The U.S. Water Heater Market to Boom, USD 5.08 Billion Revenue Projected by 2029 - Arizton

According to Arizton’s latest research report the U.S. water heater market is growing at a CAGR of 6.67% during 2024-2029. The market is experiencing substantial growth driven by increased disposable income, a rising population, and high replacement rates of aging water heaters. 

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Key Market Drivers

The surge in consumer demand is particularly influenced by the growing popularity of electric water heaters in commercial settings, as they are considered more environmentally friendly compared to gas water heaters. Their eco-friendly characteristics and ease of installation make them ideal for a variety of commercial applications. Additionally, technological advancements in water heaters, such as energy-efficient features, space-saving designs, and multiple temperature settings, are helping to meet diverse consumer needs and enhance overall efficiency. 

Segment Insights

The gas & oil segment continues to dominate, holding over 40% of the market share due to their availability, low fuel cost, and efficient heating capabilities.

The instant water heater segment is expected to grow at the fastest rate with a CAGR of 7.66%, driven by consumers' increasing preference for energy-efficient and sustainable solutions.

The residential segment remains the largest in the market, fueled by growing awareness and adoption of green technologies that promote energy efficiency. 

Regional Growth Trends

The Western U.S. is expected to experience the highest growth during the forecast period, owing to its diverse geography and the increasing adoption of renewable energy technologies, such as solar water heating and heat pump systems. As a result, manufacturers are focusing on offering more sustainable solutions to meet consumer demand for eco-friendly products. 

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Vendor Landscape

The U.S. water heater market is highly competitive, with key players including A.O. Smith, Bradford White, General Electric, Rheem Manufacturing, and Rinnai leading the charge. In 2023, Bradford White launched the Brute XTR commercial boilers, while Rheem introduced the RTGH Series super high efficiency condensing water heaters, both showcasing their commitment to innovation and sustainability. 

Segmentation & Forecast

Product

·        Gas & Oil

·        Electric

·        Heat Pumps

·        Solar

Category

·        Storage

·        Instant

Distribution Channel

·        Offline

·        Online

End-User

·        Residential

·        Commercial

Region

·        Midwest

·        Northeast

·        South

·        West 

Vendors List

·        A.O. Smith

·        Bradford White Corporation

·        General Electric

·        Rinnai

·        Rheem Manufacturing Company

·        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

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