Residential Gas Storage Water Heater Market Share

North America Market Analysis

North America residential gas storage water heater market is expected to dominate revenue share of around 71% by the end of 2037, owing to high focus on energy efficiency, stricter energy efficiency standards and laws, and the presence of leading companies. Improvements in insulation, burner technology, and heat recovery systems have resulted in the growing adoption of residential gas storage water heaters. The U.S. and Canada are key contributing countries in this region.

The market for residential gas storage water heaters in the U.S. is anticipated to expand due to reduced energy expenses, notable utility bill savings, and dependability, durability, and steady performance. As natural gas infrastructure is readily available, gas appliances are widely used throughout the economy, making gas storage water heater installation and operation practical for both businesses and homeowners.

In Canada, the growing use of high-efficiency gas storage water heaters, including condensing models, among homeowners looking to cut energy use and utility bills, combined with technological developments, consumer preferences, and energy-efficient regulations, will propel market expansion. The integration of smart technology such as digital controls, mobile apps, and Wi-Fi connectivity, gives homeowners more convenience and control as it allows for remote monitoring, energy usage tracking, and personalized scheduling.

Asia Pacific Market Analysis

Asia Pacific is expected to experience a stable CAGR during the forecast period due to rising adoption of advanced technologies, improving standard of living, and a growing emphasis on comfort and luxury. The rapidly expanding residential building sector in China, India, Japan and South Korea, rising advancements in smart home solutions, presence of key manufacturing giants, and government initiatives to promote residential gas storage water heaters are expected to drive market growth in APAC.

Increasing urbanization and rising disposable income in India have resulted in increasing demand for modern home appliances, including gas storage water heaters. In addition, expanding piped natural gas in urban areas and government initiatives to enhance energy access contribute to overall market growth in India.

In China, the market is expected to account for a significant share during the forecast period owing to rapid urbanization, rising adoption of advanced and modern home appliances, and increasing investments in developing advanced products.