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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