North America Water Heater Market Size & Outlook
North America water heater market, 2018-2030 (US$M)
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North America water heater market highlights
- The North America water heater market generated a revenue of USD 6,173.4 million in 2023.
- The market is expected to grow at a CAGR of 4.2% from 2024 to 2030.
- In terms of segment, gas was the largest revenue generating product in 2023.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 6,173.4 million |
| Market revenue in 2030 | USD 8,210.0 million |
| Growth rate | 4.2% (CAGR from 2023 to 2030) |
| Largest segment | Gas |
| Fastest growing segment | Solar |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, North America region accounted for 21.1% of the global water heater market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,477.3 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to water heater market will help companies and investors design strategic landscapes.
Gas was the largest segment with a revenue share of 52.1% in 2023. Horizon Databook has segmented the North America water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
Rapid growth in domestic and international migration in North America has augmented the demand for housing, leading to increased residential construction. The requirement of hot water in industries and the role of water heaters in a well-established industrial infrastructure in the region is expected to bolster the demand for water heaters.
The U.S. announced the Build Back Better Infrastructure Plan in March 2021, wherein the government is investing around USD 2.2 trillion over eight years to boost the growth of the construction industry. The vaccine rollout in the U.S. is expected to benefit the regional market as economic activity in the country is expected to return to normal i.e., pre-COVID situation.
According to the U.S. Centers for Disease Control and Prevention (CDC), 37% of the U.S. population is fully vaccinated as of May 17, 2021. The COVID-19 pandemic created huge disruptions in the supply chain, resulting in delayed sourcing of raw materials.
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America water heater market , including forecasts for subscribers. This continent databook contains high-level insights into North America water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America water heater market size, by country, 2018-2030 (US$M)
North America Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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