U.S. Water Heater Market Size & Outlook, 2023-2030
U.S. water heater market, 2018-2030 (US$M)
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U.S. water heater market highlights
- The U.S. water heater market generated a revenue of USD 4,533.6 million in 2023 and is expected to reach USD 5,960.0 million by 2030.
- The U.S. market is expected to grow at a CAGR of 4% 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.
Water heater market data book summary
| Market revenue in 2023 | USD 4,533.6 million |
| Market revenue in 2030 | USD 5,960.0 million |
| Growth rate | 4% (CAGR from 2023 to 2030) |
| Largest segment | Gas |
| Fastest growing segment | Solar |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, U.S. accounted for 15.5% of the global water heater market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. water heater market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,468.2 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. 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 48.99% in 2023. Horizon Databook has segmented the U.S. water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
The U.S. water heater market is registering high growth due to factors such as changing demographics, an uptick in the real estate market, and volatile climatic conditions. Growing energy consumption in the residential sector is attributed to high electricity bills and depleting power resources.
Thus, consumers are shifting their preference toward energy-efficient heating equipment for better energy savings, which is expected to influence the water heater market positively. The majority of the energy consumption in the U.S. residential sector is contributed by heating and cooling appliances, which can be attributed to the diverse geographic locations and drastic climatic changes across the country.
According to the data published by the Associated General Contractors of America (AGC), the U.S. construction industry creates nearly USD 1.35 trillion worth of projects every year, employing around 7 million people. The burgeoning growth in household units and flourishing construction sector in the U.S. are anticipated to surge the demand for residential water heaters.
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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 country-level data and insights on the U.S. water heater market , including forecasts for subscribers. This country databook contains high-level insights into U.S. water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. water heater market size, by product, 2018-2030 (US$M)
U.S. Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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