U.S. Water Heating Market Experiences Rapid Change

SAN ANTONIO, Sept. 14 /PRNewswire/ -- Verify Markets has released a market research report on the United States Residential Water Heating Market. In the United States, there has been significant change and transformation in the residential water heating market; rapid shifting from standard products to high efficiency products into tankless condensing, heat pump, solar thermal and high efficiency gas storage water heaters.

"In looking at the current industry trends, high-efficiency technologies are taking over the market place. If companies do not adjust to the dynamic market requirements, they will become largely irrelevant.  There are a lot of opportunities for new and existing players with the right product offering in both the demand and supply side," says analyst Anthony Miller.

The market has experienced major change and growth in the past few years, especially in the tankless segment. The key factors driving sales for the tankless segment are more stringent efficiency requirements, high-energy costs, lower price-points due to scalable manufacturing, tax rebates and federal incentives.  The water heater market will be a completely different environment five years from today.  

Water heating accounts for up to 25% of residential energy demand and is the second largest energy use in homes. Each year, about 8% of households in the United States replace their water heaters. Roughly 9 million water heaters are replaced in the United States annually and up to 2 million units are installed in new homes.

As some single-family homes contain more than one working water heater, there are approximately 103 million residential water heaters in service nationwide. At least 27 million of these water heaters are more than 10 years old and are, therefore, nearing the end of their functional lives.

A complete analysis of the U.S. Residential Water Heating Market can be obtained at www.verifymarkets.com.

SOURCE Verify Markets

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED