According to Arizton’s latest research report, the US water heater market is growing at a CAGR of 6.67% from 2023 to 2029.
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The U.S. Water Heater Market Report Scope
Report Attributes
Details
Market Size (2029)
USD 5.08 Billion
Market Size (2023)
USD 3.45 Million
CAGR (2023-2029)
6.67%
Historic Year
2020-2022
Base Year
2023
Forecast Year
2024-2029
Market Segmentation
Product, Distribution Channel, End-User, Category, and Geography
Geographic Analysis
United States (Midwest, Northeast, South, and West)
Market Dynamics
The Popularity of Electrification Heaters in Commercial
Technological Advancements Products
Increasing Construction Activities
Integrating smart home technologies allows controlling and monitoring water heaters remotely using mobile apps. Smart features, including energy usage tracking and remote control, enhance user convenience. Furthermore, tankless water heaters have increased in popularity due to their energy efficiency and space-saving design. These units heat water as needed, reducing the need for a storage tank and reducing heat loss. In addition, advances in materials and manufacturing processes contribute to the durability and longevity of water heaters. The longer lifespans and reduced maintenance requirements associated with these technological improvements make consumers more inclined to invest in newer models.
Water heaters come with costs and benefits to the consumers. For instance, Rheem Manufacturing offers the ProTerra Hybrid Electric Water Heater, with features such as controlling water heater settings from a mobile device, easy installation, water leak detection, and others. In addition to these features, the company provides various consumer benefits, including federal tax credits and local utility rebates of up to $1,000. Furthermore, it offers long-term advantages, with annual energy cost savings up to $491. Therefore, the demand for water heaters across the US market is boosted.
Key Highlight
Southern US has a higher prevalence of electric water heaters than gas-powered alternatives. Electric heaters generally require more energy to operate. Furthermore, energy costs in the southern states have lower electricity rates, potentially encouraging less conscious usage of water heaters.
The Western US experiences colder winters than the East and South due to its mountainous regions. This increases reliance on hot water for showering, bathing, laundry, and more, driving up water heater demand. In addition, unlike some other regions, solar water heating is not as widespread in the Western US due to less consistent sunshine and colder temperatures. This means conventional water heaters, fueled by gas or electricity, play a large role in meeting hot water needs.
Recent Development in the U.S. Water Heater Market
Rheem Manufacturing Company: In December 2023, the company introduced Rheem’s new Maximus™ line-up, which features a 75-gallon heavy-duty model with leak detection and maximum plus models (40- and 50-gallon), offering super high efficiency and advanced features for increased hot water capacity and savings. Through this, the company enhances product offerings in the market.
O. Smith: The organization focuses on an acquisition strategy to expand its presence in the North American region. For instance, in 2021, the firm acquired Giant Factories in Canada to expand production and increase market penetration in North America.
Bradford White Corporation: In 2023, the organization launched Brute XTR commercial boilers and volume water heaters, with key features such as low-pressure drop water tube heat exchangers, water connections, convenient touchscreen, and others.
Gas & Oil Product Segment to Contribute the Largest Share
The US oil and gas water heater market will reach $1.98 billion by 2029, growing at a CAGR of 5.85%.
The 7.8% increase in US shipments of residential gas storage water heaters in November 2021, compared to 2020, indicates a notable growth trend in the water heater market. This surge could be attributed to various factors, such as increased demand for home improvement, rising awareness of energy-efficient appliances, or fluctuations in weather patterns affecting the need for heating solutions. The shipment growth shows an increasing water heater market and reflects consumer preference, potentially influencing manufacturers and retailers to meet the growing demand for residential gas storage water heaters in the US.
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Key Company Profiles
A.O. Smith
Bradford White Corporation
Rheem Manufacturing Company
Alternate Energy Technologies
Apricus Solar
Bock Water Heaters
BSH Home Appliances
Bosch Home Comfort
Eccotemp
General Electric
Heliodyne
HTP
Hubbell Water Heaters
Intellihot
Kingspan
Kenmore
Lennox International
Midea
Navien
Noritz America Corporation
RECO
Rinnai America Corporation
Sioux Corporation
SunMaxx Solar
SunEarth
State Water Heaters
Stiebel Eltron
Viessmann
Watts Water Technologies
Westinghouse Electric Company
Whirlpool
Market Segmentation
Product
Gas and Oil
Electric
Heat Pumps
Solar
Category
Storage
Instant
End-User
Residential
Commercial
Distribution Channel
Offline
Online
Geography
The US
Midwest
Northeast
South
West
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?
Which region dominates the U.S. water heater market?
What are the significant trends in the U.S. water heater market?
Who are the key players in the U.S. water heater market?
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