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North America Residential Gas Storage Water Heater Market Trends

Report ID: GMI8673
Published Date: Mar 2024
Report Format: PDF

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North America Residential Gas Storage Water Heater Market Trends

Technological advancements, consumer preferences, and energy efficient regulations along with growing utilization of high-efficiency gas storage water heaters, including condensing models amongst homeowners seeking to reduce energy consumption and lower utility bills will stimulate the market growth. Incorporation of smart technologies, including Wi-Fi connectivity, mobile apps, and digital controls, enable homeowners with greater control and convenience owing to remote monitoring, energy usage tracking, and customized scheduling. Moreover, growing demand for gas storage water heaters with larger tank capacities on account of increasing household sizes and water usage patterns will drive the business outlook.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of North America residential gas storage water heater was reached USD 7.13 billion in 2023 and is anticipated to grow at 6.2% CAGR up to 2032, due to higher need to heat water for various purposes, including domestic hot water supply, space heating, and industrial processes.

North America residential gas storage water heater market from the 31 – 40 gallon capacity segment will surpass USD 2.5 billion by 2032 owing to advancements in insulation, burner technology, and ability to reduce standby heat loss with improved efficiency.

U.S. residential storage water heater industry size is anticipated to exceed USD 7.1 billion by 2032, due to minimized energy costs, significant savings on utility bills, and reliability, durability, and consistent performance.

Some of the leading residential gas storage water heater firms in North America include American Water Heater, A.O. Smith, Ariston Thermo USA LLC, Bosch Thermotechnology Corp., Bradford White Corporation, GE Appliances, and Guangdong Vanward New Electric CO., LTD