The US Water Heater Market Revenue to Reach $5.08 Billion by 2029, Gas & Oil End-User Segment Creating Huge Market Opportunities - Arizton

CHICAGO, March 28, 2024 /PRNewswire/ -- 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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Browse in-depth TOC on the U.S. Water Heater Market

201 – Pages                     
92 - Tables           
62- Figures       

The U.S. Water Heater Market Report Scope 

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.

The US Water Heater Market Encompasses Crucial Data, Including:           
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the US water heater market over the specified time frame.           
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the US water heater market growth from 2023 to 2029. This includes an analysis of various market influences.           
Precise estimation of market size: Accurate assessments of the US water heater market size and its contribution and focusing on key market segments.           
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the US water heater market, helping businesses prepare for future market dynamics.           
Geographical market growth: The report covers the development of the US water heater market. This provides a comprehensive understanding of the US market.       
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the US water heater market. This includes an overview of key players, their market share, strategies, and key developments.           
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the US water heater market, providing a well-rounded view of the market dynamics.      

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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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