Summary

In North America the use of water heaters has a long history, dating back to the late 19th century. Initially, water heaters were often simple, tankless devices, but over time, technological advancements have led to the development of various types of water heaters, including tankless, storage tank, and hybrid systems. In North America, the use of hot water is synonymous with convenience and comfort. Hot water is essential for daily activities such as bathing, showering, dishwashing, laundry, and cleaning. It plays a crucial role in maintaining hygiene and comfort standards. The choice of energy source for water heaters in North America varies. Natural gas is a popular choice due to its affordability and quick heating capabilities. Electric water heaters are also widely used, especially in regions with limited access to natural gas infrastructure. Renewable energy sources, such as solar and heat pumps, are gaining popularity for their sustainability benefits. Many cultural practices in North America, such as daily showers and hot baths, contribute to the high demand for hot water. Hot water is also used extensively in cooking, especially for dishes like pasta and tea. There is a growing awareness of energy efficiency in North America, leading to a shift toward energy-efficient water heaters. Consumers are increasingly looking for ENERGY STAR-certified models and high-efficiency options to reduce energy consumption and lower utility bills. Consumer preferences for water heaters can vary based on factors such as household size, climate, and budget. Tankless water heaters are favored for their on-demand hot water supply and space-saving design, while storage tank water heaters are chosen for their affordability and reliability. In North America, it's common for homeowners to replace water heaters when they reach the end of their expected lifespan, which is typically around 10 to 15 years. This replacement culture drives demand for new and more efficient models. Regular maintenance of water heaters is encouraged to ensure longevity and efficiency. This includes flushing the tank to remove sediment buildup and checking for any signs of corrosion or leaks.

According to the research report "North America Water Heater Market Outlook, 2028," published by Bonafide Research, the market was valued at more than USD 8 Billion in 2022. Water heaters are being integrated into smart grids, allowing them to operate during off-peak hours when electricity rates are lower. This feature can help consumers save on energy costs. Manufacturers are developing mobile apps and software tools specifically for HVAC and plumbing professionals to assist in installation, maintenance, and diagnostics. Water heaters integrated with heat recovery ventilation systems capture and utilize heat from exhaust air, improving both energy efficiency and indoor air quality. Some water heaters are being incorporated into community-based energy-sharing programs, where excess hot water energy can be shared among households, promoting energy efficiency. Thermal energy storage systems are being integrated into water heaters to store excess heat for later use, reducing the need for continuous heating during peak hours. Some regions in North America are exploring electrification initiatives aimed at transitioning away from fossil fuels for water heating. This involves promoting electric heat pump water heaters and other efficient electric options. The construction of Zero Net Energy buildings is on the rise in North America. These buildings generate as much energy as they consume over the course of a year, often relying on energy-efficient water heating systems. Utility companies and governments are launching carbon reduction programs that incentivize the use of low-carbon or carbon-neutral water heating technologies, including heat pumps and solar thermal systems. Efforts to educate consumers about the environmental and economic impacts of different water heater fuel choices are ongoing. This includes information on gas, electric, heat pump, and solar options. Smart water heaters often come equipped with advanced diagnostic features that can detect and notify users of potential issues or maintenance needs, reducing downtime and repair costs.

According to the report based on country the market is segmented into United States, Canada and Mexico. The United States population is expected to grow from 332 million in 2022. This increase in population will lead to increased demand for water heaters. As the population grows, the number of households also increases. More households mean more homes that require water heating systems. New residential constructions to accommodate the growing population will contribute to the demand for water heaters. Existing water heaters have a limited lifespan, typically around 10-15 years. As the population grows, the number of water heaters reaching the end of their useful life will increase. This will lead to a higher demand for replacements and upgrades, as homeowners replace old or inefficient units with newer, more energy-efficient models. Population growth often leads to increased urbanization, with more people moving to cities and metropolitan areas. In urban settings, the demand for hot water is higher due to higher population density and more extensive plumbing systems, which, in turn, drives the demand for water heaters. In densely populated areas, multi-unit dwellings like apartment complexes and condominiums are common. These buildings often have centralized water heating systems, which are more complex and require larger water heaters or multiple units to meet the hot water demand of multiple households. As the population grows in urban areas, so does the need for such multi-unit water heating solutions. The increased demand for water heaters drive innovation in the industry.

North America has a well-established electrical infrastructure with widespread access to electricity. This availability and reliability of electrical power make electric water heaters a convenient and practical choice for many consumers and businesses in the region. Electric water heaters have been widely used in North America for decades. Consumers are familiar with the technology, which includes both tank and tankless electric models, leading to a high level of trust and adoption. Electric water heaters are relatively easy to install and do not require venting systems like gas water heaters. This ease of installation makes them a practical choice for homeowners and businesses, especially in retrofitting or remodeling scenarios. Electric water heaters are considered safe and do not produce emissions or require the use of flammable fuels. This safety factor is appealing to many consumers, particularly those concerned about potential gas-related hazards. Many electric water heaters have a compact design, making them suitable for installation in homes, apartments, and other spaces with limited square footage. Electric water heaters have become more energy-efficient over time. Advanced technologies, such as heat pump water heaters and hybrid models, offer significant energy savings compared to conventional electric resistance heaters. In addition based on technologt the market is divided into tankless, storage and hybrid. Tankless water heaters, also known as on-demand or instantaneous water heaters, are highly energy-efficient. They heat water only when it is needed, eliminating standby heat loss, which is a common inefficiency in traditional tank-style water heaters. This energy efficiency is particularly appealing in North America, where energy costs can be significant. Tankless water heaters can significantly reduce energy consumption and utility bills compared to conventional tank-style water heaters. Consumers in North America are increasingly seeking ways to lower their energy costs and reduce their carbon footprint, making tankless models an attractive choice. Tankless water heaters provide an endless supply of hot water. They can deliver hot water continuously as long as there is demand, making them ideal for households with high hot water usage or simultaneous hot water needs in multiple locations.

Based on capacity the market is divided into Below 30 Litres, 30-100 Litres, 100-250 Litres, 250-400 Litres and Above 400 Litres. Water heaters in the 100-250 litres capacity range are versatile and well-suited for a wide range of residential and light commercial applications. They can provide sufficient hot water for typical household needs and small-scale commercial uses, making them a popular choice among consumers and businesses. The residential sector accounts for a significant portion of the water heater market in North America. Homes with multiple bathrooms and moderate hot water requirements often find 100-250 litres capacity units to be adequate for their needs. This capacity range can comfortably meet the demands of households with several family members. Many small businesses, such as restaurants, cafes, and small retail stores, require hot water for handwashing, dishwashing, and other basic tasks. Water heaters in the 100-250 litres capacity range are suitable for these light commercial applications, where high-volume demands are relatively modest. In addition based on application the market is segmented into residential and commercial. The North American region, including the United States and Canada, has been experiencing steady economic growth. This growth has led to an increase in commercial construction, including hotels, restaurants, office buildings, and retail outlets. These commercial spaces require hot water for various applications, driving the demand for commercial water heaters. North America is a popular tourist destination, attracting visitors from around the world. The hospitality industry, which includes hotels, resorts, and vacation rentals, relies heavily on hot water for guest comfort, laundry, kitchens, and swimming pools. As tourism continues to grow, so does the demand for water heaters in the commercial sector. Restaurants, cafes, and foodservice establishments require hot water for cooking, dishwashing, and sanitation. The growth of the foodservice industry has contributed to the demand for commercial water heaters.

Companies Covered in this report:

Robert Bosch GmbH, A. O. Smith, Ariston Holding N.V. , Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, Noritz Corporation, Whirlpool Corporation , Haier Group Corporation, Lennox International Inc, Ferroli S.p.A., Kenmore, Stiebel Eltron, Inc, IBC Technologies, Inc, Electrolux AB, Midea Group

Considered in this report

• Geography: North America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• North America Water Heater market Outlook with its value and forecast along with its segments
• Country-wise Water Heater market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Country covered in the report:

• US
• Canada
• Mexico

By Product

• Electric
• Solar
• Gas

By Technology

• Tankless
• Storage
• Hybrid

By Capacity

• Below 30 Litres
• 30-100 Litres
• 100-250 Litres
• 250-400 Litres
• Above 400 Litres

By Application

• Residential
• Commercial

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Water Heater industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.









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