North America Gas Water Heater Market Size

North America Gas Water Heater Market Size

North America Gas Water Heater Market was valued at USD 2.2 billion in 2022 and is anticipated to grow at a 6.3% CAGR from 2023 to 2032. Driven by the rising household appliance used to heat water for various domestic purposes, such as bathing, cleaning, cooking, and space heating. Gaining popularity of energy-efficient models among consumers owing to their cost savings and reduced environmental impact along with their flexibility across both residential and commercial applications will drive the industry outlook.

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Moreover, governments offering incentives and rebates for the installation of energy-efficient gas water heaters, encouraging consumers to choose eco-friendly options will enhance the North America gas water heater market potential. For instance, in May 2022, the U.S. Department of Energy, proposed new energy-conservation standards for commercial water heating equipment, including storage and instantaneous water heaters, and gas hot water supply boilers. The proposed standards would require commercial water heaters to incorporate condensing technology, which will significantly reduce the energy consumption by extracting additional heat from the combustion process.