Gas Equipment Market Research Report By Gas Type (Natural Gas, Liquefied Petroleum Gas (LPG), Biogas, Coal Gas), By Equipment Type (Gas Burners, Gas Furnaces, Gas Boilers, Gas Water Heaters, Gas Meters), By Application (Residential, Commercial, Industrial, Power Generation), By Technology (Conventional Gas Equipment, Condensing Gas Equipment, High-Efficiency Gas Equipment, Smart Gas Equipment), By Distribution Channel (Direct Sales, Retail Stores, Online Retailers, Distributors) and By Regional (North America, Europe, South America, Asia Pa

Global Gas Equipment Market Overview

The Gas Equipment Market Size was estimated at 27.45 (USD Billion) in 2022.The Gas Equipment Industry is expected to grow from 28.39(USD Billion) in 2023 to 38.5 (USD Billion) by 2032. The Gas Equipment Market CAGR (growth rate) is expected to be around 3.44% during the forecast period (2024 - 2032).

Key Gas Equipment Market Trends Highlighted

Demand for the Gas Equipment Market is expected to increase along with progress made in the heating and cooking techniques. There has been rapid development in this market as the change has been towards a cleaner form of energy, natural gas. The rise in population and rate of urbanization, especially in developing countries, is increasing the growth in the trend for gas-based appliance usage.

Key participants include the availability of energy efficiency regulations and programs, government support for the adoption of gas-powered systems, and the development of natural gas infrastructure in the surrounding areas. The higher trend in the development of smart gas equipment, particularly those fitted with smart gas meters and controllable gas appliances, is promising for this market.

Current trends are the development of gas-based heating pumps that are being installed in houses and commercial buildings. These systems are able to use less energy when operating and also reduce the use of carbon in the environment. Moreover, the use of advanced gas equipment incorporating renewable energy is on the rise with the adoption of hybrid gas and solar-heated systems.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Gas Equipment Market Drivers

Rising Demand for Natural Gas

A Background Summary: There is a growing demand for gas equipment because natural gas has become a more and more popular, clean and highly efficient source of energy in recent years. Such a demand is closely associated with the increased utilization of natural gas for power generation, as well as for industrial processes and residential heating. Therefore, the production, transportation, and, subsequently, distribution of natural gas require gas turbines, compressors and pipelines, which, on their part, promote the further development of the Gas Equipment Market Industry.Since natural gas is becoming one of the most employed types of energy, the demand for the mentioned equipment is expected to grow at a fast pace.

Technological Advancements

The development of the Gas Equipment Market Industry is associated with the appearance of new technologies as well as their upgrades. Thus, new materials and coatings are creating capacities for the development of gas turbines that may operate at higher temperatures and pressures. This means that they may be more efficient and produce more power. Besides, the development and implementation of digital technologies, such as sensors and control systems, may also be critical for ensuring more accurate monitoring as well as more effective maintenance or elimination of possible malfunctions.

Increasing Environmental Regulations

Governments worldwide have been passing more and more severe environmental regulations aimed at reducing greenhouse gases. In light of this, the demand for gas equipment that is environmentally sustainable will increase. One example of a development that could reduce air pollution would be low-emission gas turbines. In addition, the implementation of carbon capture and storage technologies will also reduce greenhouse gases. Such developments will contribute to the growth of the Gas Equipment Market Industry as companies will aim to stay compliant with the regulations and reduce their environmental impact.

Gas Equipment Market Segment Insights

Gas Equipment Market Gas Type Insights

The Gas Equipment Market is segmented by Gas Type into Natural Gas, Liquefied Petroleum Gas (LPG), Biogas, and Coal Gas. Natural Gas is the most commonly used gas type in the world, accounting for over 50% of the Gas Equipment Market revenue. It is a fossil fuel that is found underground and is composed primarily of methane. Natural gas is used for a variety of purposes, including heating, cooking, and power generation. Liquefied Petroleum Gas (LPG) is a mixture of propane and butane. It is a clean-burning fuel that is often used for cooking and heating in rural areas.LPG is also used as a fuel for vehicles and is becoming increasingly popular as an alternative to gasoline. Biogas is a renewable energy source that is produced from the anaerobic digestion of organic matter. It is a clean-burning fuel that can be used for heating, cooking, and power generation. Biogas is becoming increasingly popular as a sustainable alternative to fossil fuels. Coal Gas is a type of gas that is produced from the destructive distillation of coal. It is a fossil fuel that is used for heating and cooking. The market growth is being driven by the increasing demand for gas-powered equipment in emerging economies.The market is also being driven by the growing popularity of renewable energy sources, such as biogas.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Gas Equipment Market Equipment Type Insights

Gas Burners held the largest revenue share in the Gas Equipment Market in 2023, and it is expected to continue its dominance throughout the forecast period. The growing demand for gas burners in industrial applications, such as metalworking, glass manufacturing, and food processing, is driving the growth of this segment. Gas Furnaces are expected to witness significant growth during the forecast period, owing to the increasing adoption of gas-fired furnaces in residential and commercial buildings. Gas Boilers are also expected to experience steady growth, driven by the rising demand for hot water and space heating in both residential and commercial sectors.Gas Water Heaters are projected to grow at a moderate pace, primarily due to the increasing popularity of tankless water heaters, which offer higher energy efficiency and space savings. Gas Meters are expected to experience stable growth, driven by the need for accurate measurement and monitoring of gas consumption in various applications. The Gas Equipment Market is expected to grow from USD 28.39 billion in 2023 to USD 38.5 billion by 2032, exhibiting a CAGR of 3.44% during the forecast period.

Gas Equipment Market Application Insights

In 2023, the Gas Equipment Market revenue was valued at 28.39 (USD Billion), and by 2032, it is projected to reach 38.50 (USD Billion). The market segmentation includes: Residential: This segment is expected to hold a significant share of the market due to the rising demand for efficient and cost-effective gas appliances in residential buildings. Government initiatives and incentives for energy conservation are also driving growth in this segment. Commercial: The commercial segment encompasses gas equipment used in commercial establishments, such as restaurants, hotels, and offices.The growing hospitality and tourism industries are fueling the demand for gas equipment in this segment. Industrial: The industrial segment includes gas equipment used in manufacturing processes, including boilers, furnaces, and kilns. The increasing demand for energy-efficient and reliable gas equipment in industries is expected to drive growth in this segment. Power Generation: The power generation segment involves gas equipment used in power plants for electricity generation. The increasing need for reliable and efficient power sources is driving growth in this segment.

Gas Equipment Market Technology Insights

The Gas Equipment Market is segmented by technology into conventional gas equipment, condensing gas equipment, high-efficiency gas equipment, and smart gas equipment. The condensing gas equipment segment is expected to witness the fastest growth over the forecast period due to its increasing adoption in residential and commercial buildings. The smart gas equipment segment is also expected to witness significant growth due to the increasing demand for energy-efficient and connected devices. In 2023, the Gas Equipment Market was valued at 28.39 billion U.S.dollars and is projected to reach 38.5 billion U.S. The growth of the market is attributed to the increasing demand for gas-fired appliances, rising energy prices, and government initiatives to promote the use of natural gas. The Asia-Pacific region is expected to dominate the Gas Equipment Market over the forecast period due to the increasing demand for gas-fired appliances in countries such as China, India, and Japan. The North American region is also expected to witness significant growth due to the increasing adoption of condensing gas equipment and smart gas equipment.

Gas Equipment Market Distribution Channel Insights

The Gas Equipment Market segmentation by Distribution Channel is categorized into Direct Sales, Retail Stores, Online Retailers, and Distributors. Direct Sales account for the largest revenue share in the Gas Equipment Market, owing to the high level of customization and technical support offered by manufacturers to end-users. Retail Stores hold a significant market share due to their wide product offerings and convenient shopping experience. Online Retailers are gaining traction, driven by the growing adoption of e-commerce and the convenience of online shopping.Distributors play a crucial role in reaching remote areas and cater to smaller businesses and contractors, capturing a notable market share. The Gas Equipment Market is projected to witness steady growth in the coming years, with the increasing demand for efficient and environmentally friendly gas equipment. Technological advancements, such as the integration of IoT and automation, are expected to further drive market growth. Key players in the industry are focusing on expanding their product portfolios and strengthening their distribution channels to cater to the evolving needs of customers.

Gas Equipment Market Regional Insights

The Gas Equipment Market is segmented by region into North America, Europe, APAC, South America, and MEA. The market growth is driven by the increasing demand for natural gas as a cleaner and more efficient fuel source, as well as the growing need for gas equipment to meet the demands of the growing population. The revenue of the Gas Equipment Market is expected to reach USD 38.5 billion by 2032, with a CAGR of 3.44%. The North American region is the largest market for gas equipment, with a market size of USD 10.2 billion in 2023 and is projected to reach USD 13.6 billion by 2032, with a CAGR of 3.2%.The growth in this region is attributed to the increasing demand for natural gas for power generation and heating applications. The European region is the second-largest market for gas equipment, with a market size of USD 7.8 billion in 2023 and is projected to reach USD 10.4 billion by 2032, with a CAGR of 3.5%. The growth in this region is attributed to the growing adoption of gas-fired power plants and the increasing use of natural gas for heating and cooking applications. The APAC region is the fastest-growing market for gas equipment, with a market size of USD 6.5 billion in 2023 and is projected to reach USD 9.7 billion by 2032, with a CAGR of 4.2%.The growth in this region is attributed to the increasing demand for natural gas for power generation, industrial applications, and transportation. The South American region is a relatively small market for gas equipment, with a market size of USD 2.6 billion in 2023 and is projected to reach USD 3.5 billion by 2032, with a CAGR of 3.3%. The growth in this region is attributed to the increasing demand for natural gas for power generation and industrial applications. The MEA region is a small but growing market for gas equipment, with a market size of USD 1.2 billion in 2023 and is projected to reach USD 1.6 billion by 2032, with a CAGR of 3.6%.The growth in this region is attributed to the increasing demand for natural gas for power generation and desalination applications.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Gas Equipment Market Key Players And Competitive Insights

Several companies in the gas equipment market are trying to gain a competitive edge by investing heavily in research and development, enlarging their product portfolios, and adopting innovative technologies. Leading players in the Gas Equipment Market are seeking to produce energy-efficient and environmentally friendly products to provide millions of people with a more sustainable solution. The Gas Equipment Market is very fragmented, with a large number of established and new players actively participating in this market. To consolidate their position and market presence, companies operating in the Gas Equipment Market have taken a series of decisive measures of consolidating market position, such as acquisitions and mergers, and partnerships and franchising agreements. The Gas Equipment Market is likely to expand due to an increasing rate of urbanization, rising disposable incomes, and growing awareness of the benefits of using gas equipment.

Emerson Electric Co. is recognized as a prominent player in the Gas Equipment Market. This company provides a wide range of gas equipment, such as regulators, valves, and meters. Emerson is striving to deliver highly innovative and safer solutions that put a premium on making the gas distribution and consumption process more efficient, reliable, and overwhelmingly beneficial. This explains why the company has introduced an impressive series of revolutionary technologies, such as highly advanced ultrasonic gas meters, which can measure gas flow immediately and precisely. Emerson is solidly present in many parts of the world and benefits from an impressive distribution network, while its cutting-edge research facilities successfully adapt their new findings and technologies to the demands and climate conditions existing in different regions.

Honeywell International Inc. is one of the fiercest rivals in the Gas Equipment Market. This provider is known for its knowledge of control and automation technologies. Honeywell’s product portfolio covers an impressive variety of gas equipment, including gas valves, regulators, sensors, and other useful products. The discovery of gas meters, which can be managed remotely, is the latest revolutionary technology presented to the audience by this company. Honeywell’s ability to design, implement, and manage self-sufficient devices such as these meters makes this company the leader in this field. Honeywell also benefits from its strong and recognizable brand as well as well-established customer bases, which are invaluable assets in the company’s efforts to maintain dominance in its existing markets. The company uses its unprecedented market coverage and the knowledge and resources acquired through its partnerships to meet the strong growing demand for gas equipment in any part of the world.

Key Companies in the Gas Equipment Market Include

• Rockwell Automation


• Parker Hannifin


• Azbil Corporation


• Danfoss


• ABB


• Mitsubishi Electric


• Alfa Lavalnewera


• Schneider Electric


• Emerson Electric


• Endress+Hauser


• Johnson Controls


• Yokogawa Electric


• Honeywell


• Siemens


• GEcurrent

Gas Equipment Market Industry Developments

The Gas Equipment Market is anticipated to grow from a valuation of USD 28.39 billion in 2023 to USD 38.5 billion by 2032, exhibiting a CAGR of 3.44% during the forecast period. This growth can be attributed to increasing demand for natural gas for power generation and industrial applications, as well as government initiatives to reduce carbon emissions. Emerging economies, such as China and India, are expected to be key drivers of market growth, due to their rapidly expanding industrial sectors and increasing adoption of natural gas as a cleaner fuel source. The market is also witnessing advancements in gas equipment technologies, such as the development of more efficient and environmentally friendly systems, which is further expected to drive market growth in the coming years.

Gas Equipment Market Segmentation Insights

• Gas Equipment Market Gas Type Outlook
  
  
  
  • Natural Gas
  
  
  • Liquefied Petroleum Gas (LPG)
  
  
  • Biogas
  
  
  • Coal Gas
  
  
  
  

• Gas Equipment Market Equipment Type Outlook
  
  
  
  • Gas Burners
  
  
  • Gas Furnaces
  
  
  • Gas Boilers
  
  
  • Gas Water Heaters
  
  
  • Gas Meters
  
  
  
  

• Gas Equipment Market Application Outlook
  
  
  
  • Residential
  
  
  • Commercial
  
  
  • Industrial
  
  
  • Power Generation
  
  
  
  

• Gas Equipment Market Technology Outlook
  
  
  
  • Conventional Gas Equipment
  
  
  • Condensing Gas Equipment
  
  
  • High-Efficiency Gas Equipment
  
  
  • Smart Gas Equipment
  
  
  
  

• Gas Equipment Market Distribution Channel Outlook
  
  
  
  • Direct Sales
  
  
  • Retail Stores
  
  
  • Online Retailers
  
  
  • Distributors
  
  
  
  

• 
  

  Gas Equipment Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa