North America Storage Water Heater Market Size
North America Storage Water Heater Market size was valued USD 4.15 Billion in 2023 and is anticipated to grow at a CAGR of 6% from 2024 and 2032. A storage water heater, also known as a tank water heater, is a device that heats and stores water in an insulated tank for use when needed. These heaters come in various sizes and are utilized across residential use and can be larger for commercial applications.
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Many households and businesses are replacing older, less efficient water heating systems with modern storage water heaters. This replacement cycle is a significant driver of market growth as consumers seek more reliable and cost-effective solutions. The products are equipped with advanced insulation and energy saving features, making them more attractive to environmentally conscious consumers and businesses. Additionally, industry collaborations are crucial for driving innovation, expanding market reach, and improving efficiency in the storage water heater market, encouraging the product penetration.
North America Storage Water Heater Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| North America Storage Water Heater Market Size in 2023 |
USD 4.15 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
6% |
| 2032 Value Projection |
USD 6.98 Billion |
| Historical Data for |
2021 - 2023 |
| No. of Pages |
50 |
| Tables, Charts & Figures |
15 |
| Segments covered |
Application, Capacity, Energy Source and Country |
| Growth Drivers |
- Growing demand for energy efficient heating technology
- Government mandates for energy efficiency
|
| Pitfalls & Challenges |
|
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The adoption of storage water heaters in the region is robust and growing, driven by factors comprising energy efficiency, technological advancements, and the need for reliable hot water. The expansion of residential and commercial infrastructure, particularly in rapidly growing cities, has led to increased demand for storage water heaters. New constructions often incorporate the latest water heating technologies, further driving market growth. In addition, Urban areas with high population density also see higher adoption rates due to the concentration of residential and commercial buildings requiring efficient hot water solutions, contributing to the business momentum.
North America Storage Water Heater Market Trends
Innovations such as smart controls and better insulation have made storage water heaters more energy-efficient, reducing energy consumption and operational costs for businesses augmenting the industry landscape. Commercial entities rely on storage water heaters for a steady and reliable supply of hot water, which is crucial for their operations. These are further designed to meet high demand scenarios, ensuring that hot water is always available when needed. Furthermore, technological advancements and regulatory compliance further support the adoption of these systems, ensuring they meet the evolving needs of commercial users.
North America Storage Water Heater Market Analysis
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Based on application, the North America market is segmented into Residential and Commercial. Commercial is anticipated to grow over USD 1.72 Billion by 2032 driven by several key factors, including the need for a reliable and consistent supply of hot water, energy efficiency requirements, and technological advancements. Establishments including hotels, resorts, restaurants and cafes commonly use to ensure a constant supply of hot water even during peak usage times. Hot water is essential for sanitation, patient care, and various medical procedures. Storage water heaters are widely used in healthcare facilities to meet these critical needs, ensuring that hot water is available around the clock. Moreover, stringent energy efficiency standards support reduce operational costs and supports sustainability initiatives, driving the business scenario.
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Based on capacity, the North America Storage Water Heater Market is segmented into below 30 liter, 30 – 100 liter, 100 – 250 liter, 250 – 400 liter and Above 400 liter. 100 – 250 liter is set to grow at a CAGR of over 5.5% by 2032. Larger families or households with higher hot water usage often require storage water heaters with capacities between 100 to 250 liters, as these units ensure an adequate and continuous supply of hot water for various domestic needs, including bathing, cooking, and laundry.
Restaurants, cafes, small hotels, and healthcare facilities often rely on large capacity water heaters to meet their hot water needs. Additionally, smart technology allows users to control and monitor their water heaters remotely via smartphone apps, contributing to the business momentum.
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The U.S. Storage Water Heater market is anticipated to grow over USD 5,151 Million by 2032 owing to implementation of various regulations to promote energy efficiency. Programs like Energy Star certification encourage the adoption of energy efficient storage water heaters, which reduce energy consumption and lower utility bills. Innovations in storage water heater technology, such as the integration of smart features that allow remote control and monitoring via smartphones, have made these appliances more user-friendly and efficient, will encourage the product adoption.
Furthermore, many households and businesses are replacing older, less efficient water heating systems with modern storage water heaters. This replacement cycle is a significant driver of market growth as consumers seek more reliable and cost effective solutions, which will drive the market growth.
North America Storage Water Heater Market Share
Several prominent manufacturers and brands compete for market share, offering a range of storage water heaters to meet the diverse needs of consumers. Various local and regional players, contribute to the competitive landscape, offering a wide variety of options to consumers seeking reliable and efficient water heating solutions. These partnerships can take various forms, such as mergers and acquisitions, joint ventures, and strategic alliances. Industry collaborations are further vital across the storage water heater market for several reasons, including innovation, market expansion, and improved efficiency.
North America Storage Water Heater Market Companies
Eminent players operating in the North America Storage water heater industry are
- American Water Heater
- A.O. Smith
- Ariston Thermo USA LLC
- Bosch Thermotechnology Corp.
- Bradford White Corporation
- Hubbell Heaters
- Lochinvar
- Rheem Manufacturing Company
- Rinnai America Corporation
- State Industries Inc.
North America Storage 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 September 2022, Essency launched EXR water heater in the U.S which can lasts for 30 years. This world’s first on-demand tank water heater suitable for residential purposes, has multi-tasking abilities, modern technology, polymer storage tank, and high energy efficiency. This innovative introduction accelerated the demand for water heaters in U.S., thereby complementing the business scenario and strengthening company’s position in the market.
North America 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 and USD Million)” from 2021 to 2032, for the following segments
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Market, By Application, 2021 – 2032 (USD Million & ‘000 Units)
- Residential
- Commercial
- College/University
- Offices
- Government/Military
- Others
Market, By Capacity, 2021 – 2032 (USD Million & ‘000 Units)
- Below 30 Liter
- 30 – 100 Liter
- 100 – 250 Liter
- 250 – 400 Liter
- Above 400 Liter
Market, By Energy Source, 2021 – 2032 (USD Million & ‘000 Units)
The above information has been provided for the following countries
