.14.4. By Distribution Channel
21.15. France Market Analysis
21.15.1. By Fuel Type
21.15.2. By Application
21.15.3. By Technology
21.15.4. By Distribution Channel
21.16. UK Market Analysis
21.16.1. By Fuel Type
21.16.2. By Application
21.16.3. By Technology
21.16.4. By Distribution Channel
21.17. Spain Market Analysis
21.17.1. By Fuel Type
21.17.2. By Application
21.17.3. By Technology
21.17.4. By Distribution Channel
21.18. BENELUX Market Analysis
21.18.1. By Fuel Type
21.18.2. By Application
21.18.3. By Technology
21.18.4. By Distribution Channel
21.19. NORDICS Market Analysis
21.19.1. By Fuel Type
21.19.2. By Application
21.19.3. By Technology
21.19.4. By Distribution Channel
21.20. Russia Market Analysis
21.20.1. By Fuel Type
21.20.2. By Application
21.20.3. By Technology
21.20.4. By Distribution Channel
21.21. Poland Market Analysis
21.21.1. By Fuel Type
21.21.2. By Application
21.21.3. By Technology
21.21.4. By Distribution Channel
21.22. Hungary Market Analysis
21.22.1. By Fuel Type
21.22.2. By Application
21.22.3. By Technology
21.22.4. By Distribution Channel
21.23. Balkan & Baltics Market Analysis
21.23.1. By Fuel Type
21.23.2. By Application
21.23.3. By Technology
21.23.4. By Distribution Channel
21.24. KSA Market Analysis
21.24.1. By Fuel Type
21.24.2. By Application
21.24.3. By Technology
21.24.4. By Distribution Channel
21.25. Other GCC Countries Market Analysis
21.25.1. By Fuel Type
21.25.2. By Application
21.25.3. By Technology
21.25.4. By Distribution Channel
21.26. Türkiye Market Analysis
21.26.1. By Fuel Type
21.26.2. By Application
21.26.3. By Technology
21.26.4. By Distribution Channel
21.27. South Africa Market Analysis
21.27.1. By Fuel Type
21.27.2. By Application
21.27.3. By Technology
21.27.4. By Distribution Channel
21.28. Other African Union Market Analysis
21.28.1. By Fuel Type
21.28.2. By Application
21.28.3. By Technology
21.28.4. By Distribution Channel
22. Market Structure Analysis
22.1. Market Analysis by Tier of Companies
22.2. Market Concentration
22.3. Market Share Analysis of Top Players
22.4. Production Capacity Analysis
22.5. Market Presence Analysis
22.5.1. By Product Footprint of Players
22.5.2. By Regional Footprint of Players
22.5.3. By Application Footprint of Players
23. Competition Analysis
23.1. Competition Dashboard
23.2. Competition Benchmarking
23.3. Competition Deep Dive
23.3.1. Sigma Thermal
23.3.1.1. Overview
23.3.1.2. Product Portfolio
23.3.1.3. Profitability by Market Segments (Product/Channel/Region)
23.3.1.4. Sales Footprint
23.3.1.5. Strategy Overview
23.3.2. Cast Aluminium Solutions
23.3.3. OGI Processing Equipment
23.3.4. Bruest Catalytic Heaters
23.3.5. Gaumer Process
23.3.6. Grupa Topex
23.3.7. Energyen
23.3.8. Tempsens
23.3.9. Quiri
23.3.10. Kerone
23.3.11. Eltacon Engineering
23.3.12. Fortis
23.3.13. Exotherm Corporation
23.3.14. HCS Heating Solutions
23.3.15. Exothermic Engineering Pty Ltd
23.3.16. Bono Energia Group
23.3.17. O'Brien Boiler Services Pty Ltd
23.3.18. Heat & Power Products, Inc.
23.3.19. Thermal Engineering International Inc
23.3.20. HRS Hevac Ltd
23.3.21. Other Key Players
24. Primary Insights
25. Assumptions and Acronyms Used
26. Research Methodology
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