North America Gas Water Heater Market Analysis

North America Gas Water Heater Market Analysis

To get key market trends

  Download Free Sample

Based on product, the storage gas water heater market is anticipated to grow at CAGR of over 6% through 2032. These systems provide large volume of hot water and are suitable for various single and multi-families in comparison to a tankless unit. Smart city construction projects in conjunction with continuous expansion of zero emission green building plans will fuel the product demand. Additionally, rising urban migration, considerable growth across the tourism sector will further boost the industry dynamics.
 

100-250 liters gas water heater market accounted for USD 1.5 billion in 2022. Increasing dispensable incomes specifically across the developing economies along with enhanced deployment of the equipment across residential apartments and small commercial complexes will sway the business landscape. Moreover, the key industry manufacturers focus on ongoing product upgradations along with providing competitive pricing will influence the industry scenario.
 

Based on application, the residential gas water heater market will surpass USD 2.9 billion by 2032. Ongoing expansion of high-rise buildings along with infrastructural expansion by multi-community will contribute to business growth. In addition, large-scale introduction of city gas distribution projects and pipeline networks in line with strict norms to attain high efficiency standards will propel the industry scenario.
 

Based on fuel, the natural gas market exceeded USD 0.8 billion in 2022 on account of accessibility of gas infrastructure combined with features to combat hard water and sediment build-up, which can extend the appliance's lifespan and improve performance. Furthermore, strict environment standards focusing on limiting the carbon and GHG emissions coupled with availability of multiple government incentives will augment the business landscape.
 

U.S. gas water heater market will grow at a CAGR of more than 5.5% by 2032. Rising demand from restaurants and resorts for instant hot water supplies utilized in washrooms, kitchens, saunas, and swimming pools in line with increasing number of manufacturing facilities will strengthen the industry landscape. Furthermore, growing awareness of smart appliances to reduce the increasing carbon footprint along with the presence of leading industry players in the country will accelerate the business dynamics.