CHICAGO, May 21, 2024 /PRNewswire/ -- According to Arizton's latest focus insight report, the US water heater market is growing at a CAGR of 6.67% during 2024-2029.
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The US Water Heater Market Report Scope
Report Attributes?? | Details?? |
Market Size (2029)???? | $5.08 billion |
Market Size (2023)?? | $3.45 billion |
CAGR (2023-2029)???? | 6.67 % |
Historic Year?? | 2020-2022? |
Base Year?? | 2023 |
Forecast Year?? | 2024-2029? |
The US water heater market exhibits a notable trend of high replacement rates alongside construction projects, driven by increased disposable income and a growing population. With an increasing consumer base, homeowners are more inclined to replace aging water heaters with newer, advanced models. The growing population further contributes to a surge in construction, leading to the installation of additional water-heating units.
Advances such as energy-efficient features, multiple water temperature settings, and a space-saving design not only enhance the efficiency of water heaters but also cater to the diverse requirements of consumers. The popularity of horizontal water geysers in compact spaces, particularly urban apartments, significantly affected the water heater market. With the increasing trend toward smaller living spaces, consumers are seeking appliances that optimize available rooms and enhance their homes' overall aesthetics. For instance, A.O. Smith offers horizontal water heaters, HAS-X1, with key features such as longer shelf life, advanced PUF insulation, high energy efficiency, and power savings. The company expands its product portfolio and increases its consumer base in the market.
Key Development
- In 2023, Bradford White, one of the key vendors, launched Brute XTR commercial boilers and volume water heaters, featuring key elements such as a low-pressure drop water tube heat exchanger, water connections, a convenient touchscreen, and others. With this, the company aims to attract a wide range of consumers and gain a competitive advantage in the market.
- In 2023, Rheem Manufacturing Company, one of the key vendors launched the RTGH Series super high-efficiency condensing and RTG series high-efficiency non-condensing tankless gas water heaters, featuring sustainability, up to 34% and 25% less energy usage, integrated digital display, Econet Wi-Fi, leak guard system, and industry-leading clearance for flexible installation.
The Gas & Oil Water Heater Market to Hold the Dominate Position in the US Water Heater Market
Gas & oil water heaters use gases such as natural gas and LPG, requiring a gas line hookup. Gas water heaters come in various sizes, ranging from as small as 20 gallons to as large as 100 gallons. They boast energy efficiency of over 80-85%. The average lifespan of a tank gas water heater is about 8-12 years. In addition, approximately 60% of natural gas is utilized for space and water heating, cooking, and clothes drying.
Gas & oil water heaters have historically dominated the US market due to their widespread availability, relatively low fuel cost, and quick heat recovery times. This dominance is expected to continue due to the abundance of natural gas in the US and the established infrastructure for oil distribution.
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Segmentation & Forecast
Product
- Gas & Oil
- Electric
- Heat Pumps
- Solar
Category
- Storage
- Instant
Distribution Channel
- Offline
- Online
End-User
- Residential
- Commercial
Region
- Midwest
- Northeast
- South
- West
Vendors List
Key Vendors
- A.O. Smith
- Bradford White Corporation
- General Electric
- Rinnai
- Rheem Manufacturing Company
Other Prominent Vendors
- Apricus Solar
- Heliodyne Inc.
- HTP Inc.
- Hubbell Inc.
- Intelli Inc.
- Kingspan
- Kenmore
- Lennox International
- Midea
- Navien Inc.
- Noritz American Corporation
- SunMaxx Solar
- RECO
- Alternate Energy Technologies
- Sioux Corporation
- SunEarth Inc.
- Stiebel Eltron Inc.
- Viessmann Manufacturing Co.
- Bock Water Heaters Inc.
- BSH
- Eccotemp
Key Questions Answered in the Report:
How big is the U.S. water heater market?
What is the growth rate of the U.S. water heater market?
What are the future drivers of the U.S. water heater market?
Which region is the fastest growing in the U.S. water heater market?
Who are the major players in the U.S. water heater market?
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Table of Contents
CHAPTER - 1: U.S. Water Heater Market Overview
- Executive Summary
- Introduction
- Key Findings
CHAPTER - 2: U.S. Water Heater Market Projected Revenue
- U.S.: Projected Revenue of Water Heater (2024-2029; $Billions)
CHAPTER - 3: U.S. Water Heater Market Segmentation Data
- US: Projected Revenue by Product Type (2024-2029); (Revenue $ B.N.)
- Product Type Snapshot
- Gas & Oil
- Electric
- Heat Pumps
- Solar
- U.S.: Projected Revenue by Category (2024-2029); (Revenue $ B.N.)
- Category Snapshot
- Storage
- Instant
- U.S.: Projected Revenue by Distribution Channel (2024-2029); (Revenue $ B.N.)
- Distribution Channel Snapshot
- Offline
- Online
- U.S.: Projected Revenue by End-User (2024-2029); (Revenue $ B.N.)
- End-User Snapshot
- Residential
- Commercial
CHAPTER - 4: U.S. Water Heater Market Prospects & Opportunities
- U.S. Water Heater Market Trends
- U.S. Water Heater Market Drivers
- U.S. Water Heater Market Constraints
CHAPTER - 5: U.S. Water Heater Market Industry Overview
- U.S. Water Heater Market - Competitive Landscape
- U.S. Water Heater Market - Key Players
- U.S. Water Heater Market - Other Prominent Vendors
CHAPTER - 6: Appendix
- Research Methodology
- Abbreviations
- About Arizton
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