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U.S. Gas Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial), By Capacity (Below 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, Above 400 Liters), By Fuel (Natural Gas, LPG) & Forecast, 2024 – 2032


Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery

Publisher : MIR | Format : PDF&Excel

U.S. Gas Water Heater Market Size - By Product (Instant, Storage), By Application (Residential, Commercial), By Capacity (Below 30 Liters, 30-100 Liters, 100-250 Liters, 250-400 Liters, Above 400 Liters), By Fuel (Natural Gas, LPG) & Forecast, 2024 – 2032

U.S. Gas Water Heater Market Size

U.S. Gas Water Heater Market was valued at USD 1.79 billion in 2023 and is anticipated to register 6.1% CAGR from 2024 to 2032 backed by the ongoing deployment of efficient systems to provide secure heating services.

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Favorable regulatory framework coupled with positive consumer outlook with the adoption of energy-efficient technologies will augment the U.S. gas water heater market growth. Modern product innovations along with continuous private & public sector investments to introduce advanced water heating technologies will favor the business landscape. Growing industrialization, higher disposable income, and rising living standards will drive the industry growth.

U.S. Gas Water Heater Market Report Attributes
Report Attribute Details
Base Year 2023
U.S. Gas Water Heater Market Size in 2023 USD 1.79 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 6.1%
2032 Value Projection USD 3.05 Billion
Historical Data for 2019 to 2023
No. of Pages 100
Tables, Charts & Figures 72
Segments covered Product, Application, Capacity, Fuel and Region
Growth Drivers
  • Growing demand for energy efficient water heaters
  • Replacement of conventional water heating technology
Pitfalls & Challenges
  • High installation cost
  • Availability of counterparts

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Government rules and norms that encourage reduced energy consumption and energy bills across buildings would support improve the market statistics. Key factors including quick water heating, cheaper operating costs when compared to electric heaters, energy efficiency, and the capacity to work during power outages will enhance the product deployment. The units have fast operational and recovery cycle and are ideal for large families that require huge amount of hot water, therefore increasing the product sales. Furthermore, continuous development of new products suitable for a wide range of customer requirements together with the ongoing replacement and upgradation of the existing units with dependable and efficient solutions will propel the gas water heater market outlook United States.

COVID-19 Impact

The economic slowdown caused by the pandemic has led to delays and cancellations of construction projects, which could affect the demand for gas water heating equipment in the short term. In addition, the pandemic has disrupted global supply chains, leading to shortages of critical components and equipment needed for district cooling systems. However, pandemic has raised awareness of the importance of public health and hygiene. As a result, many businesses and governments are investing in upgrading their water heating systems to cope up with the harsh weather conditions.

U.S. Gas Water Heater Market Analysis

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The U.S. instant gas water heater market is expected to witness 8.5% growth during 2023-2032. Continuous requirement for traditional units to be refurbished with on-demand water heating systems will increase the product deployment. Some of the primary features comprising efficient operation, swift operating, compact size, and low power consumption will improve the business landscape. Moreover, the investments for the establishment of green building infrastructure due to rising consumer demand for high-capacity systems will foster the business growth.

Storage gas water heater industry is anticipated to grow due to increasing demand for energy savings across building infrastructures, as well as growing customer preference for hot water storage systems. Some of the attributes that will complement the product demand are easy installation, fuel flexibility, low cost, and minimum flow rate requirements. Moreover, ongoing technological advancements comprising of smart control technology and remote-control features will augment the business potential

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30-100 liters gas water heater market in U.S. is expected to cross a valuation of USD 630 Million in 2032. Improvements in the living standards together with growing use of low-capacity units especially in single and multi-family residences will continue to boost the industry demand. The developments for advanced product customization and the increasing product innovations will expand the business landscape. However, favorable investments by the private and public sectors for the development of green infrastructures will have a positive impact on the industry scenario.

Growing need for water heating solutions across universities, offices, and government buildings will drive the requirement of 100-250 liter units. Technological upgradation and integration of advanced management and control systems will influence a broad customer base for the key industry players. New designs equipped with Wi-Fi connectivity, monitoring software, and voice activation will enhance the product's functionality and efficiency thereby positively influencing the business landscape.

Above 400-liter water heating systems are commonly used across commercial buildings with significant demand for hot water. Extreme climatic conditions primarily across the northern states of the country will further improve the product installation. In addition, growing implementation of energy efficient regulations and policies especially for commercial buildings will encourage the gas water heater market demand across the country.

Residential gas water heater industry is valued at over USD 1.4 billion in 2022. Rising disposable incomes along with increasing demand for hot water across residential fuels including cooking, cleaning, bathing, among others will support in substantial cost savings which will enhance the industry landscape. Growing population across economies, urban mobilization along with shifting customer preferences toward contemporary and smart products would improve the business statistics. Additionally, the development of favorable government norms and policies to enable energy efficiency as well as rising consumer interest in lowering energy bills and ensuring energy conservation will drive the product demand.

Increasing deployment across the facilities including hospitals and healthcare facilities, educational institutes and government organizations among others will drive the U.S. commercial water heater market growth. Growing requirement to comply with energy efficiency guidelines along with ongoing construction mandates and codes will support the refurbishment activities, thereby driving the business growth. Utilization of gas and tankless heating systems supports to negate the carbon & GHG emissions, contributing to both water and energy conservation. Ongoing construction of new colleges and office buildings throughout the cities will further foster the product demand.

LPG gas water heater market is poised to attain 5% gains between 2023 and 2032 led by the enhanced availability of multiple fuel options. Extreme and adverse climatic conditions in various geographies coupled with availability of multiple government incentives is set to accelerate the industry statistics. High cost in the regions combined with unavailability of multiple connection points is set to favor the product penetration over its natural gas counterparts. In addition, clean and efficient systems, compact and energy efficient units are some of the vital features which will drive the industry trends.

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U.S. gas water heater industry is estimated to amass USD 3 billion by 2032. Extensive growth of the entertainment & tourism industry along with the growing corporate sector has proved to be a major boom for the commercial water heater market in the U.S. Growing dependency toward the hospitality industry along with growing demand for efficient water heating systems across hotels, casinos, restaurants, and hospitals will enhance the business outlook. Moreover, surging seasonal space heating demand along with increasing dispensable income will further complement the industry overview.

U.S. Gas Water Heater Market Share

Several initiatives for business expansion including the joint ventures and mergers along with ongoing technological advancements will foster U.S. gas water heater market growth. Eminent manufacturers in the industry include

  • A. O. Smith
  • Bradford White Corporation
  • GE Appliances
  • Ariston Thermo USA LLC
  • Rheem Manufacturing Company
  • Rinnai America Corporation
  • American Water Heater,
  • Hubbell Heaters

Also, key market players are focusing on the development of cost-effective and innovative heating solutions through new product innovations and acquisitions.

U.S. Gas Water Heater Industry News

  • In August 2022, Rheem Manufacturing Company unveiled the Rheem IKONIC, a condensing gas water heater with the durability and functionality that are required for residential fuels, along with industry-leading energy efficiency. The water heater has a remarkable 0.96 UEF, reducing energy use by up to 36%, NOx emissions by 65%, and carbon footprint by 36%. Its Wi-Fi technology enables for energy usage tracking, temperature adjustments, and recirculation mode changes through the EcoNet mobile app.
  • In October 2021, A.O. Smith acquired Giant Factories, Inc., a Canada-based manufacturer of residential and commercial water heaters. This acquisition enabled the company to expand its water heating expertise across the commercial sector and further support the company enhance its market penetration in North America. Moreover, the addition of energy efficient products across its portfolio will enable it to achieve its decarbonization targets.

This market research report on U.S. gas water heater includes in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units’ & USD’ from 2023 to 2032 for the following segments

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Market, By Product

 

  • Instant
  • Storage

Market, By Capacity

  • Below 30 Liters
  • 30-100 Liters
  • 100-250 Liters
  • 250-400 Liters
  • Above 400 Liters

Market, By Application

  • Residential
  • Commercial
  • College/University
  • Office Building
  • Government Building
  • Others

Market, By Fuel

  • Natural Gas
  • LPG

 

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )