North America Residential Gas Storage Water Heater Market Size - By Capacity (< 20 gallon, 20-30 gallon, 31-40 gallon, 41-50 gallon, > 50 gallon), By Fuel (Natural Gas, LPG), By Power (Powered, Non Powered), By Air Mix Type & Forecast, 2024 – 2032

North America Residential Gas Storage Water Heater Market Size - By Capacity (< 20 gallon, 20-30 gallon, 31-40 gallon, 41-50 gallon, > 50 gallon), By Fuel (Natural Gas, LPG), By Power (Powered, Non Powered), By Air Mix Type & Forecast, 2024 – 2032

North America Residential Gas Storage Water Heater Market Size

North America Residential Gas Storage Water Heater Market was valued USD 7.13 billion in 2023 and is anticipated to grow at a CAGR of 6.2% from 2024 to 2032. A water heater is a device used to heat water for various purposes, including domestic hot water supply, space heating, and industrial processes. It typically consists of a tank or reservoir where water is heated and stored until needed.

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Improved energy efficiency of gas storage water heaters to meet increasingly stringent energy efficiency standards and regulations will stimulate the business landscape. advancements in insulation, burner technology, and heat recovery systems, resulting in higher efficiency ratings and lower operating costs for consumers will fuel the industry growth. Furthermore, key factors including lower upfront costs, reliability, durability, and long-term performance along with simplicity of installation will augment the product installation.
 

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North America Residential Gas Storage Water Heater Market Trends

Technological advancements, consumer preferences, and energy efficient regulations along with growing utilization of high-efficiency gas storage water heaters, including condensing models amongst homeowners seeking to reduce energy consumption and lower utility bills will stimulate the market growth. Incorporation of smart technologies, including Wi-Fi connectivity, mobile apps, and digital controls, enable homeowners with greater control and convenience owing to remote monitoring, energy usage tracking, and customized scheduling. Moreover, growing demand for gas storage water heaters with larger tank capacities on account of increasing household sizes and water usage patterns will drive the business outlook.

North America Residential Gas Storage Water Heater Market Analysis

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Based on capacity, the 31 – 40 gallon segment is anticipated to reach USD 2.5 Billion by 2032 owing to advancements in insulation, burner technology, and ability to reduce standby heat loss with improved efficiency. Ongoing product development of small and space efficient designs that can fit into tight spaces, including closets, utility rooms, or smaller homes and apartments, will spur the product penetration. In addition, some homeowners are integrating gas storage water heaters with renewable energy sources such as solar thermal systems or photovoltaic panels to reduce their carbon footprint and energy costs which will strengthen the business statistics.

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Based on fuel, the residential natural gas water heater is set to grow at a CAGR of over 7% through 2032 on account of high energy efficiency and faster recovery times. Natural gas is often more cost-effective than electricity for heating water, making gas water heaters an attractive option for consumers looking to minimize energy costs over the long term, which will contribute to the industry scenario. The gas water heaters are available in a variety of sizes and capacities to suit different applications and hot water demand levels. Additionally, natural gas infrastructure is well-established and readily available, making it convenient for homeowners and businesses to install and operate gas water heaters without the need for extensive modifications or upgrades to existing infrastructure which will augment the product installation.

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U.S. Residential storage water heater market revenue t cross USD 7.1 billion by 2032 owing to minimized energy costs, significant savings on utility bills, and reliability, durability, and consistent performance. Various manufacturers offer a range of high-efficiency gas storage water heaters that meet or exceed energy star efficiency standards. Availability of natural gas infrastructure enables widespread adoption of gas appliances across the economy, making it convenient for homeowners and businesses to install and operate gas storage water heaters. Furthermore, gas storage water heaters continue to provide hot water during power outages, making them a reliable choice for homeowners and businesses in areas prone to electricity disruptions or severe weather events, leading to enhanced product demand.

North America Residential Gas Storage Water Heater Market Share

Several prominent manufacturers and brands compete for market share, offering a range of gas storage water heaters to meet the diverse needs of residential consumers. Various local and regional players, also contribute to the competitive landscape, offering a wide variety of options to consumers seeking reliable and efficient gas water heating solutions.

North America Residential Gas Storage Water Heater Market Companies

Eminent players operating in the North America residential gas storage water heater industry include

• American Water Heater
• A.O. Smith
• Ariston Thermo USA LLC
• Bosch Thermotechnology Corp.
• Bradford White Corporation
• GE Appliances
• Guangdong Vanward New Electric CO., LTD
• Hubbell Heaters
• Lennox International Inc.
• Lochinvar
• Noritz Corporation
• Parker Boiler Company
• Rheem Manufacturing Company
• Rinnai America Corporation
• State Industries Inc.
• U.S. Craftmaster Water Heaters
• Westinghouse Electric Corporation

North America PEM Fuel Cells 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 enamelling. 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.

This North America residential gas storage water heater market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “’000 Units & USD Billion” from 2019 to 2032, for the following segments

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Market, By Capacity

• < 20 Gallon
• 20 - 30 Gallon
• 31 - 40 Gallon
• 41 - 50 Gallon
• > 50 Gallon

Market, By Fuel

• Natural Gas
• LPG

Market, By Power

• Powered
• Non-Powered

Market, By Air Mix Type

• Atmospheric
• Power direct vent
• Direct Vent
• Power Damper
• Induced Draft

The above information has been provided for the following countries

• U.S.
• Canada