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North America Storage Water Heater Market Trends

Report ID: GMI9872
Published Date: Jun 2024
Report Format: PDF

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North America Storage Water Heater Market Trends

Innovations such as smart controls and better insulation have made storage water heaters more energy-efficient, reducing energy consumption and operational costs for businesses augmenting the industry landscape. Commercial entities rely on storage water heaters for a steady and reliable supply of hot water, which is crucial for their operations. These are further designed to meet high demand scenarios, ensuring that hot water is always available when needed. Furthermore, technological advancements and regulatory compliance further support the adoption of these systems, ensuring they meet the evolving needs of commercial users.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

North America storage water heater industry size registered USD 4.15 billion in 2023 and will grow at 6% CAGR between 2024 and 2032, driven by the rising residential and commercial construction activities, along with increasing home renovation and remodeling projects.

The commercial segment will record USD 1.72 billion by 2032, primarily due to significant demand from hotels, hospitals, and educational institutions requiring large volumes of hot water.

U.S. storage water heater industry size will achieve USD 5.15 billion by 2032, owing to the region's vast residential and commercial sectors, increasing construction activities, coupled with stringent energy efficiency regulations.

American Water Heater, A.O. Smith, Bosch Thermotechnology Corp., Bradford White Corporation, Hubbell Heaters, Lochinvar, Rheem Manufacturing Company, Rinnai America Corporation, and State Industries Inc.