CHICAGO, May 21, 2024
/PRNewswire/ -- According to Arizton's latest focus insight report,
the US water heater market is growing at a CAGR of 6.67% during
2024-2029.
To Know More, Click:
https://www.focusreports.store/report/us-water-heater-market
The US Water Heater Market Report Scope
Report
Attributes
|
Details
|
Market Size
(2029)
|
$5.08
billion
|
Market Size
(2023)
|
$3.45
billion
|
CAGR
(2023-2029)
|
6.67 %
|
Historic
Year
|
2020-2022
|
Base
Year
|
2023
|
Forecast
Year
|
2024-2029
|
The US water heater market exhibits a notable trend of high
replacement rates alongside construction projects, driven by
increased disposable income and a growing population. With an
increasing consumer base, homeowners are more inclined to replace
aging water heaters with newer, advanced models. The growing
population further contributes to a surge in construction, leading
to the installation of additional water-heating units.
Advances such as energy-efficient features, multiple water
temperature settings, and a space-saving design not only enhance
the efficiency of water heaters but also cater to the diverse
requirements of consumers. The popularity of horizontal water
geysers in compact spaces, particularly urban apartments,
significantly affected the water heater market. With the increasing
trend toward smaller living spaces, consumers are seeking
appliances that optimize available rooms and enhance their homes'
overall aesthetics. For instance, A.O. Smith offers horizontal
water heaters, HAS-X1, with key features such as longer shelf life,
advanced PUF insulation, high energy efficiency, and power savings.
The company expands its product portfolio and increases its
consumer base in the market.
Key Development
- In 2023, Bradford White, one of
the key vendors, launched Brute XTR commercial boilers and volume
water heaters, featuring key elements such as a low-pressure drop
water tube heat exchanger, water connections, a convenient
touchscreen, and others. With this, the company aims to attract a
wide range of consumers and gain a competitive advantage in the
market.
- In 2023, Rheem Manufacturing Company, one of the key vendors
launched the RTGH Series super high-efficiency condensing and RTG
series high-efficiency non-condensing tankless gas water heaters,
featuring sustainability, up to 34% and 25% less energy usage,
integrated digital display, Econet Wi-Fi, leak guard system, and
industry-leading clearance for flexible installation.
The Gas & Oil Water Heater Market to Hold the Dominate
Position in the US Water Heater Market
Gas & oil water heaters use gases such as natural gas and
LPG, requiring a gas line hookup. Gas water heaters come in various
sizes, ranging from as small as 20 gallons to as large as 100
gallons. They boast energy efficiency of over 80–85%. The average
lifespan of a tank gas water heater is about 8–12 years. In
addition, approximately 60% of natural gas is utilized for space
and water heating, cooking, and clothes drying.
Gas & oil water heaters have historically dominated the US
market due to their widespread availability, relatively low fuel
cost, and quick heat recovery times. This dominance is expected to
continue due to the abundance of natural gas in the US and the
established infrastructure for oil distribution.
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Segmentation & Forecast
Product
- Gas & Oil
- Electric
- Heat Pumps
- Solar
Category
Distribution Channel
End-User
Region
- Midwest
- Northeast
- South
- West
Vendors List
Key Vendors
- A.O. Smith
- Bradford White Corporation
- General Electric
- Rinnai
- Rheem Manufacturing Company
Other Prominent Vendors
- Apricus Solar
- Heliodyne Inc.
- HTP Inc.
- Hubbell Inc.
- Intelli Inc.
- Kingspan
- Kenmore
- Lennox International
- Midea
- Navien Inc.
- Noritz American Corporation
- SunMaxx Solar
- RECO
- Alternate Energy Technologies
- Sioux Corporation
- SunEarth Inc.
- Stiebel Eltron Inc.
- Viessmann Manufacturing Co.
- Bock Water Heaters Inc.
- BSH
- Eccotemp
Key Questions Answered in the Report:
How big is the U.S. water heater market?
What is the growth rate of the U.S. water heater market?
What are the future drivers of the U.S. water heater market?
Which region is the fastest growing in the U.S. water heater
market?
Who are the major players in the U.S. water heater market?
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Table of Contents
CHAPTER – 1: U.S. Water Heater Market Overview
- Executive Summary
- Introduction
- Key Findings
CHAPTER – 2: U.S. Water Heater Market Projected
Revenue
- U.S.: Projected Revenue of Water Heater (2024-2029;
$Billions)
CHAPTER – 3: U.S. Water Heater Market Segmentation
Data
- US: Projected Revenue by Product Type (2024-2029); (Revenue
$ B.N.)
- Product Type Snapshot
- Gas & Oil
- Electric
- Heat Pumps
- Solar
- U.S.: Projected Revenue by Category (2024-2029); (Revenue $
B.N.)
- Category Snapshot
- Storage
- Instant
- U.S.: Projected Revenue by Distribution Channel (2024-2029);
(Revenue $ B.N.)
- Distribution Channel Snapshot
- Offline
- Online
- U.S.: Projected Revenue by End-User (2024-2029); (Revenue $
B.N.)
- End-User Snapshot
- Residential
- Commercial
CHAPTER – 4: U.S. Water Heater Market Prospects &
Opportunities
- U.S. Water Heater Market Trends
- U.S. Water Heater Market Drivers
- U.S. Water Heater Market Constraints
CHAPTER – 5: U.S. Water Heater Market Industry
Overview
- U.S. Water Heater Market - Competitive
Landscape
- U.S. Water Heater Market - Key Players
- U.S. Water Heater Market – Other Prominent
Vendors
CHAPTER – 6: Appendix
- Research Methodology
- Abbreviations
- About Arizton
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