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Report
U.S. Water Heater Market - Focused Insights 2024-2029
Market Report I 2024-06-05 I 76 Pages I Arizton Advisory & Intelligence
The U.S. water heater market is expected to grow at a CAGR of 6.67% from 2023-2029.
MARKET DRIVERS
Popularity Of Electric Water Heaters in Commercial Settings: Electric water heaters are becoming increasingly popular in commercial settings due to their environment-friendly attributes. Unlike gas water heaters, electric ones do not produce toxic fumes, reducing air pollution. In addition, their easy installation process makes them convenient for various commercial settings. Furthermore, using electric heaters contributes to decarbonization efforts, aligning with the growing focus on sustainable practices.
Technological Advances in Products: 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 seek 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.
U.S. WATER HEATER MARKET HIGHLIGHTS
- The gas & oil segment dominates, with the largest share of over 40% of the U.S. water heater market in 2023. The segmental growth is primarily due to their widespread availability, relatively low fuel cost, and quick heat recovery times. This exponential growth will continue due to the abundance of natural gas in the U.S. and the established infrastructure for oil distribution.
- The instant category segment showcases significant growth, with the fastest-growing CAGR of 7.66% during the forecast period. The demand for instant water heaters in the U.S. has increased, driven by several factors, such as the growing emphasis on energy efficiency and sustainability. Instant or tankless water heaters are known for their energy-saving features compared to traditional tank water heaters. Consumers are increasingly seeking environmentally friendly options, and the energy efficiency of instant water heaters aligns with this trend.
- The online distribution segment showcases the highest U.S. water heater market growth. The segment's growth is due to the ease and convenience of online shopping, an essential aspect of the value chain in the water heater market. Most companies have their websites, mobile applications, and third-party platforms. Through digitalization, organizations directly reach end-users. Online channels provide consumers with various products and services, allowing them to choose from any place at any time.
- The residential segment holds the largest U.S. water heater market share. The demand for water heaters in this segment has been driven by various factors that enhance convenience, energy efficiency, and lifestyle. One significant factor is the growing awareness and adoption of green technologies.
- Technological advances in the water heater market are expected to surge demand. 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. Longer lifespans and reduced maintenance requirements associated with these technological improvements make consumers more inclined to invest in newer models.
REGIONAL ANALYSIS
The western region shows prominent growth, with the highest growing CAGR during the forecast period. The western region of the U.S. encompasses diverse landscapes, from arid deserts to mountainous terrain, influencing heating requirements and water heater preferences, thus helping in segmental growth. The West is known for innovating and adopting renewable energy technologies, creating opportunities for manufacturers and contractors to offer solar water heating, heat pump systems, and other sustainable solutions. Strong consumer awareness of environmental issues drives demand for energy-efficient water heaters.
VENDOR LANDSCAPE
The U.S. water heater market report contains exclusive data on 26 vendors. The U.S. Water Heater market's competitive scenario is intensifying, with global and domestic players offering diverse products. Regarding market share, a few major players are currently dominating the market. A.O. Smith, Bradford White Corps, General Electric, Rheem Manufacturing Company, and Rinnai dominate the market.
In 2023, Bradford White, one of the key vendors, launched Brute XTR commercial boilers and volume water heaters. These products feature key elements such as a low-pressure drop water tube heat exchanger, water connections, and a convenient touchscreen. By offering these products, the company aims to attract a wide range of consumers and gain a competitive advantage.
REPORT HIGHLIGHTS
SEGMENTATION & FORECAST
- By Product
- Gas & Oil
- Electric
- Heat Pumps
- Solar
- By Category
- Storage
- Instant
- By Distribution Channel
- Offline
- Online
- By End-User
- Residential
- Commercial
- By 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:
1. How big is the U.S. water heater market?
2. What is the growth rate of the U.S. water heater market?
3. What are the future drivers of the U.S. water heater market?
4. Which region is the fastest growing U.S. water heater market?
5. Who are the major players in the U.S. water heater market?
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
LIST OF EXHIBITS
EXHIBIT 1 Water Heater Market 2020-2029 ($ billion)
EXHIBIT 2 U.S. Water Heater Market by Product Type 2020-2029 ($ billion)
EXHIBIT 3 Market by Gas & Oil 2020-2029 ($ billion)
EXHIBIT 4 Market by Electric 2020-2029 ($ billion)
EXHIBIT 5 Market by Heat Pumps 2020-2029 ($ billion)
EXHIBIT 6 Market by Solar 2020-2029 ($ billion)
EXHIBIT 7 U.S. Water Heater Market by Category 2020-2029 ($ billion)
EXHIBIT 8 Market by Storage 2020-2029 ($ billion)
EXHIBIT 9 Market by Instant 2020-2029 ($ billion)
EXHIBIT 10 U.S. Water Heater Market by Distribution Channel 2020-2029 ($ billion)
EXHIBIT 11 Market by Offline 2020-2029 ($ billion)
EXHIBIT 12 Market by Online 2020-2029 ($ billion)
EXHIBIT 13 Water Heater Market by End-user 2020-2029 ($ billion)
EXHIBIT 14 Market by Residential 2020-2029 ($ billion)
EXHIBIT 15 Market by Commercial 2020-2029 ($ billion)
EXHIBIT 16 U.S. Water Heater Market by Geography 2020-2029 ($ billion)
EXHIBIT 17 Midwest Water Heater Market 2020-2029 ($ billion)
EXHIBIT 18 Northeast Water Heater Market 2020-2029 ($ billion)
EXHIBIT 19 South Water Heater Market 2020-2029 ($ billion)
EXHIBIT 20 West Water Heater Market 2020-2029 ($ billion)
LIST OF TABLES
Table 1: Quantitative Summary Revenue U.S. Water Heater Market
Table 2: Quantitative Summary Projected Revenue by Product Type
Table 3: Quantitative Summary Projected Revenue by Category
Table 4: Quantitative Summary Projected Revenue by Distribution Channel
Table 5: Quantitative Summary Projected Revenue by End-User
Table 6: Quantitative Summary Projected Revenue by Regions
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