North America Gas Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial [College/University, Offices, Government/Military]), By Fuel (Natural Gas, LPG), Capacity & Forecast, 2023 – 2032

North America Gas Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial [College/University, Offices, Government/Military]), By Fuel (Natural Gas, LPG), Capacity & Forecast, 2023 – 2032

North America Gas Water Heater Market Size

North America Gas Water Heater Market was valued at USD 2.2 billion in 2022 and is anticipated to grow at a 6.3% CAGR from 2023 to 2032. Driven by the rising household appliance used to heat water for various domestic purposes, such as bathing, cleaning, cooking, and space heating. Gaining popularity of energy-efficient models among consumers owing to their cost savings and reduced environmental impact along with their flexibility across both residential and commercial applications will drive the industry outlook.

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Moreover, governments offering incentives and rebates for the installation of energy-efficient gas water heaters, encouraging consumers to choose eco-friendly options will enhance the North America gas water heater market potential. For instance, in May 2022, the U.S. Department of Energy, proposed new energy-conservation standards for commercial water heating equipment, including storage and instantaneous water heaters, and gas hot water supply boilers. The proposed standards would require commercial water heaters to incorporate condensing technology, which will significantly reduce the energy consumption by extracting additional heat from the combustion process.
 

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COVID- 19 Impact

The outbreak of COVID- 19 has had a significant impact on the overall industry owing to the shutdown of various industrial and manufacturing facilities coupled with delays in various infrastructure development projects. Growing government relaxation on imposed lockdowns, followed by the recommencement of industrial operations complemented the market growth. Furthermore, a surge in demand of HVAC equipment across commercial and residential establishments in line with expansion of infrastructural buildings will drive the business outlook.

North America Gas Water Heater Market Trends

Adoption of smart home technology is influencing the gas water heater market growth. Manufacturers developing smart appliances that can be controlled remotely provide users with convenience and energy savings. Further, growing environmental consciousness among users for systems with low NOx emissions will continue to influence the product adoption. In addition, shifting consumer awareness toward advance technological and product development is anticipated to accelerate the business landscape.

North America Gas Water Heater Market Analysis

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Based on product, the storage gas water heater market is anticipated to grow at CAGR of over 6% through 2032. These systems provide large volume of hot water and are suitable for various single and multi-families in comparison to a tankless unit. Smart city construction projects in conjunction with continuous expansion of zero emission green building plans will fuel the product demand. Additionally, rising urban migration, considerable growth across the tourism sector will further boost the industry dynamics.

100-250 liters gas water heater market accounted for USD 1.5 billion in 2022. Increasing dispensable incomes specifically across the developing economies along with enhanced deployment of the equipment across residential apartments and small commercial complexes will sway the business landscape. Moreover, the key industry manufacturers focus on ongoing product upgradations along with providing competitive pricing will influence the industry scenario.

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Based on application, the residential gas water heater market will surpass USD 2.9 billion by 2032. Ongoing expansion of high-rise buildings along with infrastructural expansion by multi-community will contribute to business growth. In addition, large-scale introduction of city gas distribution projects and pipeline networks in line with strict norms to attain high efficiency standards will propel the industry scenario.

Based on fuel, the natural gas market exceeded USD 0.8 billion in 2022 on account of accessibility of gas infrastructure combined with features to combat hard water and sediment build-up, which can extend the appliance's lifespan and improve performance. Furthermore, strict environment standards focusing on limiting the carbon and GHG emissions coupled with availability of multiple government incentives will augment the business landscape.

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U.S. gas water heater market will grow at a CAGR of more than 5.5% by 2032. Rising demand from restaurants and resorts for instant hot water supplies utilized in washrooms, kitchens, saunas, and swimming pools in line with increasing number of manufacturing facilities will strengthen the industry landscape. Furthermore, growing awareness of smart appliances to reduce the increasing carbon footprint along with the presence of leading industry players in the country will accelerate the business dynamics.

North America Gas Water Heater Market Share

Eminent players operating in the North America gas water heater industry are

• A. O. Smith
• Lennox International Inc.
• Ariston Thermo USA LLC
• BDR Thermea Group
• Bosch Thermotechnology Corp.
• Bradford White Corporation
• GE Appliances
• Haier Inc.
• Rheem Manufacturing Company
• American Water Heater
• Rinnai America Corporation
• State Industries
• Hubbell Heaters
• Havells India Ltd.
• Westinghouse Electric Corporation
• Parker Boiler Company
• Noritz Corporation

North America Gas Water Heater Industry News

• In February 2023, Rheem Manufacturing Company released Rheem Maximus, a gas water heater with 55% higher efficiency than standard gas water heaters. The water heater is ENERGY STAR certified, has 100% recyclable packaging, and reduces CO2 and energy use by up to 36% and NOx emissions by up to 75%. The launch of the advanced product strengthened the company’s portfolio and footprint across the industry.
   
• In May 2022, GE Appliances opened a water heating manufacturing facility with advanced technology worth USD 70 million in South Carolina. This vertically integrated plant was set to make products ranging from coils of steel to high-quality water heaters for homes in the U.S. homes. 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 gas water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘‘000 Units & USD Million’ from 2023 to 2032 for the following segments

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By Product

• Instant
• Storage

By Capacity

• <30 liters
• 30 - 100 liters
• 100 - 250 liters
• 250 - 400 liters
• >400 liters

By Application

• Residential
• Commercial
  • College/university
  • Offices
  • Government/military
  • Others

By Fuel

• Natural gas
• LPG

The above information has been provided for the following countries

• U.S.
• Canada