North America Residential Water Heater Market Size
North America Residential Water Heater Market was valued USD 3.17 billion in 2023 and is anticipated to grow at a CAGR of 6% between 2024 and 2032. A residential water heater is an appliance used to heat water for domestic purposes such as bathing, cooking, cleaning, and space heating. Residential water heaters come in various types and sizes to meet the specific needs of households.
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widespread availability and familiarity with storage water heaters support their continued adoption, will stimulate the product demand. Growing popularity of tankless water heaters will augment the industry landscape. In areas where natural gas is inexpensive, gas storage water heaters remain particularly competitive against electric tankless models. Furthermore, in colder regions, storage water heaters are often preferred due to their ability to maintain a large reservoir of hot water during extended periods of high demand, which is set to drive the business scenario.
North America Residential Water Heater Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| North America Residential Water Heater Market Size in 2023 |
USD 3.17 Billion |
| Forecast Period |
2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR |
6% |
| 2032 Value Projection |
USD 5.56 Billion |
| Historical Data for |
2021 - 2023 |
| No. of Pages |
190 |
| Tables, Charts & Figures |
54 |
| Segments covered |
Product, Capacity, Energy Source and Country |
| Growth Drivers |
- Growing demand for energy efficient water heaters
- Replacement of conventional water heating systems
|
| Pitfalls & Challenges |
|
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Traditional storage water heaters are favored for their consistent hot water supply, which is crucial for households with high hot water demand will stimulate the product adoption. The initial cost is a significant factor in water heater selection, with storage water heaters being more affordable upfront compared to tankless systems. Furthermore, growing environmental awareness is driving the adoption of more sustainable water heating solutions will contribute to business growth.
North America Residential Water Heater Market Trends
Continuous improvements in energy efficiency, integration with smart home systems for better energy management and user convenience and strict energy efficiency standards set by government bodies are pushing manufacturers to develop more efficient water heaters, driving the product adoption. For instance, The U.S. Department of Energy (DOE) mandates minimum energy efficiency standards for residential water heaters, encouraging the production of more energy-efficient models. Additionally, Rebates and tax credits for purchasing ENERGY STAR-certified water heaters incentivize consumers to choose more efficient models which will drive the business scenario.
North America Residential Water Heater Market Analysis
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There are two main types of water heaters on the marketinstant and storage. Storage water heaters are expected to become really popular in the next few years. This is because they're reliable, people are used to them, and they're cheaper to buy than instant water heaters. Governments and energy companies are also encouraging people to use more energy-efficient water heaters. That's because newer storage water heaters use less energy. They have better insulation and use heat pump technology. Making water heaters smart is also becoming more common. This lets people control them with their phones or other devices, which makes them even more convenient and energy-efficient.
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When it comes to the size of residential water heaters in North America, there's a whole range to choose fromSmall onesUnder 8 gallons (30 liters) Medium-sized ones8-27 gallons (30-100 liters) Large ones27-66 gallons (100-250 liters) Extra large ones66-108 gallons (250-400 liters) Super large onesOver 108 gallons (400 liters) The ones in the middle, the large ones (27-66 gallons), are the most popular. That's because they're just the right size for most homes. They can handle the hot water needs of an average family, from showers to laundry to dishes. Plus, they're not too expensive to buy or run. Gas water heaters, in particular, are a good option because natural gas is often cheaper than electricity. And if you already have natural gas lines in your home, it's easy to hook up a gas water heater.
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Imagine your house without hot water! That's why the US market for water heaters is expected to jump by a hefty $3.73 billion by 2032. Big companies like A.O. Smith, Bradford White, and Rheem are all about making the best water heaters out there. Things are getting better in the US. People are making more money and living more comfortably, so they're looking for hot water heaters that are more efficient and take up less space. Plus, lots of areas in the US have great natural gas setups, which makes gas tank water heaters a hot choice. With so many different sizes to pick from, there's a perfect gas tank water heater for every home.
North America Residential Water Heater Market Share
Industry collaborations in the residential water heater industry across North America are essential for driving innovation, improving product efficiency, and enhancing sustainability. These collaborations often involve partnerships between manufacturers, utility companies, technology providers, and regulatory bodies. In addition, partnering with utility companies, regulatory bodies, technology firms, and industry associations, manufacturers are able to innovate and bring new, more efficient products to market.
North America Residential Water Heater Market Companies
Eminent players operating in the North America residential water heater industry are
- A.O.Smith
- Ariston Thermo
- American Standard Water Heaters
- Bradford White Corporation
- EcoSmart Green Energy Products, Inc.
- GE Appliances
- HTP Comfort Solutions LLP
- Lennox International Inc.
- Noritz America
- Navien Inc.
- Racold
- Rheem Manufacturing Company
- Rinnai America Corporation
- State Industries
- Whirlpool Corporation
- Westinghouse Electric Corporation
North America Residential Water Heater Industry News
- In February 2024, Ariston Holding N.V. announced its entry into the U.S. builder segment by adding up its business development resources. Ariston USA, along with the support of experienced business leaders, plans to bring its plumbing and water heater products to its builder segment. This will significantly expand its presence and lead the electrification transition across the market.
- In May 2022, GE Appliances opened a water heating manufacturing facility worth USD 70 million in South Carolina with advanced technology. This vertically integrated plant was set to make products, beginning from steel coils into high-quality water heaters, for the U.S. homes with robotic material handling & processing, cutting-edge machines for metal fabrication & welding, and still enameling. This expansion allowed the company to showcase its expertise in large-scale projects in the U.S., thereby maintaining a strong position across the industry.
North America Residential Water Heater market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Million and ‘000 Units)” from 2021 to 2032, for the following segments
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Market, By Production Method
Market, By Capacity
- <30 liters
- 30 - 100 liters
- 100 -250 liters
- 250 – 400 liters
- >400 liters
Market, By Energy Source
The above information has been provided for the following countries
