North America Residential Gas Storage Water Heater Market Analysis

North America Residential Gas Storage Water Heater Market Analysis

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Based on capacity, the 31 – 40 gallon segment is anticipated to reach USD 2.5 Billion by 2032 owing to advancements in insulation, burner technology, and ability to reduce standby heat loss with improved efficiency. Ongoing product development of small and space efficient designs that can fit into tight spaces, including closets, utility rooms, or smaller homes and apartments, will spur the product penetration. In addition, some homeowners are integrating gas storage water heaters with renewable energy sources such as solar thermal systems or photovoltaic panels to reduce their carbon footprint and energy costs which will strengthen the business statistics.
 

Based on fuel, the residential natural gas water heater is set to grow at a CAGR of over 7% through 2032 on account of high energy efficiency and faster recovery times. Natural gas is often more cost-effective than electricity for heating water, making gas water heaters an attractive option for consumers looking to minimize energy costs over the long term, which will contribute to the industry scenario. The gas water heaters are available in a variety of sizes and capacities to suit different applications and hot water demand levels. Additionally, natural gas infrastructure is well-established and readily available, making it convenient for homeowners and businesses to install and operate gas water heaters without the need for extensive modifications or upgrades to existing infrastructure which will augment the product installation.
 

U.S. Residential storage water heater market revenue t cross USD 7.1 billion by 2032 owing to minimized energy costs, significant savings on utility bills, and reliability, durability, and consistent performance. Various manufacturers offer a range of high-efficiency gas storage water heaters that meet or exceed energy star efficiency standards. Availability of natural gas infrastructure enables widespread adoption of gas appliances across the economy, making it convenient for homeowners and businesses to install and operate gas storage water heaters. Furthermore, gas storage water heaters continue to provide hot water during power outages, making them a reliable choice for homeowners and businesses in areas prone to electricity disruptions or severe weather events, leading to enhanced product demand.