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North America Residential Water Heater Market
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North America Residential Water Heater Market Charting Growth Trajectories 2025-2033: Strategic Insights and Forecasts

North America Residential Water Heater Market by Production Method (Instant, Storage), by Capacity (<30 liters, 30 - 100 liters, 100 -250 liters, 250 – 400 liters, >400 liters), by Energy Source (Electric, Gas), by North America (U.S., Canada, Mexico) Forecast 2025-2033

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North America Residential Water Heater Market Charting Growth Trajectories 2025-2033: Strategic Insights and Forecasts

Key Insights

The size of the North America Residential Water Heater Market was valued at USD 3.17 Billion in 2024 and is projected to reach USD 4.77 Billion by 2033, with an expected CAGR of 6% during the forecast period. Rising energy costs have become one of the biggest factors that cause homeowners to seek better solutions to reduce utility bills. A growing demand for energy-efficient appliances also is a big push, as the consumer becomes more and more conscious of the environment and sees it in his best interest to reduce these carbon footprints. The government even offers tax incentives and rebates on these more efficient water heaters. Hybrid water heaters, utilizing both gas and electric power, have more popularly been noticed to contribute due to enhanced efficiency and adaptability to varying energy costs. It is one of the factors contributing towards North America Residential Water Heater Market growth. 

North America Residential Water Heater Market Research Report - Market Size, Growth & Forecast

North America Residential Water Heater Market Concentration & Characteristics

The market is moderately concentrated, with a few prominent players accounting for a significant market share. The industry is characterized by high innovation, where companies are continuously developing new technologies to improve efficiency and reduce energy consumption. Regulations related to energy efficiency and safety impact the industry. The market is end-user concentrated, with residential households accounting for the majority of demand. Mergers and acquisitions are common, with companies seeking to expand their market presence.

North America Residential Water Heater Market Trends

Key market trends include a growing shift towards energy-efficient water heaters, increasing popularity of tankless water heaters due to their space-saving design, and growing demand for smart water heaters that offer remote monitoring and control features. Technological advancements, such as the development of hybrid water heaters, are driving market growth. The use of artificial intelligence (AI) and the Internet of Things (IoT) for remote monitoring and control is expected to further enhance the user experience and drive market growth.

North America Residential Water Heater Market Growth

Key Region or Country & Segment to Dominate the Market

The United States is the dominant market in North America, accounting for the majority of the region's demand. The 400-liter capacity segment, particularly with electric and gas energy sources, is expected to dominate the market due to its high demand in residential applications.

North America Residential Water Heater Market Product Insights Report Coverage & Deliverables

The market report provides comprehensive coverage of the North America residential water heater market, including market size, market share, growth, trends, key insights, and competitive analysis. The report includes detailed segmentation by capacity, energy source, and production method.

North America Residential Water Heater Market Analysis

The market is expected to grow at a CAGR of 6% over the next five years. Factors such as rising energy costs, increasing demand for energy-efficient appliances, and government initiatives will drive the market. The market is expected to reach 4.6 Billion by 2030.

North America Residential Water Heater Market Regional Insights

  • U.S.: The U.S. market is the largest and most mature in North America, accounting for the majority of the region's demand.
  • Canada: The Canadian market is growing rapidly, driven by factors such as increasing urbanization and rising energy costs.

Driving Forces: What's Propelling the North America Residential Water Heater Market

  • Rising energy costs: Increasing energy prices are making energy-efficient appliances more attractive to consumers.
  • Increasing demand for energy-efficient appliances: Government initiatives and consumer awareness are driving demand for energy-efficient water heaters.
  • Government initiatives: Government incentives and rebates for energy-efficient appliances are encouraging consumers to adopt these technologies.

Challenges and Restraints in North America Residential Water Heater Market

  • High upfront costs: The upfront cost of energy-efficient water heaters can be higher than traditional models, which may deter some consumers.
  • Lack of awareness: Some consumers may not be aware of the benefits and cost savings associated with energy-efficient water heaters.
  • Regulation: Regulations related to energy efficiency and safety can impact the industry by increasing costs and limiting innovation.

Emerging Trends in North America Residential Water Heater Market

  • Smart water heaters: Smart water heaters offer remote monitoring and control features, allowing consumers to manage their water heating systems from anywhere.
  • Hybrid water heaters: Hybrid water heaters combine gas and electric power sources to improve efficiency and reduce energy consumption.
  • Tankless water heaters: Tankless water heaters provide continuous hot water on demand, eliminating the need for a storage tank.

North America Residential Water Heater Industry News

  • February 2024: Ariston Holding N.V. announced its entry into the U.S. builder segment, expanding its presence and leading the electrification transition across the market.
  • May 2022: GE Appliances opened a water heating manufacturing facility worth USD 70 million in South Carolina, showcasing its expertise in large-scale projects and maintaining a strong position in the industry.

Leading Players in the North America Residential Water Heater Market

  • A.O.Smith
  • Ariston Thermo
  • American Standard Water Heaters
  • Bradford White Corporation
  • EcoSmart Green Energy Products, Inc.
  • GE Appliances
  • HTP Comfort Solutions LLP
  • Lennox International Inc.
  • Noritz America
  • Navien Inc.
  • Racold
  • Rheem Manufacturing Company
  • Rinnai America Corporation
  • State Industries
  • Whirlpool Corporation
  • Westinghouse Electric Corporation

North America Residential Water Heater Market Segmentation

  • 1. Production Method
    • 1.1. Instant
    • 1.2. Storage
  • 2. Capacity
    • 2.1. <30 liters
    • 2.2. 30 - 100 liters
    • 2.3. 100 -250 liters
    • 2.4. 250 – 400 liters
    • 2.5. >400 liters
  • 3. Energy Source
    • 3.1. Electric
    • 3.2. Gas

North America Residential Water Heater Market Segmentation By Geography

  • 1. North America
    • 1.1. U.S.
    • 1.2. Canada
    • 1.3 Mexico

North America Residential Water Heater Market Regional Share

North America Residential Water Heater Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 6% from 2019-2033
Segmentation
    • By Production Method
      • Instant
      • Storage
    • By Capacity
      • <30 liters
      • 30 - 100 liters
      • 100 -250 liters
      • 250 – 400 liters
      • >400 liters
    • By Energy Source
      • Electric
      • Gas
  • By Geography
    • North America
      • U.S.
      • Canada
      • Mexico
Table Of Content
  1. 1. Introduction
    • 1.1. Research Scope
    • 1.2. Market Segmentation
    • 1.3. Research Methodology
    • 1.4. Definitions and Assumptions
  2. 2. Executive Summary
    • 2.1. Introduction
  3. 3. Market Dynamics
    • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1 Growing demand for energy efficient water heaters
        • 3.2.2 Replacement of conventional water heating systems
      • 3.3. Market Restrains
        • 3.3.1. High upfront cost
      • 3.4. Market Trends
        • 3.4.1 Key market trends include a growing shift towards energy-efficient water heaters
        • 3.4.2 increasing popularity of tankless water heaters due to their space-saving design
        • 3.4.3 and growing demand for smart water heaters that offer remote monitoring and control features. Technological advancements
        • 3.4.4 such as the development of hybrid water heaters
        • 3.4.5 are driving market growth. The use of artificial intelligence (AI) and the Internet of Things (IoT) for remote monitoring and control is expected to further enhance the user experience and drive market growth.
  4. 4. Market Factor Analysis
    • 4.1. Porters Five Forces
    • 4.2. Supply/Value Chain
    • 4.3. PESTEL analysis
    • 4.4. Market Entropy
    • 4.5. Patent/Trademark Analysis
  5. 5. North America Residential Water Heater Market Analysis, Insights and Forecast, 2019-2031
    • 5.1. Market Analysis, Insights and Forecast - by Production Method
      • 5.1.1. Instant
      • 5.1.2. Storage
    • 5.2. Market Analysis, Insights and Forecast - by Capacity
      • 5.2.1. <30 liters
      • 5.2.2. 30 - 100 liters
      • 5.2.3. 100 -250 liters
      • 5.2.4. 250 – 400 liters
      • 5.2.5. >400 liters
    • 5.3. Market Analysis, Insights and Forecast - by Energy Source
      • 5.3.1. Electric
      • 5.3.2. Gas
    • 5.4. Market Analysis, Insights and Forecast - by Region
      • 5.4.1. North America
  6. 6. Competitive Analysis
    • 6.1. Market Share Analysis 2024
      • 6.2. Company Profiles
        • 6.2.1 A.O.Smith
          • 6.2.1.1. Overview
          • 6.2.1.2. Products
          • 6.2.1.3. SWOT Analysis
          • 6.2.1.4. Recent Developments
          • 6.2.1.5. Financials (Based on Availability)
        • 6.2.2 Ariston Thermo
          • 6.2.2.1. Overview
          • 6.2.2.2. Products
          • 6.2.2.3. SWOT Analysis
          • 6.2.2.4. Recent Developments
          • 6.2.2.5. Financials (Based on Availability)
        • 6.2.3 American Standard Water Heaters
          • 6.2.3.1. Overview
          • 6.2.3.2. Products
          • 6.2.3.3. SWOT Analysis
          • 6.2.3.4. Recent Developments
          • 6.2.3.5. Financials (Based on Availability)
        • 6.2.4 Bradford White Corporation
          • 6.2.4.1. Overview
          • 6.2.4.2. Products
          • 6.2.4.3. SWOT Analysis
          • 6.2.4.4. Recent Developments
          • 6.2.4.5. Financials (Based on Availability)
        • 6.2.5 EcoSmart Green Energy Products Inc.
          • 6.2.5.1. Overview
          • 6.2.5.2. Products
          • 6.2.5.3. SWOT Analysis
          • 6.2.5.4. Recent Developments
          • 6.2.5.5. Financials (Based on Availability)
        • 6.2.6 GE Appliances
          • 6.2.6.1. Overview
          • 6.2.6.2. Products
          • 6.2.6.3. SWOT Analysis
          • 6.2.6.4. Recent Developments
          • 6.2.6.5. Financials (Based on Availability)
        • 6.2.7 HTP Comfort Solutions LLP
          • 6.2.7.1. Overview
          • 6.2.7.2. Products
          • 6.2.7.3. SWOT Analysis
          • 6.2.7.4. Recent Developments
          • 6.2.7.5. Financials (Based on Availability)
        • 6.2.8 Lennox International Inc.
          • 6.2.8.1. Overview
          • 6.2.8.2. Products
          • 6.2.8.3. SWOT Analysis
          • 6.2.8.4. Recent Developments
          • 6.2.8.5. Financials (Based on Availability)
        • 6.2.9 Noritz America
          • 6.2.9.1. Overview
          • 6.2.9.2. Products
          • 6.2.9.3. SWOT Analysis
          • 6.2.9.4. Recent Developments
          • 6.2.9.5. Financials (Based on Availability)
        • 6.2.10 Navien Inc.
          • 6.2.10.1. Overview
          • 6.2.10.2. Products
          • 6.2.10.3. SWOT Analysis
          • 6.2.10.4. Recent Developments
          • 6.2.10.5. Financials (Based on Availability)
        • 6.2.11 Racold
          • 6.2.11.1. Overview
          • 6.2.11.2. Products
          • 6.2.11.3. SWOT Analysis
          • 6.2.11.4. Recent Developments
          • 6.2.11.5. Financials (Based on Availability)
        • 6.2.12 Rheem Manufacturing Company
          • 6.2.12.1. Overview
          • 6.2.12.2. Products
          • 6.2.12.3. SWOT Analysis
          • 6.2.12.4. Recent Developments
          • 6.2.12.5. Financials (Based on Availability)
        • 6.2.13 Rinnai America Corporation
          • 6.2.13.1. Overview
          • 6.2.13.2. Products
          • 6.2.13.3. SWOT Analysis
          • 6.2.13.4. Recent Developments
          • 6.2.13.5. Financials (Based on Availability)
        • 6.2.14 State Industries
          • 6.2.14.1. Overview
          • 6.2.14.2. Products
          • 6.2.14.3. SWOT Analysis
          • 6.2.14.4. Recent Developments
          • 6.2.14.5. Financials (Based on Availability)
        • 6.2.15 Whirlpool Corporation
          • 6.2.15.1. Overview
          • 6.2.15.2. Products
          • 6.2.15.3. SWOT Analysis
          • 6.2.15.4. Recent Developments
          • 6.2.15.5. Financials (Based on Availability)
        • 6.2.16 Westinghouse Electric Corporation
          • 6.2.16.1. Overview
          • 6.2.16.2. Products
          • 6.2.16.3. SWOT Analysis
          • 6.2.16.4. Recent Developments
          • 6.2.16.5. Financials (Based on Availability)
List of Figures
  1. Figure 1: North America Residential Water Heater Market Revenue Breakdown (Billion, %) by Product 2024 & 2032
  2. Figure 2: North America Residential Water Heater Market Share (%) by Company 2024
List of Tables
  1. Table 1: North America Residential Water Heater Market Revenue Billion Forecast, by Region 2019 & 2032
  2. Table 2: North America Residential Water Heater Market Volume units Forecast, by Region 2019 & 2032
  3. Table 3: North America Residential Water Heater Market Revenue Billion Forecast, by Production Method 2019 & 2032
  4. Table 4: North America Residential Water Heater Market Volume units Forecast, by Production Method 2019 & 2032
  5. Table 5: North America Residential Water Heater Market Revenue Billion Forecast, by Capacity 2019 & 2032
  6. Table 6: North America Residential Water Heater Market Volume units Forecast, by Capacity 2019 & 2032
  7. Table 7: North America Residential Water Heater Market Revenue Billion Forecast, by Energy Source 2019 & 2032
  8. Table 8: North America Residential Water Heater Market Volume units Forecast, by Energy Source 2019 & 2032
  9. Table 9: North America Residential Water Heater Market Revenue Billion Forecast, by Region 2019 & 2032
  10. Table 10: North America Residential Water Heater Market Volume units Forecast, by Region 2019 & 2032
  11. Table 11: North America Residential Water Heater Market Revenue Billion Forecast, by Production Method 2019 & 2032
  12. Table 12: North America Residential Water Heater Market Volume units Forecast, by Production Method 2019 & 2032
  13. Table 13: North America Residential Water Heater Market Revenue Billion Forecast, by Capacity 2019 & 2032
  14. Table 14: North America Residential Water Heater Market Volume units Forecast, by Capacity 2019 & 2032
  15. Table 15: North America Residential Water Heater Market Revenue Billion Forecast, by Energy Source 2019 & 2032
  16. Table 16: North America Residential Water Heater Market Volume units Forecast, by Energy Source 2019 & 2032
  17. Table 17: North America Residential Water Heater Market Revenue Billion Forecast, by Country 2019 & 2032
  18. Table 18: North America Residential Water Heater Market Volume units Forecast, by Country 2019 & 2032
  19. Table 19: U.S. North America Residential Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  20. Table 20: U.S. North America Residential Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  21. Table 21: Canada North America Residential Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  22. Table 22: Canada North America Residential Water Heater Market Volume (units) Forecast, by Application 2019 & 2032
  23. Table 23: Mexico North America Residential Water Heater Market Revenue (Billion) Forecast, by Application 2019 & 2032
  24. Table 24: Mexico North America Residential Water Heater Market Volume (units) Forecast, by Application 2019 & 2032

STEP 1 - Identification of Relevant Samples Size from Population Database

Step Chart
bar chart
method chart

STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

approach chart
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

Note* : In applicable scenarios

STEP 3 - Data Sources

Primary Research

  • Web Analytics
  • Survey Reports
  • Research Institute
  • Latest Research Reports
  • Opinion Leaders

Secondary Research

  • Annual Reports
  • White Paper
  • Latest Press Release
  • Industry Association
  • Paid Database
  • Investor Presentations
approach chart

STEP 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.

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