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North America Residential Water Heater Market Size

Report ID: GMI5086
Published Date: Jun 2024
Report Format: PDF

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North America Residential Water Heater Market Size

North America Residential Water Heater Market was valued USD 3.17 billion in 2023 and is anticipated to grow at a CAGR of 6% between 2024 and 2032. A residential water heater is an appliance used to heat water for domestic purposes such as bathing, cooking, cleaning, and space heating. Residential water heaters come in various types and sizes to meet the specific needs of households.

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widespread availability and familiarity with storage water heaters support their continued adoption, will stimulate the product demand. Growing popularity of tankless water heaters will augment the industry landscape. In areas where natural gas is inexpensive, gas storage water heaters remain particularly competitive against electric tankless models. Furthermore, in colder regions, storage water heaters are often preferred due to their ability to maintain a large reservoir of hot water during extended periods of high demand, which is set to drive the business scenario.

North America Residential Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Residential Water Heater Market Size in 2023:	USD 3.17 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6%
2032 Value Projection:	USD 5.56 Billion
Historical Data for:	2021 - 2023
No. of Pages:	190
Tables, Charts & Figures:	54
Segments covered:	Product, Capacity, Energy Source and Country
Growth Drivers:	Growing demand for energy efficient water heaters Replacement of conventional water heating systems
Pitfalls & Challenges:	High upfront cost

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Traditional storage water heaters are favored for their consistent hot water supply, which is crucial for households with high hot water demand will stimulate the product adoption. The initial cost is a significant factor in water heater selection, with storage water heaters being more affordable upfront compared to tankless systems. Furthermore, growing environmental awareness is driving the adoption of more sustainable water heating solutions will contribute to business growth.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

North America residential water heater industry size was worth USD 3.17 billion in 2023 and will record a 6% CAGR from 2024 and 2032, fueled by increasing renovation and construction activities.

The storage water heaters segment will reach USD 5.25 billion by 2032, owing to the affordability, reliability, widespread consumer familiarity of storage water heaters and their ability to handle high hot water demands in larger households.

U.S. residential water heater industry will achieve USD 3.73 billion by 2032, driven by robust housing construction, renovation activities, stringent energy efficiency standards and increasing consumer preference for energy-efficient and eco-friendly appliances.

Key players operating in the North America residential water heater industry are GE Appliances, HTP Comfort Solutions LLP, Lennox International Inc., American Standard Water Heaters, Bradford White Corporation, Noritz America, Rheem Manufacturing Company, Rinnai America Corporation, State Industries, Whirlpool Corporation, and Westinghouse Electric Corporation, among others.