CHICAGO, March 28, 2024 /PRNewswire/ -- According to
Arizton's latest research report, the US water heater
market is growing at a CAGR of 6.67% from 2023 to
2029.
To Know More, Click:
https://www.arizton.com/market-reports/us-water-heater-market
Browse in-depth TOC on the U.S. Water Heater
Market
201 –
Pages
92 - Tables
62- Figures
The U.S. Water Heater Market Report Scope
Report
Attributes
|
Details
|
Market Size
(2029)
|
USD 5.08
Billion
|
Market Size
(2023)
|
USD 3.45
Million
|
CAGR
(2023-2029)
|
6.67 %
|
Historic
Year
|
2020-2022
|
Base
Year
|
2023
|
Forecast
Year
|
2024-2029
|
Market
Segmentation
|
Product, Distribution
Channel, End-User, Category, and Geography
|
Geographic
Analysis
|
United States (Midwest,
Northeast, South, and West)
|
Market
Dynamics
|
- The Popularity of Electrification Heaters in
Commercial
- Technological Advancements Products
- Increasing Construction Activities
|
Integrating smart home technologies allows controlling and
monitoring water heaters remotely using mobile apps. Smart
features, including energy usage tracking and remote control,
enhance user convenience. Furthermore, tankless water heaters have
increased in popularity due to their energy efficiency and
space-saving design. These units heat water as needed, reducing the
need for a storage tank and reducing heat loss. In addition,
advances in materials and manufacturing processes contribute to the
durability and longevity of water heaters. The longer lifespans and
reduced maintenance requirements associated with these
technological improvements make consumers more inclined to invest
in newer models.
Water heaters come with costs and benefits to the consumers. For
instance, Rheem Manufacturing offers the ProTerra Hybrid Electric
Water Heater, with features such as controlling water heater
settings from a mobile device, easy installation, water leak
detection, and others. In addition to these features, the company
provides various consumer benefits, including federal tax credits
and local utility rebates of up to $1,000. Furthermore, it offers long-term
advantages, with annual energy cost savings up to $491. Therefore, the demand for water heaters
across the US market is boosted.
Key Highlight
• Southern US has a higher prevalence of electric water
heaters than gas-powered alternatives. Electric heaters generally
require more energy to operate. Furthermore, energy costs in the
southern states have lower electricity rates, potentially
encouraging less conscious usage of water heaters.
• The Western US experiences colder winters than the East
and South due to its mountainous regions. This increases reliance
on hot water for showering, bathing, laundry, and more, driving up
water heater demand. In addition, unlike some other regions, solar
water heating is not as widespread in the Western US due to less
consistent sunshine and colder temperatures. This means
conventional water heaters, fueled by gas or electricity, play a
large role in meeting hot water needs.
Recent Development in the U.S. Water Heater Market
- Rheem Manufacturing Company: In December 2023, the company introduced Rheem's new
Maximus™ line-up, which features a 75-gallon heavy-duty model with
leak detection and maximum plus models (40- and 50-gallon),
offering super high efficiency and advanced features for increased
hot water capacity and savings. Through this, the company enhances
product offerings in the market.
- O. Smith: The organization focuses on an
acquisition strategy to expand its presence in the North American
region. For instance, in 2021, the firm acquired Giant Factories in
Canada to expand production and
increase market penetration in North
America.
- Bradford White Corporation: In 2023, the
organization launched Brute XTR commercial boilers and volume water
heaters, with key features such as low-pressure drop water tube
heat exchangers, water connections, convenient touchscreen, and
others.
Gas & Oil Product Segment to Contribute the Largest
Share
The US oil and gas water heater market will reach $1.98 billion by 2029, growing at a CAGR of
5.85%.
The 7.8% increase in US shipments of residential gas storage
water heaters in November 2021,
compared to 2020, indicates a notable growth trend in the water
heater market. This surge could be attributed to various factors,
such as increased demand for home improvement, rising awareness of
energy-efficient appliances, or fluctuations in weather patterns
affecting the need for heating solutions. The shipment growth shows
an increasing water heater market and reflects consumer preference,
potentially influencing manufacturers and retailers to meet the
growing demand for residential gas storage water heaters in the
US.
The US Water Heater Market Encompasses Crucial
Data, Including:
CAGR (Compound Annual Growth Rate) during the forecast
period: This metric provides insights into the annual
growth rate of the US water heater market over the specified
time frame.
Detailed information on growth drivers: The report
offers in-depth information on the factors that will propel the US
water heater market growth from 2023 to 2029. This includes an
analysis of various market influences.
Precise estimation of market size: Accurate assessments
of the US water heater market size and its contribution and
focusing on key market segments.
Predictions about upcoming trends and changes in consumer
behavior: The report offers insights into anticipated
trends and shifts in consumer behavior that are likely to impact
the US water heater market, helping businesses prepare for future
market dynamics.
Geographical market growth: The report covers the
development of the US water heater market. This provides a
comprehensive understanding of the US market.
Competitive landscape analysis: A thorough examination
of the market's competitive landscape is presented, including
detailed information about companies operating in the US water
heater market. This includes an overview of key players, their
market share, strategies, and key developments.
Analysis of growth challenges: The report includes a
comprehensive analysis of factors that may pose challenges to the
growth of companies in the US water heater market, providing a
well-rounded view of the market dynamics.
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Key Company Profiles
- A.O. Smith
- Bradford White Corporation
- Rheem Manufacturing Company
- Alternate Energy Technologies
- Apricus Solar
- Bock Water Heaters
- BSH Home Appliances
- Bosch Home Comfort
- Eccotemp
- General Electric
- Heliodyne
- HTP
- Hubbell Water Heaters
- Intellihot
- Kingspan
- Kenmore
- Lennox International
- Midea
- Navien
- Noritz America Corporation
- RECO
- Rinnai America Corporation
- Sioux Corporation
- SunMaxx Solar
- SunEarth
- State Water Heaters
- Stiebel Eltron
- Viessmann
- Watts Water Technologies
- Westinghouse Electric Company
- Whirlpool
Market Segmentation
Product
- Gas and Oil
- Electric
- Heat Pumps
- Solar
Category
End-User
Distribution Channel
Geography
- The US
-
- Midwest
- Northeast
- South
- West
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?
Which region dominates the U.S. water heater market?
What are the significant trends in the U.S. water heater
market?
Who are the key players in the U.S. water heater market?
Get the Detailed TOC @
https://www.arizton.com/market-reports/us-water-heater-market
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