U.S. Water Heater Market - Industry Outlook & Forecast 2024-2029

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THE U.S. WATER HEATER MARKET IS EXPECTED TO REACH USD 5.08 BILLION BY 2029 FROM USD 3.45 BILLION IN 2023, GROWING AT A CAGR OF 6.67% DURING THE FORECAST PERIOD.

The U.S. Water Heater Market Size, Share, & Trends Analysis Report By

  • Product: Gas and Oil, Electric, Heat Pumps, and Solar
  • Category: Storage and Instant
  • End-User: Residential and Commercial
  • Distribution Channel: Offline and Online
  • Geography: United States (Midwest, Northeast, South, and West)

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024–2029.

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U.S. WATER HEATER MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
Market Size (2029)USD 5.08 Billion
Market Size (2023)USD 3.45 Billion
CAGR (2023-2029)6.67%
HISTORIC YEAR2020-2022
BASE YEAR2023
Forecast Year2024-2029
Market SegmentsProduct, Distribution Channel, End-User, Category, and Geography
Regional AnalysisUnited States (Midwest, Northeast, South, and West)
KEY PLAYERSA. O. Smith, Bradford White Corporation, and Rheem Manufacturing Company
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INDUSTRY INSIGHTS

The U.S. water heater market was valued at USD 3.45 billion in 2023 and is expected to reach USD 5.08 billion by 2029, growing at a CAGR of 6.67% during the forecast period. Various factors have driven the demand for water heaters in the United States. Climate change has heightened the need for reliable hot water, prompting increased adoption of water heating systems. Technological advancements and a focus on energy efficiency have also played a crucial role as consumers and businesses seek innovative solutions to reduce their carbon footprint. Further, government initiatives supporting sustainable practices drive the demand, fostering the adoption of modern and eco-friendly water heating technologies in the U.S. water heater market. The booming construction in both the hospitality and residential sectors has increased the demand, with new buildings requiring efficient and reliable water-heating products.

The water heater market encompasses producing, selling, and distributing devices designed to heat water for domestic and industrial use. This includes diverse products, from traditional storage tanks powered by electricity, gas, or solar energy to point-of-use instant heaters and tankless products. The industry involves manufacturers, suppliers, and retailers providing efficient and reliable water heating solutions to residential and commercial customers. The factors affecting the U.S. water heater market include technological advancements, urbanization, energy efficiency, regulatory standards, and consumer preferences for sustainable and cost-effective water heating products.

MARKET TRENDS & OPPORTUNITIES

Rising Popularity of Tankless Water Heaters

The popularity of tankless water heaters is rapidly increasing in the U.S. water heater market due to their several advantages. Their on-demand heating system makes them significantly more energy-efficient than traditional water heaters, lowering utility bills. This efficiency can also lead to eligibility for tax breaks and energy incentives in certain locations, encouraging homeowners to switch. In addition, the longer lifespan of tankless water heaters, often exceeding 20 years, appeals to those seeking durable and cost-effective solutions.

The Popularity of Electrification Heaters in Commercial

The growing popularity of electric water heaters in commercialization in the U.S. water heater market has been driven by their environmentally friendly attributes. Unlike gas water heaters, electric ones do not produce toxic fumes, leading to reduced air pollution. In addition, their easy installation process makes them convenient for various commercial settings. Moreover, using electric heaters contributes to decarbonization efforts, aligning with the growing focus on environmentally friendly and sustainable practices.

INDUSTRY RESTRAINTS

High Installation Cost of Water Heater

The installation cost of a water heater includes various factors, making it essential to consider both labor and materials. The average installation costs range from USD 900 to USD 3,000, typically around USD 1,400. Furthermore, the hourly rates for local plumbers typically range from USD 50 to USD 200, with additional charges, such as electrician work, costing between USD 50 and USD 150 per hour. Apart from labor, the expenses include parts and materials necessary for a successful and efficient water heater installation. These materials include pipes, fittings, pipe thread compound, pressure release valves, solder, venting pipes, connectors, and water & gas piping. The complexity of the installation increases the demand for additional materials, impacting the overall replacement cost.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The U.S. water heater market by product is segmented as gas and oil, electric, heat pumps, and solar. The gas & oil segment accounted for the highest industry share in the product type segment. Gas & oil are highly popular among end-users and have a wide customer base due to the low cost of natural gas. Gas and 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. Also, they boast an energy efficiency of more than 80-85%. By the end of the forecast period, gas & oil are expected to continue their dominance in usage and acceptance among end-users and account for the largest market share in 2029.

INSIGHTS BY CATEGORY

The U.S. water heater market by category is segmented as storage and instant. In 2023, the storage segment held the most significant U.S. water heater market share. The surge in demand is attributed to the popularity of the storage water heater, driven by affordability, versatility, easy installation, high flow rate, and the ability to store hot water efficiently for long durations. These features collectively contribute to the segment's significance, reflecting the market's preference for reliable, cost-effective heating products. Furthermore, the instant segment market growth can be attributed to factors like the increasing emphasis on energy efficiency, the low maintenance requirements, and the assurance of a continuous hot water supply. Moreover, consumers have a rising awareness and prioritization of sustainability, further driving the demand for instant water heaters.

INSIGHTS BY DISTRIBUTION CHANNEL

The offline distribution channel accounted for the highest U.S. water heater market share in 2023. This segment's demand for water heaters increases because consumers touch the product and check the quality before purchasing. Also, companies offer a comprehensive range of products in offline channels, such as various varieties of electric, heat pumps, gas, and others. Retailers act as the face of the companies and are the point of purchase for most customers. However, the online segment witnessed the highest CAGR in the distribution channel segment during the forecast period. The demand for water heaters through online channels has increased due to the rising internet penetration worldwide. Moreover, the number of smartphone users has rapidly grown, contributing to the success of online water heater sales.

INSIGHTS BY END-USER

The U.S. water heater market by end-user is segmented as residential and commercial. In 2023, the residential segment accounted for the highest share in the end-user segment. The surge in demand can be attributed to a growing population, rising building permits, and continuous innovation in water heating technologies. Collectively, these drivers contribute to the sustained growth and prominence of the residential water heater industry. However, the commercial segment is projected to witness faster growth in the U.S. water heater market during the forecast period. With the rapid shift towards urbanization, significantly rising infrastructure, and increasing number of corporate offices, hotels, and restaurants, demand for water heaters is significantly increasing from the commercial sector. Also, the healthcare sector substantially increases the demand for water heaters due to its stringent hygiene, sanitation, and infection control requirements.

REGIONAL ANALYSIS

Midwest is the largest contributor in the U.S. water heater market, generating over USD 1 billion in revenue in 2023. The Midwest U.S. is a large region encompassing many states, each with its own market dynamics and consumer preferences. Further, the more individuals and families settle in urban areas, the more reliable and efficient water heating solutions become dominant for daily living. In addition, the Midwest's diverse climate, depicted by cold winters, necessitates using water heaters to provide warm water for domestic use, including bathing, cleaning, and cooking.

Moreover, the Northeast accounted for the second largest revenue generator in the U.S. water heater market due to government initiatives and higher construction activities, both residential and commercial, which in turn may boost the demand for water heaters. In addition, the South is expected to witness a second-highest CAGR during the forecast period due to technological advancement and increased construction of homes. Furthermore, West is expected to grow fastest during the forecast period in the U.S. water heater market with a CAGR of over 8.5% due to increased population and colder winters.

COMPETITIVE LANDSCAPE

The competition among vendors in the U.S. water heater market is quite intense. This market is highly fragmented, with many companies competing for market share. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades. The industry is moderately fragmented, with many players providing advanced features and designs for water heaters. The three major vendors in the U.S. water heater market are A. O. Smith, Bradford White Corporation, and Rheem Manufacturing.

The South and West regions of the U.S. have high housing permits, which increases the demand for various products in the market (including water heaters). In the Northeast, water heater demand is expected to increase due to the rising construction of offices and tourism growth. In addition, in the Midwest U.S., efforts are being made to encourage vendors to expand their business presence there.

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.

Frequently Asked Questions

How big is the U.S. water heater market?

The U.S. water heater market was valued at USD 3.45 billion in 2023 and is expected to reach USD 5.08 billion by 2029.

What is the growth rate of the U.S. water heater market?

The U.S. water heater market is expected to grow at a CAGR of 6.67% from 2023 to 2029.

Which region dominates the U.S. water heater market?

The Midwest held the largest U.S. water heater market share, valued at over USD 1 billion in 2023.

What are the significant trends in the U.S. water heater market?

The rising popularity of tankless water heaters, growing demand for smart water heaters, and increased renewable energy water heaters are trends in the U.S. water heater market.

Who are the key players in the U.S. water heater market?

A. O. Smith, Bradford White Corporation, and Rheem Manufacturing Company are the key players in the U.S. water heater market.

The U.S. water heater market size is expected to grow at a CAGR of approximately 6.67% from 2023 to 2029.

The following factors are likely to contribute to the growth of the U.S. water heater market during the forecast period:

  • The Popularity of Electrification Heaters in Commercial
  • Technological Advancements Products
  • Increasing Construction Activities

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present scenario of the U.S. water heater market and its market dynamics for 2024−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.

Key Company Profiles

  • A.O. Smith
  • Business Overview
  • Product Offerings
  • Key Strengths
  • Key Strategies
  • Key Opportunities
  • Bradford White Corporation
  • Rheem Manufacturing Company 

Other Prominent Vendors

  • Alternate Energy Technologies
  • Business Overview
  • Product Offerings
  • 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

Segmentation by Product

  • Gas and Oil
  • Electric
  • Heat Pumps
  • Solar

Segmentation by Category

  • Storage
  • Instant

Segmentation by End-User

  • Residential
  • Commercial

Segmentation by Distribution Channel

  • Offline
  • Online

Segmentation by Geography

  • The U.S.
  • Midwest
  • Northeast
  • South
  • West

EXHIBIT 1 MARKET SIZE CALCULATION APPROACH 2023

EXHIBIT 2 US WATER HEATER MARKET: INCREMENTAL GROWTH 2023 & 2029

EXHIBIT 3 RESIDENTIAL WATER HEATER REPLACEMENT AND CONSTRUCTION IN US 2007-2022 (MILLIONS OF UNITS)

EXHIBIT 4 IMPACT OF RISING POPULARITY OF TANKLESS WATER HEATERS

EXHIBIT 5 IMPACT OF GROWING DEMAND FOR SMART WATER HEATERS

EXHIBIT 6 THE IMPACT OF INCREASED RENEWABLE ENERGY USE IN WATER HEATERS

EXHIBIT 7 FEDERAL GOVERNMENT SUBSIDIES FOR RENEWABLE ENERGY 2022

EXHIBIT 8 IMPACT OF POPULARITY OF ELECTRIC WATER HEATERS IN COMMERCIAL SETTINGS

EXHIBIT 9 KEY STATISTICS OF ELECTRIC WATER HEATERS IN US

EXHIBIT 10 IMPACT OF TECHNOLOGICAL ADVANCES IN PRODUCTS

EXHIBIT 11 IMPACT OF INCREASING CONSTRUCTION ACTIVITIES

EXHIBIT 12 CONSTRUCTION EXPENSES IN US OCTOBER 2023 ($ BILLION)

EXHIBIT 13 RESIDENTIAL BUILDING PERMITS, HOUSING CONSTRUCTION STARTS, AND COMPLETIONS - NOVEMBER 2023

EXHIBIT 14 IMPACT OF CHALLENGES IN ENERGY EFFICIENCY FOR WATER HEATERS

EXHIBIT 15 KEY INSIGHTS ON HEAT PUMPS AND CARBON EMISSIONS IN US

EXHIBIT 16 IMPACT OF VARIATION OF GAS AND OTHER FUEL PRICES

EXHIBIT 17 PROPANE GAS PRICE FLUCTUATION IN US 2021-2023($ PER GALLON)

EXHIBIT 18 IMPACT OF HIGH INSTALLATION COST OF WATER HEATERS

EXHIBIT 19 KEY STATISTICS OF HEAT PUMP WATER HEATERS IN US

EXHIBIT 20 PARAMETERS OF COMPETITION AMONG VENDORS

EXHIBIT 21 US WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 22 FIVE FORCES ANALYSIS 2023

EXHIBIT 23 INCREMENTAL GROWTH BY PRODUCT 2023 & 2029

EXHIBIT 24 US WATER HEATER MARKET BY PRODUCT 2023–2029 (% SHARE)

EXHIBIT 25 US GAS AND OIL WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 26 US ELECTRIC WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 27 CONSUMPTION OF HPWH IN US 2016–2020 (THOUSAND UNITS)

EXHIBIT 28 US HEAT PUMP WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 29 US SOLAR WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 30 INCREMENTAL GROWTH BY DISTRIBUTION CHANNEL 2023 & 2029

EXHIBIT 31 DISTRIBUTION CHANNELS OF THE US WATER HEATER MARKET

EXHIBIT 32 US WATER HEATER MARKET BY DISTRIBUTION CHANNEL 2023 &2029 (% SHARE)

EXHIBIT 33 US WATER HEATER DISTRIBUTION IN OFFLINE STORES

EXHIBIT 34 US OFFLINE WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 35 WHOLESALER DISTRIBUTION CHANNEL

EXHIBIT 36 US ONLINE WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 37 INCREMENTAL GROWTH BY END-USER 2023 & 2029

EXHIBIT 38 US WATER HEATER MARKET BY END-USER 2023 & 2029 (% SHARE)

EXHIBIT 39 KEY INSIGHTS ON THE END-USER

EXHIBIT 40 RESIDENTIAL HOUSING PERMITS IN US JANUARY TO NOVEMBER 2023 (THOUSANDS OF UNITS)

EXHIBIT 41 RESIDENTIAL GAS AND ELECTRIC STORAGE WATER HEATER SHIPMENTS IN US, JULY 2021, 2022, 2023

EXHIBIT 42 US RESIDENTIAL WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 43 COMMERCIAL GAS AND ELECTRIC STORAGE WATER HEATER SHIPMENTS IN THE US, JULY 2021, 2022, 2023

EXHIBIT 44 US COMMERCIAL WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 45 EXPENDITURE ON HEALTHCARE CONSTRUCTION IN THE US: JANUARY TO NOVEMBER 2023, ($ MILLION)

EXHIBIT 46 AVERAGE HOT WATER USAGE BY AMERICANS IN HOTELS BY NUMBER OF ROOMS, 2023 (GPM)

EXHIBIT 47 INCREMENTAL GROWTH BY CATEGORY 2023 & 2029

EXHIBIT 48 US WATER HEATER MARKET BY CATEGORY 2023 & 2029 (%SHARE)

EXHIBIT 49 US STORAGE WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 50 US INSTANT WATER HEATER MARKET 2023–2029 ($ BILLION)

EXHIBIT 51 INCREMENTAL GROWTH BY GEOGRAPHY 2023 & 2029

EXHIBIT 52 US WATER HEATER MARKET CAGR BY REGION 2023

EXHIBIT 53 RESIDENTIAL BUILDING PERMITS: JANUARY TO SEPTEMBER 2023 (THOUSAND UNITS)

EXHIBIT 54 US WATER HEATER MARKET IN THE MIDWEST 2023–2029 ($ BILLION)

EXHIBIT 55 HOUSING PERMITS IN THE SOUTH US: JANUARY TO SEPTEMBER 2023 (THOUSAND UNITS)

EXHIBIT 56 US WATER HEATER MARKET IN THE SOUTH 2023–2029 ($ BILLION)

EXHIBIT 57 HOUSES SOLD AND PERMITS ISSUED IN THE WEST US: JANUARY TO JULY 2023 (THOUSAND UNITS)

EXHIBIT 58 US WATER HEATER MARKET IN THE WEST 2023–2029 ($ BILLION)

EXHIBIT 59 BUILDING PERMITS IN THE NORTHEAST US: JANUARY TO SEPTEMBER 2023 (THOUSANDS OF UNITS)

EXHIBIT 60 US WATER HEATER MARKET IN THE NORTHEAST 2023–2029 ($ BILLION)

EXHIBIT 61 MARKET POSITION ANALYSIS OF THE THREE MAJOR VENDORS (TIER 1)

EXHIBIT 62 KEY CAVEATS


LIST OF TABLES


TABLE 1 ANNUAL SAVINGS FROM THE SWITCH OF 50 GALLON GAS WATER HEATER TO 80 GALLON HEAT PUMP

TABLE 2 KEY MANUFACTURER OF TANKLESS WATER HEATER

TABLE 3 COMPARISON OF TANK AND TANKLESS WATER HEATER TECHNOLOGIES

TABLE 4 KEY MANUFACTURERS OF SMART WATER HEATERS

TABLE 5 COMPARISON OF GAS VS ELECTRIC WATER HEATERS

TABLE 6 COMPANIES LAUNCHING NEW PRODUCTS WITH INNOVATIVE FEATURES

TABLE 7 HOTEL CONSTRUCTION IN THE US Q1 2023

TABLE 8 COST OF THE WATER-HEATING SYSTEMS POST-INSTALLATION BY TYPE

TABLE 9 AVERAGE COST RANGE BY GALLON CAPACITY, INCLUDING INSTALLATION

TABLE 10 ANNUAL SAVINGS FROM THE SWITCH OF 50 GALLON ELECTRIC RESISTANCE WATER HEATERS TO 80 GALLON HEAT PUMPS

TABLE 11 KEY MANUFACTURERS OF GAS AND OIL WATER HEATERS

TABLE 12 US GAS AND OIL WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 13 KEY MANUFACTURERS OF ELECTRIC WATER HEATERS

TABLE 14 US ELECTRIC WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 15 KEY MANUFACTURERS OF HEAT PUMP WATER HEATERS

TABLE 16 US HEAT PUMP WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 17 KEY MANUFACTURERS OF SOLAR WATER HEATERS

TABLE 18 US SOLAR WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 19 US OFFLINE WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 20 US ONLINE WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 21 US RESIDENTIAL WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 22 US COMMERCIAL WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 23 DIFFERENCE BETWEEN STORAGE AND INSTANT WATER HEATERS

TABLE 24 KEY MANUFACTURERS OF STORAGE WATER HEATERS

TABLE 25 US STORAGE WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ BILLION)

TABLE 26 KEY MANUFACTURERS OF INSTANT WATER HEATERS

TABLE 27 US INSTANT WATER HEATER MARKET BY GEOGRAPHY 2023−2029 ($ MILLION)

TABLE 28 US WATER HEATER MARKET IN THE MIDWEST BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 29 US WATER HEATER MARKET IN THE MIDWEST BY CATEGORY 2023−2029 ($ BILLION)

TABLE 30 US WATER HEATER MARKET IN THE MIDWEST BY END-USER 2023−2029 ($ BILLION)

TABLE 31 US WATER HEATER MARKET IN THE MIDWEST BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 32 US WATER HEATER MARKET IN THE SOUTH BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 33 US WATER HEATER MARKET IN THE SOUTH BY CATEGORY 2023−2029 ($ BILLION)

TABLE 34 US WATER HEATER MARKET IN THE SOUTH BY END-USER 2023−2029 ($ BILLION)

TABLE 35 US WATER HEATER MARKET IN THE SOUTH BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 36 US WATER HEATER MARKET IN THE WEST BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 37 US WATER HEATER MARKET IN THE WEST BY CATEGORY 2023−2029 ($ BILLION)

TABLE 38 US WATER HEATER MARKET IN THE WEST BY END-USER 2023−2029 ($ BILLION)

TABLE 39 US WATER HEATER MARKET IN THE WEST BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 40 US WATER HEATER MARKET IN THE NORTHEAST BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 41 US WATER HEATER MARKET IN THE NORTHEAST BY CATEGORY 2023−2029 ($ BILLION)

TABLE 42 US WATER HEATER MARKET IN THE NORTHEAST BY END-USER 2023−2029 ($ BILLION)

TABLE 43 US WATER HEATER MARKET IN THE NORTHEAST BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 44 A. O. SMITH: MAJOR PRODUCT OFFERINGS

TABLE 45 BRADFORD WHITE CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 46 RHEEM MANUFACTURING COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 47 ALTERNATE ENERGY TECHNOLOGIES: MAJOR PRODUCT OFFERINGS

TABLE 48 APRICUS SOLAR: MAJOR PRODUCT OFFERINGS

TABLE 49 BOCK WATER HEATERS: MAJOR PRODUCT OFFERINGS

TABLE 50 BSH HOME APPLIANCES: MAJOR PRODUCT OFFERINGS

TABLE 51 ECCOTEMP: MAJOR PRODUCT OFFERINGS

TABLE 52 GENERAL ELECTRIC: MAJOR PRODUCT OFFERINGS

TABLE 53 HELIODYNE: MAJOR PRODUCT OFFERINGS

TABLE 54 HTP: MAJOR PRODUCT OFFERINGS

TABLE 55 HUBBELL WATER HEATERS: MAJOR PRODUCT OFFERINGS

TABLE 56 INTELLIHOT: MAJOR PRODUCT OFFERINGS

TABLE 57 KINGSPAN: MAJOR PRODUCT OFFERINGS

TABLE 58 KENMORE: MAJOR PRODUCT OFFERINGS

TABLE 59 LENNOX INTERNATIONAL: MAJOR PRODUCT OFFERINGS

TABLE 60 MIDEA: MAJOR PRODUCT OFFERINGS

TABLE 61 NAVIEN: MAJOR PRODUCT OFFERINGS

TABLE 62 NORITZ AMERICA CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 63 ROBERT BOSCH: MAJOR PRODUCT OFFERINGS

TABLE 64 RECO: MAJOR PRODUCT OFFERINGS

TABLE 65 RINNAI AMERICA CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 66 SIOUX CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 67 SUNMAXX SOLAR: MAJOR PRODUCT OFFERINGS

TABLE 68 SUN EARTH: MAJOR PRODUCT OFFERINGS

TABLE 69 STIEBEL ELTRON: MAJOR PRODUCT OFFERINGS

TABLE 70 VIESSMANN MANUFACTURING COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 71 WATTS WATER TECHNOLOGIES: MAJOR PRODUCT OFFERINGS

TABLE 72 WESTINGHOUSE ELECTRIC COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 73 WHIRLPOOL: MAJOR PRODUCT OFFERINGS

TABLE 74 US WATER HEATER MARKET BY REGION 2023−2029 ($ BILLION)

TABLE 75 US WATER HEATER MARKET BY REGION 2023−2029 (%)

TABLE 76 US WATER HEATER MARKET IN THE MIDWEST BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 77 US WATER HEATER MARKET IN THE MIDWEST BY CATEGORY 2023−2029 ($ BILLION)

TABLE 78 US WATER HEATER MARKET IN THE MIDWEST BY END-USER 2023−2029 ($ BILLION)

TABLE 79 US WATER HEATER MARKET IN THE MIDWEST BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 80 US WATER HEATER MARKET IN THE NORTHEAST BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 81 US WATER HEATER MARKET IN THE NORTHEAST BY CATEGORY 2023−2029 ($ BILLION)

TABLE 82 US WATER HEATER MARKET IN THE NORTHEAST BY END-USER 2023−2029 ($ BILLION)

TABLE 83 US WATER HEATER MARKET IN THE NORTHEAST BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 84 US WATER HEATER MARKET IN THE SOUTH BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 85 US WATER HEATER MARKET IN THE SOUTH BY CATEGORY 2023−2029 ($ BILLION)

TABLE 86 US WATER HEATER MARKET IN THE SOUTH BY END-USER 2023−2029 ($ BILLION)

TABLE 87 US WATER HEATER MARKET IN THE SOUTH BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 88 US WATER HEATER MARKET IN THE WEST BY PRODUCT TYPE 2023−2029 ($ BILLION)

TABLE 89 US WATER HEATER MARKET IN THE WEST BY CATEGORY 2023−2029 ($ BILLION)

TABLE 90 US WATER HEATER MARKET IN THE WEST BY END-USER 2023−2029 ($ BILLION)

TABLE 91 US WATER HEATER MARKET IN THE WEST BY DISTRIBUTION CHANNEL 2023−2029 ($ BILLION)

TABLE 92 CURRENCY CONVERSION 2017−2023

1. SCOPE & COVERAGE

1.1. MARKET DEFINITION

1.1.1. INCLUSIONS

1.1.2. EXCLUSIONS

1.1.3. MARKET ESTIMATION CAVEATS

1.2. SEGMENT COVERED & DEFINITIONS

1.2.1. MARKET BY PRODUCT TYPE

1.2.2. MARKET BY CATEGORY

1.2.3. MARKET BY DISTRIBUTION CHANNEL

1.2.4. MARKET BY END-USER

1.3. MARKET DERIVATION

1.3.1. BASE YEAR


2. PREMIUM INSIGHTS

2.1. OPPORTUNITY POCKETS

2.2. MARKET DEFINITIONS

2.3. REPORT OVERVIEW

2.4. OPPORTUNITIES & CHALLENGE ANALYSIS

2.5. SEGMENT ANALYSIS

2.6. REGIONAL ANALYSIS

2.7. COMPETITIVE LANDSCAPE

2.7.1. RECENT DEVELOPMENTS IN THE MARKET


3. MARKET AT A GLANCE

4. INTRODUCTION

4.1. OVERVIEW

4.1.1. WATER HEATER REPLACEMENT

4.1.2. POST-PANDEMIC WATER HEATER MARKET


5. MARKET OPPORTUNITIES & TRENDS

5.1. RISING POPULARITY OF TANKLESS WATER HEATERS

5.2. GROWING DEMAND FOR SMART WATER HEATER

5.3. INCREASED RENEWABLE ENERGY USE IN WATER HEATERS


6. MARKET GROWTH ENABLERS

6.1. THE POPULARITY OF ELECTRIC WATER HEATERS IN COMMERCIAL SETTINGS

6.2. TECHNOLOGICAL ADVANCES IN PRODUCTS

6.3. INCREASING CONSTRUCTION ACTIVITIES


7. MARKET RESTRAINTS

7.1. CHALLENGES IN ENERGY EFFICIENCY FOR WATER HEATERS

7.2. VARIATION OF GAS AND OTHER FUEL PRICES

7.3. HIGH INSTALLATION COST OF WATER HEATERS


8. MARKET LANDSCAPE

8.1. MARKET OVERVIEW

8.2. DEMAND INSIGHTS

8.3. VENDOR ANALYSIS

8.4. MARKET SIZE & FORECAST

8.5. FIVE FORCES ANALYSIS

8.5.1. THREAT OF NEW ENTRANTS

8.5.2. BARGAINING POWER OF SUPPLIERS

8.5.3. BARGAINING POWER OF BUYERS

8.5.4. THREAT OF SUBSTITUTES

8.5.5. COMPETITIVE RIVALRY


9. PRODUCT

9.1. MARKET SNAPSHOT & GROWTH ENGINE

9.2. MARKET OVERVIEW

9.3. GAS AND OIL

9.3.1. MARKET OVERVIEW

9.3.2. MARKET SIZE & FORECAST

9.3.3. MARKET BY GEOGRAPHY

9.4. ELECTRIC

9.4.1. MARKET OVERVIEW

9.4.2. MARKET SIZE & FORECAST

9.4.3. MARKET BY GEOGRAPHY

9.5. HEAT PUMPS

9.5.1. MARKET OVERVIEW

9.5.2. MARKET SIZE & FORECAST

9.5.3. MARKET BY GEOGRAPHY

9.6. SOLAR

9.6.1. MARKET OVERVIEW

9.6.2. MARKET SIZE & FORECAST

9.6.3. MARKET BY GEOGRAPHY


10. DISTRIBUTION CHANNEL

10.1. MARKET OVERVIEW

10.2. OFFLINE

10.2.1. MARKET OVERVIEW

10.2.2. MARKET SIZE & FORECAST

10.2.3. MARKET BY GEOGRAPHY

10.3. CONSUMER ELECTRONICS RETAIL STORES

10.3.1. MARKET OVERVIEW

10.4. DEPARTMENTAL STORES

10.4.1. MARKET OVERVIEW

10.5. SPECIALTY STORES

10.5.1. MARKET OVERVIEW

10.6. OTHERS

10.6.1. MARKET OVERVIEW

10.7. ONLINE

10.7.1. MARKET OVERVIEW

10.7.2. MARKET SIZE & FORECAST

10.7.3. MARKET BY GEOGRAPHY

10.8. DIRECT SALES

10.8.1. MARKET OVERVIEW

10.9. THIRD-PARTY SALES

10.9.1. MARKET OVERVIEW


11. END-USER

11.1. MARKET OVERVIEW

11.2. RESIDENTIAL

11.2.1. MARKET OVERVIEW

11.2.2. MARKET SIZE & FORECAST

11.2.3. MARKET BY GEOGRAPHY

11.3. COMMERCIAL

11.3.1. MARKET OVERVIEW

11.3.2. MARKET SIZE & FORCAST

11.3.3. MARKET BY GEOGRAPHY

11.4. HEALTHCARE

11.4.1. MARKET OVERVIEW

11.5. HOSPITALITY

11.5.1. MARKET OVERVIEW

11.6. OTHER

11.6.1. MARKET OVERVIEW


12. CATEGORY

12.1. MARKET OVERVIEW

12.2. STORAGE

12.2.1. MARKET OVERVIEW

12.2.2. MARKET SIZE & FORECAST

12.2.3. MARKET BY GEOGRAPHY

12.3. INSTANT

12.3.1. MARKET OVERVIEW

12.3.2. MARKET SIZE & FORECAST

12.3.3. MARKET BY GEOGRAPHY


13. GEOGRAPHY

13.1. MARKET SNAPSHOT & GROWTH ENGINE

13.2. GEOGRAPHIC OVERVIEW


14. MIDWEST

14.1. MARKET OVERVIEW

14.1.1. ILLINOIS

14.1.2. MICHIGAN

14.1.3. OHIO

14.2. MARKET SIZE & FORECAST

14.3. PRODUCT TYPE

14.3.1. MARKET SIZE & FORECAST

14.4. CATEGORY

14.4.1. MARKET SIZE & FORECAST

14.5. END-USER

14.5.1. MARKET SIZE & FORECAST

14.6. DISTRIBUTION CHANNEL

14.6.1. MARKET SIZE & FORECAST


15. SOUTH

15.1. MARKET OVERVIEW

15.1.1. TEXAS

15.1.2. FLORIDA

15.2. MARKET SIZE & FORECAST

15.3. PRODUCT TYPE

15.3.1. MARKET SIZE & FORECAST

15.4. CATEGORY

15.4.1. MARKET SIZE & FORECAST

15.5. END-USER

15.5.1. MARKET SIZE & FORECAST

15.6. DISTRIBUTION CHANNEL

15.6.1. MARKET SIZE & FORECAST


16. WEST

16.1. MARKET OVERVIEW

16.1.1. CALIFORNIA

16.1.2. WASHINGTON

16.1.3. UTAH

16.2. MARKET SIZE & FORECAST

16.3. PRODUCT TYPE

16.3.1. MARKET SIZE & FORECAST

16.4. CATEGORY

16.4.1. MARKET SIZE & FORECAST

16.5. END-USER

16.5.1. MARKET SIZE & FORECAST

16.6. DISTRIBUTION CHANNEL

16.6.1. MARKET SIZE & FORECAST


17. NORTHEAST

17.1. MARKET OVERVIEW

17.1.1. NEW JERSEY

17.1.2. NEW YORK

17.2. MARKET SIZE & FORECAST

17.3. PRODUCT TYPE

17.3.1. MARKET SIZE & FORECAST

17.4. CATEGORY

17.4.1. MARKET SIZE & FORECAST

17.5. END-USER

17.5.1. MARKET SIZE & FORECAST

17.6. DISTRIBUTION CHANNEL

17.6.1. MARKET SIZE & FORECAST


18. COMPETITIVE LANDSCAPE

18.1. COMPETITION OVERVIEW

18.1.1. RECENT VENDOR ACTIVITIES IN THE MARKET


19. KEY COMPANY PROFILES

19.1. A. O. SMITH

19.1.1. BUSINESS OVERVIEW

19.1.2. PRODUCT OFFERINGS

19.1.3. KEY STRATEGIES

19.1.4. KEY STRENGTHS

19.1.5. KEY OPPORTUNITIES

19.2. BRADFORD WHITE CORPORATION

19.2.1. BUSINESS OVERVIEW

19.2.2. PRODUCT OFFERINGS

19.2.3. KEY STRATEGIES

19.2.4. KEY STRENGTHS

19.2.5. KEY OPPORTUNITIES

19.3. RHEEM MANUFACTURING COMPANY

19.3.1. BUSINESS OVERVIEW

19.3.2. PRODUCT OFFERINGS

19.3.3. KEY STRATEGIES

19.3.4. KEY STRENGTHS

19.3.5. KEY OPPORTUNITIES


20. OTHER PROMINENT VENDORS

20.1. ALTERNATE ENERGY TECHNOLOGIES

20.1.1. BUSINESS OVERVIEW

20.1.2. PRODUCT OFFERINGS

20.2. APRICUS SOLAR

20.2.1. BUSINESS OVERVIEW

20.2.2. PRODUCT OFFERINGS

20.3. BOCK WATER HEATERS

20.3.1. BUSINESS OVERVIEW

20.3.2. PRODUCT OFFERINGS

20.4. BSH HOME APPLIANCES

20.4.1. BUSINESS OVERVIEW

20.4.2. PRODUCT OFFERINGS

20.5. ECCOTEMP

20.5.1. BUSINESS OVERVIEW

20.5.2. PRODUCT OFFERINGS

20.6. GENERAL ELECTRIC

20.6.1. BUSINESS OVERVIEW

20.6.2. PRODUCT OFFERINGS

20.7. HELIODYNE

20.7.1. BUSINESS OVERVIEW

20.7.2. PRODUCT OFFERINGS

20.8. HTP

20.8.1. BUSINESS OVERVIEW

20.8.2. PRODUCT OFFERINGS

20.9. HUBBELL WATER HEATERS

20.9.1. BUSINESS OVERVIEW

20.9.2. PRODUCT OFFERINGS

20.10. INTELLIHOT

20.10.1. BUSINESS OVERVIEW

20.10.2. PRODUCT OFFERINGS

20.11. KINGSPAN

20.11.1. BUSINESS OVERVIEW

20.11.2. PRODUCT OFFERINGS

20.12. KENMORE

20.12.1. BUSINESS OVERVIEW

20.12.2. PRODUCT OFFERINGS

20.13. LENNOX INTERNATIONAL

20.13.1. BUSINESS OVERVIEW

20.13.2. PRODUCT OFFERINGS

20.14. MIDEA

20.14.1. BUSINESS OVERVIEW

20.14.2. PRODUCT OFFERINGS

20.15. NAVIEN

20.15.1. BUSINESS OVERVIEW

20.15.2. PRODUCT OFFERINGS

20.16. NORITZ AMERICA CORPORATION

20.16.1. BUSINESS OVERVIEW

20.16.2. PRODUCT OFFERINGS

20.17. ROBERT BOSCH

20.17.1. BUSINESS OVERVIEW

20.17.2. PRODUCT OFFERINGS

20.18. RECO

20.18.1. BUSINESS OVERVIEW

20.18.2. PRODUCT OFFERINGS

20.19. RINNAI AMERICA CORPORATION

20.19.1. BUSINESS OVERVIEW

20.19.2. PRODUCT OFFERINGS

20.20. SIOUX CORPORATION

20.20.1. BUSINESS OVERVIEW

20.20.2. PRODUCT OFFERINGS

20.21. SUNMAXX SOLAR

20.21.1. BUSINESS OVERVIEW

20.21.2. PRODUCT OFFERINGS

20.22. SUN EARTH

20.22.1. BUSINESS OVERVIEW

20.22.2. PRODUCT OFFERINGS

20.23. STIEBEL ELTRON

20.23.1. BUSINESS OVERVIEW

20.23.2. PRODUCT OFFERINGS

20.24. VIESSMANN MANUFACTURING COMPANY

20.24.1. BUSINESS OVERVIEW

20.24.2. PRODUCT OFFERINGS

20.25. WATTS WATER TECHNOLOGIES

20.25.1. BUSINESS OVERVIEW

20.25.2. PRODUCT OFFERINGS

20.26. WESTINGHOUSE ELECTRIC COMPANY

20.26.1. BUSINESS OVERVIEW

20.26.2. PRODUCT OFFERINGS

20.27. WHIRLPOOL

20.27.1. BUSINESS OVERVIEW

20.27.2. PRODUCT OFFERINGS


21. REPORT SUMMARY

21.1. KEY TAKEAWAYS

21.2. STRATEGIC RECOMMENDATIONS


22. QUANTITATIVE SUMMARY

22.1. MARKET BY GEOGRAPHY

22.2. MIDWEST

22.2.1. PRODUCT TYPE: MARKET SIZE & FORECAST

22.2.2. CATEGORY: MARKET SIZE & FORECAST

22.2.3. END-USER: MARKET SIZE & FORECAST

22.2.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST

22.3. NORTHEAST

22.3.1. PRODUCT TYPE: MARKET SIZE & FORECAST

22.3.2. CATEGORY: MARKET SIZE & FORECAST

22.3.3. END-USER: MARKET SIZE & FORECAST

22.3.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST

22.4. SOUTH

22.4.1. PRODUCT TYPE: MARKET SIZE & FORECAST

22.4.2. CATEGORY: MARKET SIZE & FORECAST

22.4.3. END-USER: MARKET SIZE & FORECAST

22.4.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST

22.5. WEST

22.5.1. PRODUCT TYPE: MARKET SIZE & FORECAST

22.5.2. CATEGORY: MARKET SIZE & FORECAST

22.5.3. END-USER: MARKET SIZE & FORECAST

22.5.4. DISTRIBUTION CHANNEL: MARKET SIZE & FORECAST


23. APPENDIX

23.1. RESEARCH METHODOLOGY

23.2. RESEARCH PROCESS

23.3. REPORT ASSUMPTIONS & CAVEATS

23.3.1. KEY CAVEATS

23.3.2. CURRENCY CONVERSION

23.4. ABBREVIATIONS

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Frequently Asked Questions

How big is the U.S. water heater market?

The U.S. water heater market was valued at USD 3.45 billion in 2023 and is expected to reach USD 5.08 billion by 2029.

What is the growth rate of the U.S. water heater market?

The U.S. water heater market is expected to grow at a CAGR of 6.67% from 2023 to 2029.

Which region dominates the U.S. water heater market?

The Midwest held the largest U.S. water heater market share, valued at over USD 1 billion in 2023.

What are the significant trends in the U.S. water heater market?

The rising popularity of tankless water heaters, growing demand for smart water heaters, and increased renewable energy water heaters are trends in the U.S. water heater market.

Who are the key players in the U.S. water heater market?

A. O. Smith, Bradford White Corporation, and Rheem Manufacturing Company are the key players in the U.S. water heater market.