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North America Residential Water Heater Market Trends

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

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North America Residential Water Heater Market Trends

Continuous improvements in energy efficiency, integration with smart home systems for better energy management and user convenience and strict energy efficiency standards set by government bodies are pushing manufacturers to develop more efficient water heaters, driving the product adoption. For instance, The U.S. Department of Energy (DOE) mandates minimum energy efficiency standards for residential water heaters, encouraging the production of more energy-efficient models. Additionally, Rebates and tax credits for purchasing ENERGY STAR-certified water heaters incentivize consumers to choose more efficient models which will drive the business scenario.

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.