According to Future Market Insights (FMI), the global demand for gas fittings and components market is forecast to grow by a CAGR of 3.5% between 2023 and 2033, reaching US$ 1,600 million in 2033. There was significant growth in sales between 2018 and 2022, growing at a CAGR of 3%.
As residential and commercial gas water heaters have become increasingly popular, the demand for gas fittings and components has expanded. In recent years, many households have switched from electricity to natural gas for heating and cooking, which is increasing the demand for gas fittings and components.
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As consumers seek ways to minimize energy consumption, more people are turning to natural gas as a means of accomplishing this goal. As a result, businesses have been able to offer products and services related to gas fittings and components.
Installation and maintenance of natural gas systems require numerous components and fittings. It is imperative to install the necessary pipes, fittings, and valves in order to ensure the safety and functionality of the system. With the help of gas fittings and components, existing natural gas systems can also be repaired and maintained.
This industry has a great deal of potential for growth and is expected to be one of the fastest-growing industries in the world. As energy efficiency becomes a higher priority, many individuals and businesses are looking to upgrade their natural gas systems to make them more energy-efficient. A business with expertise in gas fittings can utilize this as a chance to offer their products and/or services to the public.
Natural gas is also gaining popularity in a number of countries. This provides opportunities for businesses to provide gas fittings and components-related products and services. As part of this service, natural gas systems can be installed and repaired, components can be sold and installed, and energy-efficiency products can be offered.
Key Takeaways from the Market Study
- By material, stainless steel gas fittings and components will account for 14% of sales in 2023.
- Gas fittings and components are extensively used in the food industry, comprising over half of all sales.
- Based on component, gas valves will likely experience maximum incline until 2033.
- The United States is expected to be a high-value market for gas fittings and components, registering a 3.7% CAGR.
- From 2023 to 2033, the market for gas fittings and components is likely to expand 1.4x.
“Increased demand for gas fittings and components in medical and laboratory sectors will enhance demand for gas fittings and components in the coming years.” comments a Future Market Insights analyst.
Competitive Landscape
Research and innovation will likely become a focus of many companies due to an expansion of product lines, acquisitions, and mergers.
Key Companies Profiled:
- Assure Parts
- Regency Gas Hoses
- American Range
- Antunes
- Crown Verity Inc.
- Dormont
- T&S Brass and Bronze Works
- Vulcan Restaurant Equipment
- Gas Components Australia
- Venus Enterprises
- Nikasam Impex LLP
- Zenith Industries
1)In January 2023, A new component recycling/reconditioning program launched by Wolseley aims to mitigate greenhouse gas emissions caused by gas boiler maintenance. A test program will be run by Wolseley to determine whether customers are interested in reconditioning parts and buying reconditioned parts with BSI Kitemarks.
2)In April 2023, Michael Bluyus a gas fitter and plumber started his business, MJB Plumbing, in 2012 and has been a licensed plumber since 2009. In recent years, the company has been expanding its plumbing and gas fitting services to the central Massachusetts area.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global gas fittings and components market, presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033. Key Segments Profiled in the Gas Fittings and Components Market Industry Survey are as below.
By End Fitting Type:
- Flared
- Compression
- Quick Connect
- Thread-on
By Component Type:
- Valves
- Regulators
- Connectors
- Adapters
- Hoses
By Material:
- Brass
- Plastic
- Stainless Steel
- Others
By End User:
- Household
- Commercial
- Restaurants
- Hotels
- Cafes
- Industrial
- Medical Industry
- Food Industry
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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