DUBLIN, October 28, 2021--(BUSINESS WIRE)--The "U.S. Water Heater Market - Industry Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The U.S. water heater market was valued at USD 3,129.54 million in 2020 and is expected to reach USD 4,167.68 million by 2026 growing at a CAGR of 4.89% during the forecast period
The US water heater market is growing significantly due to the increasing demand for hot water for various chores such as laundry, cleaning, shower, cooking, and others. Various factors such as the increasing inclination of the country's population towards energy-efficient applications products and continuous innovation by various vendors to launch heaters with advanced features in the industry are likely to further add to the revenue of water heater vendors operating in the US market.
US WATER HEATER MARKET SEGMENTS
Electric water heaters held the second-highest share of 39.24% in 2020. The low cost of purchase and easy installation is driving the demand for these water heaters.
Storage water heaters held a share of 74.91% in 2020 and dominated the water heater market in the US. The high penetration of these water heaters is attributed to their low purchase and installation cost.
Midwest: Technological advancement and growing inclination towards smart appliances that restricts carbon emissions are likely to support the growth of the water heater industry in the region.
Northeast: New York, Pennsylvania, New Jersey, and Massachusetts are expected to generate the highest demand for water heaters. This is due to the huge population base supported by high median disposable income. Around 80% of the population in New York City have access to smartphones, and more than 70% have access to high-speed Internet at home. These factors are likely to propel the demand for smart water heaters in the region.
The key players in the US water heater industry are O. Smith, Bradford White, and Rheem Manufacturing.The scope for product differentiation is low in the market. Quality, price, and after-sales services are decisive variables affecting the sales of water heaters in the US. Vendors can tap into the tremendous growth opportunities by targeting the rental home market.
In 2020, the gas & oil water heaters generated the highest revenue of USD 1,305.29 million and is expected to grow at a CAGR of 4.08%.
Heat pump water heaters are increasingly gaining momentum as these are highly efficient as compared to electric and conventional gas water heaters.
Several commercial spaces such as hotels, hospitals, resorts, and restaurants have tremendously contributed to the growth of the commercial water heater market in the US.
The residential sector holds a share of 66.35% and is leading the end-user segment due to several single-family and multi-family housing units.
Midwest and Northeast regions are generating the highest revenue for the heater market in the United States due to the huge population in the Midwestern states and cold climate in these areas.
In July 2021, Bradford white, water heater manufacturing company, launched tankless water heater which includes features such as integrated flush ports, digital controls, technology that helps in maintaining constant water temperature, field gas conversion, Venting and modulation, and others.
The following factors are likely to contribute to the growth of the U.S. water heater market during the forecast period:
Growing traction for smart water heaters
Emergence of hybrid water heaters
Growth in the commercial Sector
Expansion of residential sector
Rising demand for energy efficiency
Investment in research & development
Rheem Manufacturing Company
Other Prominent Vendors
Bock Water Heaters
Hubbell Water Heaters
Noritz America Corporation
Rinnai American Corporation
State Water Heaters
Watts Water Technologies
Westinghouse Electric Company
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market At A Glance
7.2 Components Of Storage Water Heater
7.3 Government Regulations
7.4 Industry FAQs
7.4.1 How Will The Us Water Heater Market Perform In The Coming Years?
7.4.2 Which Is The Fastest-Growing And Most Preferred Category Of Water Heaters In The Market?
7.4.3 Which Water Heater By Product Type Has The Highest Revenue Share And Fastest Growth In The Market?
7.4.4 Which End-User Segment Generates The Highest Revenue For Water Heater Vendors Operating In The Us?
7.4.5 Who Are the Key Players In The Us Water Heater Market?
7.5 Impact Of Covid-19
7.5.1 Supply Side
7.5.2 Demand Side
8 Market Opportunities & Trends
8.1 Growing Traction For Smart Water Heaters
8.2 Emergence Of Hybrid Water Heaters
8.3 Growth In Commercial Sector
9 Market Growth Enablers
9.1 Expansion Of Residential Sector
9.2 Rising Demand For Energy Efficiency
9.3 Investment In R&D Initiatives
10 Market Restraints
10.1 Impact Of Covid-19 On Steel Prices
10.2 High Installation & Maintenance Costs For Commercial Water Heaters
10.3 Trade Conflicts Between Us & China
11 Market Landscape
11.1 Market Overview
11.1.1 Key Applications
11.2 Vendor Analysis
11.3 Market Size & Forecast
11.4 Five Forces Analysis
12 Product Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Gas & Oil
12.5 Heat Pump
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Storage Water Heater
13.4 Instant Water Heater
14 Distribution Channel
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3.1 Market Overview
14.3.2 Consumer Electronics Retail Stores
14.3.3 Departmental Stores
14.3.4 Specialty Stores
14.4.1 Market Overview
14.4.2 Direct Sales
14.4.3 Third-Party Sales
15 End User
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.4.1 Market Overview
15.4.4 Other Commercial End Users
For more information about this report visit https://www.researchandmarkets.com/r/2631er
View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005591/en/
Laura Wood, Senior Press Manager
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