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Report
U.S. Water Heater Market - Industry Outlook & Forecast 2024-2029
Market Report I 2024-04-08 I 201 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 TRENDS & OPPORTUNITIES
Rising Popularity of Tankless Water Heaters
The popularity of tankless water heaters is rapidly increasing in the U.S. water heater market due to their several advantages. Their on-demand heating system makes them significantly more energy-efficient than traditional water heaters, lowering utility bills. This efficiency can also lead to eligibility for tax breaks and energy incentives in certain locations, encouraging homeowners to switch. In addition, the longer lifespan of tankless water heaters, often exceeding 20 years, appeals to those seeking durable and cost-effective solutions.
The Popularity of Electrification Heaters in Commercial
The growing popularity of electric water heaters in commercialization in the U.S. water heater market has been driven by their environmentally friendly attributes. Unlike gas water heaters, electric ones do not produce toxic fumes, leading to reduced air pollution. In addition, their easy installation process makes them convenient for various commercial settings. Moreover, using electric heaters contributes to decarbonization efforts, aligning with the growing focus on environmentally friendly and sustainable practices.
INDUSTRY RESTRAINTS
High Installation Cost of Water Heater
The installation cost of a water heater includes various factors, making it essential to consider both labor and materials. The average installation costs range from USD 900 to USD 3,000, typically around USD 1,400. Furthermore, the hourly rates for local plumbers typically range from USD 50 to USD 200, with additional charges, such as electrician work, costing between USD 50 and USD 150 per hour. Apart from labor, the expenses include parts and materials necessary for a successful and efficient water heater installation. These materials include pipes, fittings, pipe thread compound, pressure release valves, solder, venting pipes, connectors, and water & gas piping. The complexity of the installation increases the demand for additional materials, impacting the overall replacement cost.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The U.S. water heater market by product is segmented as gas and oil, electric, heat pumps, and solar. The gas & oil segment accounted for the highest industry share in the product type segment. Gas & oil are highly popular among end-users and have a wide customer base due to the low cost of natural gas. Gas and 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. Also, they boast an energy efficiency of more than 80-85%. By the end of the forecast period, gas & oil are expected to continue their dominance in usage and acceptance among end-users and account for the largest market share in 2029.
Segmentation by Product
- Gas and Oil
- Electric
- Heat Pumps
- Solar
INSIGHTS BY CATEGORY
The U.S. water heater market by category is segmented as storage and instant. In 2023, the storage segment held the most significant U.S. water heater market share. The surge in demand is attributed to the popularity of the storage water heater, which is driven by affordability, versatility, easy installation, high flow rate, and the ability to store hot water efficiently for long durations. These features collectively contribute to the segment's significance, reflecting the market's preference for reliable, cost-effective heating products. Furthermore, the instant segment market growth can be attributed to factors like the increasing emphasis on energy efficiency, the low maintenance requirements, and the assurance of a continuous hot water supply. Moreover, consumers have a rising awareness and prioritization of sustainability, further driving the demand for instant water heaters.
Segmentation by Category
- Storage
- Instant
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel accounted for the highest U.S. water heater market share in 2023. This segment's demand for water heaters increases because consumers touch the product and check the quality before purchasing. Also, companies offer a comprehensive range of products in offline channels, such as various varieties of electric, heat pumps, gas, and others. Retailers act as the face of the companies and are the point of purchase for most customers. However, the online segment witnessed the highest CAGR in the distribution channel segment during the forecast period. The demand for water heaters through online channels has increased due to the rising internet penetration worldwide. Moreover, the number of smartphone users has rapidly grown, contributing to the success of online water heater sales.
Segmentation by Distribution Channel
- Offline
- Online
INSIGHTS BY END-USER
The U.S. water heater market by end-user is segmented as residential and commercial. In 2023, the residential segment accounted for the highest share in the end-user segment. The surge in demand can be attributed to a growing population, rising building permits, and continuous innovation in water heating technologies. Collectively, these drivers contribute to the sustained growth and prominence of the residential water heater industry. However, the commercial segment is projected to witness faster growth in the U.S. water heater market during the forecast period. With the rapid shift towards urbanization, significantly rising infrastructure, and increasing number of corporate offices, hotels, and restaurants, demand for water heaters is growing considerably from the commercial sector. Also, the healthcare sector substantially increases the demand for water heaters due to its stringent hygiene, sanitation, and infection control requirements.
Segmentation by End-User
- Residential
- Commercial
REGIONAL ANALYSIS
Midwest is the most significant contributor in the U.S. water heater market, generating over USD 1 billion in revenue in 2023. The Midwest U.S. is a large region encompassing many states, each with its own market dynamics and consumer preferences. Further, the more individuals and families settle in urban areas, the more reliable and efficient water heating solutions become dominant for daily living. In addition, the Midwest's diverse climate, depicted by cold winters, necessitates using water heaters to provide warm water for domestic use, including bathing, cleaning, and cooking.
Segmentation by Geography
- The U.S.
o Midwest
o Northeast
o South
o West
COMPETITIVE LANDSCAPE
The competition among vendors in the U.S. water heater market is quite intense. This market is highly fragmented, with many companies competing for market share. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades. The industry is moderately fragmented, with many players providing advanced features and designs for water heaters. The three major vendors in the U.S. water heater market are A. O. Smith, Bradford White Corporation, and Rheem Manufacturing.
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.
- A.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.
Key Company Profiles
- A.O. Smith
- Bradford White Corporation
- Rheem Manufacturing Company
Other Prominent Vendors
- 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
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. Which region dominates the U.S. water heater market?
4. What are the significant trends in the U.S. water heater market?
5. Who are the key players in the U.S. water heater market?
1. SCOPE & COVERAGE
1.1. MARKET DEFINITION
1.1.1. INCLUSIONS
1.1.2. EXCLUSIONS
1.1.3. MARKET ESTIMATION CAVEATS
1.2. SEGMENT COVERED & DEFINITIONS
1.2.1. MARKET BY PRODUCT TYPE
1.2.2. MARKET BY CATEGORY
1.2.3. MARKET BY DISTRIBUTION CHANNEL
1.2.4. MARKET BY END-USER
1.3. MARKET DERIVATION
1.3.1. BASE YEAR
2. PREMIUM INSIGHTS
2.1. OPPORTUNITY POCKETS
2.2. MARKET DEFINITIONS
2.3. REPORT OVERVIEW
2.4. OPPORTUNITIES & CHALLENGE ANALYSIS
2.5. SEGMENT ANALYSIS
2.6. REGIONAL ANALYSIS
2.7. COMPETITIVE LANDSCAPE
2.7.1. RECENT DEVELOPMENTS IN THE MARKET
3. MARKET AT A GLANCE
4. INTRODUCTION
4.1. OVERVIEW
4.1.1. WATER HEATER REPLACEMENT
4.1.2. POST-PANDEMIC WATER HEATER MARKET
5. MARKET OPPORTUNITIES & TRENDS
5.1. RISING POPULARITY OF TANKLESS WATER HEATERS
5.2. GROWING DEMAND FOR SMART WATER HEATER
5.3. INCREASED RENEWABLE ENERGY USE IN WATER HEATERS
6. MARKET GROWTH ENABLERS
6.1. THE POPULARITY OF ELECTRIC WATER HEATERS IN COMMERCIAL SETTINGS
6.2. TECHNOLOGICAL ADVANCES IN PRODUCTS
6.3. INCREASING CONSTRUCTION ACTIVITIES
7. MARKET RESTRAINTS
7.1. CHALLENGES IN ENERGY EFFICIENCY FOR WATER HEATERS
7.2. VARIATION OF GAS AND OTHER FUEL PRICES
7.3. HIGH INSTALLATION COST OF WATER HEATERS
8. MARKET LANDSCAPE
8.1. MARKET OVERVIEW
8.2. DEMAND INSIGHTS
8.3. VENDOR ANALYSIS
8.4. MARKET SIZE & FORECAST
8.5. FIVE FORCES ANALYSIS
8.5.1. THREAT OF NEW ENTRANTS
8.5.2. BARGAINING POWER OF SUPPLIERS
8.5.3. BARGAINING POWER OF BUYERS
8.5.4. THREAT OF SUBSTITUTES
8.5.5. COMPETITIVE RIVALRY
9. PRODUCT
9.1. MARKET SNAPSHOT & GROWTH ENGINE
9.2. MARKET OVERVIEW
9.3. GAS AND OIL
9.3.1. MARKET OVERVIEW
9.3.2. MARKET SIZE & FORECAST
9.3.3. MARKET BY GEOGRAPHY
9.4. ELECTRIC
9.4.1. MARKET OVERVIEW
9.4.2. MARKET SIZE & FORECAST
9.4.3. MARKET BY GEOGRAPHY
9.5. HEAT PUMPS
9.5.1. MARKET OVERVIEW
9.5.2. MARKET SIZE & FORECAST
9.5.3. MARKET BY GEOGRAPHY
9.6. SOLAR
9.6.1. MARKET OVERVIEW
9.6.2. MARKET SIZE & FORECAST
9.6.3. MARKET BY GEOGRAPHY
10. DISTRIBUTION CHANNEL
10.1. MARKET OVERVIEW
10.2. OFFLINE
10.2.1. MARKET OVERVIEW
10.2.2. MARKET SIZE & FORECAST
10.2.3. MARKET BY GEOGRAPHY
10.3. CONSUMER ELECTRONICS RETAIL STORES
10.3.1. MARKET OVERVIEW
10.4. DEPARTMENTAL STORES
10.4.1. MARKET OVERVIEW
10.5. SPECIALTY STORES
10.5.1. MARKET OVERVIEW
10.6. OTHERS
10.6.1. MARKET OVERVIEW
10.7. ONLINE
10.7.1. MARKET OVERVIEW
10.7.2. MARKET SIZE & FORECAST
10.7.3. MARKET BY GEOGRAPHY
10.8. DIRECT SALES
10.8.1. MARKET OVERVIEW
10.9. THIRD-PARTY SALES
10.9.1. MARKET OVERVIEW
11. END-USER
11.1. MARKET OVERVIEW
11.2. RESIDENTIAL
11.2.1. MARKET OVERVIEW
11.2.2. MARKET SIZE & FORECAST
11.2.3. MARKET BY GEOGRAPHY
11.3. COMMERCIAL
11.3.1. MARKET OVERVIEW
11.3.2. MARKET SIZE & FORCAST
11.3.3. MARKET BY GEOGRAPHY
11.4. HEALTHCARE
11.4.1. MARKET OVERVIEW
11.5. HOSPITALITY
11.5.1. MARKET OVERVIEW
11.6. OTHER
11.6.1. MARKET OVERVIEW
12. CATEGORY
12.1. MARKET OVERVIEW
12.2. STORAGE
12.2.1. MARKET OVERVIEW
12.2.2. MARKET SIZE & FORECAST
12.2.3. MARKET BY GEOGRAPHY
12.3. INSTANT
12.3.1. MARKET OVERVIEW
12.3.2. MARKET SIZE & FORECAST
12.3.3. MARKET BY GEOGRAPHY
13. GEOGRAPHY
13.1. MARKET SNAPSHOT & GROWTH ENGINE
13.2. GEOGRAPHIC OVERVIEW
14. MIDWEST
14.1. MARKET OVERVIEW
14.1.1. ILLINOIS
14.1.2. MICHIGAN
14.1.3. OHIO
14.2. MARKET SIZE & FORECAST
14.3. PRODUCT TYPE
14.3.1. MARKET SIZE & FORECAST
14.4. CATEGORY
14.4.1. MARKET SIZE & FORECAST
14.5. END-USER
14.5.1. MARKET SIZE & FORECAST
14.6. DISTRIBUTION CHANNEL
14.6.1. MARKET SIZE & FORECAST
15. SOUTH
15.1. MARKET OVERVIEW
15.1.1. TEXAS
15.1.2. FLORIDA
15.2. MARKET SIZE & FORECAST
15.3. PRODUCT TYPE
15.3.1. MARKET SIZE & FORECAST
15.4. CATEGORY
15.4.1. MARKET SIZE & FORECAST
15.5. END-USER
15.5.1. MARKET SIZE & FORECAST
15.6. DISTRIBUTION CHANNEL
15.6.1. MARKET SIZE & FORECAST
16. WEST
16.1. MARKET OVERVIEW
16.1.1. CALIFORNIA
16.1.2. WASHINGTON
16.1.3. UTAH
16.2. MARKET SIZE & FORECAST
16.3. PRODUCT TYPE
16.3.1. MARKET SIZE & FORECAST
16.4. CATEGORY
16.4.1. MARKET SIZE & FORECAST
16.5. END-USER
16.5.1. MARKET SIZE & FORECAST
16.6. DISTRIBUTION CHANNEL
16.6.1. MARKET SIZE & FORECAST
17. NORTHEAST
17.1. MARKET OVERVIEW
17.1.1. NEW JERSEY
17.1.2. NEW YORK
17.2. MARKET SIZE & FORECAST
17.3. PRODUCT TYPE
17.3.1. MARKET SIZE & FORECAST
17.4. CATEGORY
17.4.1. MARKET SIZE & FORECAST
17.5. END-USER
17.5.1. MARKET SIZE & FORECAST
17.6. DISTRIBUTION CHANNEL
17.6.1. MARKET SIZE & FORECAST
18. COMPETITIVE LANDSCAPE
18.1. COMPETITION OVERVIEW
18.1.1. RECENT VENDOR ACTIVITIES IN THE MARKET
19. KEY COMPANY PROFILES
19.1. A. O. SMITH
19.1.1. BUSINESS OVERVIEW
19.1.2. PRODUCT OFFERINGS
19.1.3. KEY STRATEGIES
19.1.4. KEY STRENGTHS
19.1.5. KEY OPPORTUNITIES
19.2. BRADFORD WHITE CORPORATION
19.2.1. BUSINESS OVERVIEW
19.2.2. PRODUCT OFFERINGS
19.2.3. KEY STRATEGIES
19.2.4. KEY STRENGTHS
19.2.5. KEY OPPORTUNITIES
19.3. RHEEM MANUFACTURING COMPANY
19.3.1. BUSINESS OVERVIEW
19.3.2. PRODUCT OFFERINGS
19.3.3. KEY STRATEGIES
19.3.4. KEY STRENGTHS
19.3.5. KEY OPPORTUNITIES
20. OTHER PROMINENT VENDORS
20.1. ALTERNATE ENERGY TECHNOLOGIES
20.1.1. BUSINESS OVERVIEW
20.1.2. PRODUCT OFFERINGS
20.2. APRICUS SOLAR
20.2.1. BUSINESS OVERVIEW
20.2.2. PRODUCT OFFERINGS
20.3. BOCK WATER HEATERS
20.3.1. BUSINESS OVERVIEW
20.3.2. PRODUCT OFFERINGS
20.4. BSH HOME APPLIANCES
20.4.1. BUSINESS OVERVIEW
20.4.2. PRODUCT OFFERINGS
20.5. ECCOTEMP
20.5.1. BUSINESS OVERVIEW
20.5.2. PRODUCT OFFERINGS
20.6. GENERAL ELECTRIC
20.6.1. BUSINESS OVERVIEW
20.6.2. PRODUCT OFFERINGS
20.7. HELIODYNE
20.7.1. BUSINESS OVERVIEW
20.7.2. PRODUCT OFFERINGS
20.8. HTP
20.8.1. BUSINESS OVERVIEW
20.8.2. PRODUCT OFFERINGS
20.9. HUBBELL WATER HEATERS
20.9.1. BUSINESS OVERVIEW
20.9.2. PRODUCT OFFERINGS
20.10. INTELLIHOT
20.10.1. BUSINESS OVERVIEW
20.10.2. PRODUCT OFFERINGS
20.11. KINGSPAN
20.11.1. BUSINESS OVERVIEW
20.11.2. PRODUCT OFFERINGS
20.12. KENMORE
20.12.1. BUSINESS OVERVIEW
20.12.2. PRODUCT OFFERINGS
20.13. LENNOX INTERNATIONAL
20.13.1. BUSINESS OVERVIEW
20.13.2. PRODUCT OFFERINGS
20.14. MIDEA
20.14.1. BUSINESS OVERVIEW
20.14.2. PRODUCT OFFERINGS
20.15. NAVIEN
20.15.1. BUSINESS OVERVIEW
20.15.2. PRODUCT OFFERINGS
20.16. NORITZ AMERICA CORPORATION
20.16.1. BUSINESS OVERVIEW
20.16.2. PRODUCT OFFERINGS
20.17. ROBERT BOSCH
20.17.1. BUSINESS OVERVIEW
20.17.2. PRODUCT OFFERINGS
20.18. RECO
20.18.1. BUSINESS OVERVIEW
20.18.2. PRODUCT OFFERINGS
20.19. RINNAI AMERICA CORPORATION
20.19.1. BUSINESS OVERVIEW
20.19.2. PRODUCT OFFERINGS
20.20. SIOUX CORPORATION
20.20.1. BUSINESS OVERVIEW
20.20.2. PRODUCT OFFERINGS
20.21. SUNMAXX SOLAR
20.21.1. BUSINESS OVERVIEW
20.21.2. PRODUCT OFFERINGS
20.22. SUN EARTH
20.22.1. BUSINESS OVERVIEW
20.22.2. PRODUCT OFFERINGS
20.23. STIEBEL ELTRON
20.23.1. BUSINESS OVERVIEW
20.23.2. PRODUCT OFFERINGS
20.24. VIESSMANN MANUFACTURING COMPANY
20.24.1. BUSINESS OVERVIEW
20.24.2. PRODUCT OFFERINGS
20.25. WATTS WATER TECHNOLOGIES
20.25.1. BUSINESS OVERVIEW
20.25.2. PRODUCT OFFERINGS
20.26. WESTINGHOUSE ELECTRIC COMPANY
20.26.1. BUSINESS OVERVIEW
20.26.2. PRODUCT OFFERINGS
20.27. WHIRLPOOL
20.27.1. BUSINESS OVERVIEW
20.27.2. PRODUCT OFFERINGS
21. REPORT SUMMARY
21.1. KEY TAKEAWAYS
21.2. STRATEGIC RECOMMENDATIONS
22. QUANTITATIVE SUMMARY
22.1. MARKET BY GEOGRAPHY
22.2. MIDWEST
22.2.1. PRODUCT TYPE: MARKET SIZE & FORECAST
22.2.2. CATEGORY: MARKET SIZE & FORECAST
22.2.3. END-USER: MARKET SIZE & FORECAST
22.2.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST
22.3. NORTHEAST
22.3.1. PRODUCT TYPE: MARKET SIZE & FORECAST
22.3.2. CATEGORY: MARKET SIZE & FORECAST
22.3.3. END-USER: MARKET SIZE & FORECAST
22.3.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST
22.4. SOUTH
22.4.1. PRODUCT TYPE: MARKET SIZE & FORECAST
22.4.2. CATEGORY: MARKET SIZE & FORECAST
22.4.3. END-USER: MARKET SIZE & FORECAST
22.4.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST
22.5. WEST
22.5.1. PRODUCT TYPE: MARKET SIZE & FORECAST
22.5.2. CATEGORY: MARKET SIZE & FORECAST
22.5.3. END-USER: MARKET SIZE & FORECAST
22.5.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST
23. APPENDIX
23.1. RESEARCH METHODOLOGY
23.2. RESEARCH PROCESS
23.3. REPORT ASSUMPTIONS & CAVEATS
23.3.1. KEY CAVEATS
23.3.2. CURRENCY CONVERSION
23.4. ABBREVIATIONS
LIST OF EXHIBITS
EXHIBIT 1 MARKET SIZE CALCULATION APPROACH 2023
EXHIBIT 2 US WATER HEATER MARKET: INCREMENTAL GROWTH 2023 & 2029
EXHIBIT 3 RESIDENTIAL WATER HEATER REPLACEMENT AND CONSTRUCTION IN US 2007-2022 (MILLIONS OF UNITS)
EXHIBIT 4 IMPACT OF RISING POPULARITY OF TANKLESS WATER HEATERS
EXHIBIT 5 IMPACT OF GROWING DEMAND FOR SMART WATER HEATERS
EXHIBIT 6 THE IMPACT OF INCREASED RENEWABLE ENERGY USE IN WATER HEATERS
EXHIBIT 7 FEDERAL GOVERNMENT SUBSIDIES FOR RENEWABLE ENERGY 2022
EXHIBIT 8 IMPACT OF POPULARITY OF ELECTRIC WATER HEATERS IN COMMERCIAL SETTINGS
EXHIBIT 9 KEY STATISTICS OF ELECTRIC WATER HEATERS IN US
EXHIBIT 10 IMPACT OF TECHNOLOGICAL ADVANCES IN PRODUCTS
EXHIBIT 11 IMPACT OF INCREASING CONSTRUCTION ACTIVITIES
EXHIBIT 12 CONSTRUCTION EXPENSES IN US OCTOBER 2023 ($ BILLION)
EXHIBIT 13 RESIDENTIAL BUILDING PERMITS, HOUSING CONSTRUCTION STARTS, AND COMPLETIONS - NOVEMBER 2023
EXHIBIT 14 IMPACT OF CHALLENGES IN ENERGY EFFICIENCY FOR WATER HEATERS
EXHIBIT 15 KEY INSIGHTS ON HEAT PUMPS AND CARBON EMISSIONS IN US
EXHIBIT 16 IMPACT OF VARIATION OF GAS AND OTHER FUEL PRICES
EXHIBIT 17 PROPANE GAS PRICE FLUCTUATION IN US 2021-2023($ PER GALLON)
EXHIBIT 18 IMPACT OF HIGH INSTALLATION COST OF WATER HEATERS
EXHIBIT 19 KEY STATISTICS OF HEAT PUMP WATER HEATERS IN US
EXHIBIT 20 PARAMETERS OF COMPETITION AMONG VENDORS
EXHIBIT 21 US WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 22 FIVE FORCES ANALYSIS 2023
EXHIBIT 23 INCREMENTAL GROWTH BY PRODUCT 2023 & 2029
EXHIBIT 24 US WATER HEATER MARKET BY PRODUCT 2023-2029 (% SHARE)
EXHIBIT 25 US GAS AND OIL WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 26 US ELECTRIC WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 27 CONSUMPTION OF HPWH IN US 2016-2020 (THOUSAND UNITS)
EXHIBIT 28 US HEAT PUMP WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 29 US SOLAR WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 30 INCREMENTAL GROWTH BY DISTRIBUTION CHANNEL 2023 & 2029
EXHIBIT 31 DISTRIBUTION CHANNELS OF THE US WATER HEATER MARKET
EXHIBIT 32 US WATER HEATER MARKET BY DISTRIBUTION CHANNEL 2023 &2029 (% SHARE)
EXHIBIT 33 US WATER HEATER DISTRIBUTION IN OFFLINE STORES
EXHIBIT 34 US OFFLINE WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 35 WHOLESALER DISTRIBUTION CHANNEL
EXHIBIT 36 US ONLINE WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 37 INCREMENTAL GROWTH BY END-USER 2023 & 2029
EXHIBIT 38 US WATER HEATER MARKET BY END-USER 2023 & 2029 (% SHARE)
EXHIBIT 39 KEY INSIGHTS ON THE END-USER
EXHIBIT 40 RESIDENTIAL HOUSING PERMITS IN US JANUARY TO NOVEMBER 2023 (THOUSANDS OF UNITS)
EXHIBIT 41 RESIDENTIAL GAS AND ELECTRIC STORAGE WATER HEATER SHIPMENTS IN US, JULY 2021, 2022, 2023
EXHIBIT 42 US RESIDENTIAL WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 43 COMMERCIAL GAS AND ELECTRIC STORAGE WATER HEATER SHIPMENTS IN THE US, JULY 2021, 2022, 2023
EXHIBIT 44 US COMMERCIAL WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 45 EXPENDITURE ON HEALTHCARE CONSTRUCTION IN THE US: JANUARY TO NOVEMBER 2023, ($ MILLION)
EXHIBIT 46 AVERAGE HOT WATER USAGE BY AMERICANS IN HOTELS BY NUMBER OF ROOMS, 2023 (GPM)
EXHIBIT 47 INCREMENTAL GROWTH BY CATEGORY 2023 & 2029
EXHIBIT 48 US WATER HEATER MARKET BY CATEGORY 2023 & 2029 (%SHARE)
EXHIBIT 49 US STORAGE WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 50 US INSTANT WATER HEATER MARKET 2023-2029 ($ BILLION)
EXHIBIT 51 INCREMENTAL GROWTH BY GEOGRAPHY 2023 & 2029
EXHIBIT 52 US WATER HEATER MARKET CAGR BY REGION 2023
EXHIBIT 53 RESIDENTIAL BUILDING PERMITS: JANUARY TO SEPTEMBER 2023 (THOUSAND UNITS)
EXHIBIT 54 US WATER HEATER MARKET IN THE MIDWEST 2023-2029 ($ BILLION)
EXHIBIT 55 HOUSING PERMITS IN THE SOUTH US: JANUARY TO SEPTEMBER 2023 (THOUSAND UNITS)
EXHIBIT 56 US WATER HEATER MARKET IN THE SOUTH 2023-2029 ($ BILLION)
EXHIBIT 57 HOUSES SOLD AND PERMITS ISSUED IN THE WEST US: JANUARY TO JULY 2023 (THOUSAND UNITS)
EXHIBIT 58 US WATER HEATER MARKET IN THE WEST 2023-2029 ($ BILLION)
EXHIBIT 59 BUILDING PERMITS IN THE NORTHEAST US: JANUARY TO SEPTEMBER 2023 (THOUSANDS OF UNITS)
EXHIBIT 60 US WATER HEATER MARKET IN THE NORTHEAST 2023-2029 ($ BILLION)
EXHIBIT 61 MARKET POSITION ANALYSIS OF THE THREE MAJOR VENDORS (TIER 1)
EXHIBIT 62 KEY CAVEATS
LIST OF TABLES
TABLE 1 ANNUAL SAVINGS FROM THE SWITCH OF 50 GALLON GAS WATER HEATER TO 80 GALLON HEAT PUMP
TABLE 2 KEY MANUFACTURER OF TANKLESS WATER HEATER
TABLE 3 COMPARISON OF TANK AND TANKLESS WATER HEATER TECHNOLOGIES
TABLE 4 KEY MANUFACTURERS OF SMART WATER HEATERS
TABLE 5 COMPARISON OF GAS VS ELECTRIC WATER HEATERS
TABLE 6 COMPANIES LAUNCHING NEW PRODUCTS WITH INNOVATIVE FEATURES
TABLE 7 HOTEL CONSTRUCTION IN THE US Q1 2023
TABLE 8 COST OF THE WATER-HEATING SYSTEMS POST-INSTALLATION BY TYPE
TABLE 9 AVERAGE COST RANGE BY GALLON CAPACITY, INCLUDING INSTALLATION
TABLE 10 ANNUAL SAVINGS FROM THE SWITCH OF 50 GALLON ELECTRIC RESISTANCE WATER HEATERS TO 80 GALLON HEAT PUMPS
TABLE 11 KEY MANUFACTURERS OF GAS AND OIL WATER HEATERS
TABLE 12 US GAS AND OIL WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 13 KEY MANUFACTURERS OF ELECTRIC WATER HEATERS
TABLE 14 US ELECTRIC WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 15 KEY MANUFACTURERS OF HEAT PUMP WATER HEATERS
TABLE 16 US HEAT PUMP WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 17 KEY MANUFACTURERS OF SOLAR WATER HEATERS
TABLE 18 US SOLAR WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 19 US OFFLINE WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 20 US ONLINE WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 21 US RESIDENTIAL WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 22 US COMMERCIAL WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 23 DIFFERENCE BETWEEN STORAGE AND INSTANT WATER HEATERS
TABLE 24 KEY MANUFACTURERS OF STORAGE WATER HEATERS
TABLE 25 US STORAGE WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ BILLION)
TABLE 26 KEY MANUFACTURERS OF INSTANT WATER HEATERS
TABLE 27 US INSTANT WATER HEATER MARKET BY GEOGRAPHY 2023?2029 ($ MILLION)
TABLE 28 US WATER HEATER MARKET IN THE MIDWEST BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 29 US WATER HEATER MARKET IN THE MIDWEST BY CATEGORY 2023?2029 ($ BILLION)
TABLE 30 US WATER HEATER MARKET IN THE MIDWEST BY END-USER 2023?2029 ($ BILLION)
TABLE 31 US WATER HEATER MARKET IN THE MIDWEST BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 32 US WATER HEATER MARKET IN THE SOUTH BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 33 US WATER HEATER MARKET IN THE SOUTH BY CATEGORY 2023?2029 ($ BILLION)
TABLE 34 US WATER HEATER MARKET IN THE SOUTH BY END-USER 2023?2029 ($ BILLION)
TABLE 35 US WATER HEATER MARKET IN THE SOUTH BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 36 US WATER HEATER MARKET IN THE WEST BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 37 US WATER HEATER MARKET IN THE WEST BY CATEGORY 2023?2029 ($ BILLION)
TABLE 38 US WATER HEATER MARKET IN THE WEST BY END-USER 2023?2029 ($ BILLION)
TABLE 39 US WATER HEATER MARKET IN THE WEST BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 40 US WATER HEATER MARKET IN THE NORTHEAST BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 41 US WATER HEATER MARKET IN THE NORTHEAST BY CATEGORY 2023?2029 ($ BILLION)
TABLE 42 US WATER HEATER MARKET IN THE NORTHEAST BY END-USER 2023?2029 ($ BILLION)
TABLE 43 US WATER HEATER MARKET IN THE NORTHEAST BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 44 A. O. SMITH: MAJOR PRODUCT OFFERINGS
TABLE 45 BRADFORD WHITE CORPORATION: MAJOR PRODUCT OFFERINGS
TABLE 46 RHEEM MANUFACTURING COMPANY: MAJOR PRODUCT OFFERINGS
TABLE 47 ALTERNATE ENERGY TECHNOLOGIES: MAJOR PRODUCT OFFERINGS
TABLE 48 APRICUS SOLAR: MAJOR PRODUCT OFFERINGS
TABLE 49 BOCK WATER HEATERS: MAJOR PRODUCT OFFERINGS
TABLE 50 BSH HOME APPLIANCES: MAJOR PRODUCT OFFERINGS
TABLE 51 ECCOTEMP: MAJOR PRODUCT OFFERINGS
TABLE 52 GENERAL ELECTRIC: MAJOR PRODUCT OFFERINGS
TABLE 53 HELIODYNE: MAJOR PRODUCT OFFERINGS
TABLE 54 HTP: MAJOR PRODUCT OFFERINGS
TABLE 55 HUBBELL WATER HEATERS: MAJOR PRODUCT OFFERINGS
TABLE 56 INTELLIHOT: MAJOR PRODUCT OFFERINGS
TABLE 57 KINGSPAN: MAJOR PRODUCT OFFERINGS
TABLE 58 KENMORE: MAJOR PRODUCT OFFERINGS
TABLE 59 LENNOX INTERNATIONAL: MAJOR PRODUCT OFFERINGS
TABLE 60 MIDEA: MAJOR PRODUCT OFFERINGS
TABLE 61 NAVIEN: MAJOR PRODUCT OFFERINGS
TABLE 62 NORITZ AMERICA CORPORATION: MAJOR PRODUCT OFFERINGS
TABLE 63 ROBERT BOSCH: MAJOR PRODUCT OFFERINGS
TABLE 64 RECO: MAJOR PRODUCT OFFERINGS
TABLE 65 RINNAI AMERICA CORPORATION: MAJOR PRODUCT OFFERINGS
TABLE 66 SIOUX CORPORATION: MAJOR PRODUCT OFFERINGS
TABLE 67 SUNMAXX SOLAR: MAJOR PRODUCT OFFERINGS
TABLE 68 SUN EARTH: MAJOR PRODUCT OFFERINGS
TABLE 69 STIEBEL ELTRON: MAJOR PRODUCT OFFERINGS
TABLE 70 VIESSMANN MANUFACTURING COMPANY: MAJOR PRODUCT OFFERINGS
TABLE 71 WATTS WATER TECHNOLOGIES: MAJOR PRODUCT OFFERINGS
TABLE 72 WESTINGHOUSE ELECTRIC COMPANY: MAJOR PRODUCT OFFERINGS
TABLE 73 WHIRLPOOL: MAJOR PRODUCT OFFERINGS
TABLE 74 US WATER HEATER MARKET BY REGION 2023?2029 ($ BILLION)
TABLE 75 US WATER HEATER MARKET BY REGION 2023?2029 (%)
TABLE 76 US WATER HEATER MARKET IN THE MIDWEST BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 77 US WATER HEATER MARKET IN THE MIDWEST BY CATEGORY 2023?2029 ($ BILLION)
TABLE 78 US WATER HEATER MARKET IN THE MIDWEST BY END-USER 2023?2029 ($ BILLION)
TABLE 79 US WATER HEATER MARKET IN THE MIDWEST BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 80 US WATER HEATER MARKET IN THE NORTHEAST BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 81 US WATER HEATER MARKET IN THE NORTHEAST BY CATEGORY 2023?2029 ($ BILLION)
TABLE 82 US WATER HEATER MARKET IN THE NORTHEAST BY END-USER 2023?2029 ($ BILLION)
TABLE 83 US WATER HEATER MARKET IN THE NORTHEAST BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 84 US WATER HEATER MARKET IN THE SOUTH BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 85 US WATER HEATER MARKET IN THE SOUTH BY CATEGORY 2023?2029 ($ BILLION)
TABLE 86 US WATER HEATER MARKET IN THE SOUTH BY END-USER 2023?2029 ($ BILLION)
TABLE 87 US WATER HEATER MARKET IN THE SOUTH BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 88 US WATER HEATER MARKET IN THE WEST BY PRODUCT TYPE 2023?2029 ($ BILLION)
TABLE 89 US WATER HEATER MARKET IN THE WEST BY CATEGORY 2023?2029 ($ BILLION)
TABLE 90 US WATER HEATER MARKET IN THE WEST BY END-USER 2023?2029 ($ BILLION)
TABLE 91 US WATER HEATER MARKET IN THE WEST BY DISTRIBUTION CHANNEL 2023?2029 ($ BILLION)
TABLE 92 CURRENCY CONVERSION 2017?2023
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