This residential water heater market in the United States is dominated by three major players in AO Smith, Rheem, and Bradford White. In 2021, AO Smith and Rheem together accounted for more than 70 percent of residential water heater shipments in the United States.

The North America Residential Water Heater Market report segments the industry into By Product Type (Storage Water Heaters, Non-Storage Water Heaters, Hybrid Water Heaters), By Energy Source (Electric, Gas, Solar, Others), By Capacity (Small Water Heater, Medium Water Heater, Large Water Heater), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, and more), and By Geography (United States, Canada, and more).

The U.S. water heater market was valued at USD 3.45 billion in 2023 and is expected to reach USD 5.08 billion by 2029, growing at a CAGR of 6.67%.

The Water Heater Manufacturing industry is relatively small in terms of participation. Most of these companies have at least some manufacturing capacity outside the United States. The industry is heavily affected by these few companies' off- and on-shoring decisions. Low interest rates early in the period boosted home improvement investments and surged housing starts, greatly benefiting the industry. Water Heater Manufacturing industry revenue has been expanding at a CAGR of 1.6% over the past five years and is expected to total $3.1 billion in 2024 when revenue will jump by an estimated 0.2%. The majority of water heaters are purchased for residential customers. Rising per capita disposable income enables homeowners to better afford home improvements. Hot water is considered necessary and heaters require replacement once every 10 years; water heaters are a largely non-discretionary expense. Industry profit has also increased over the past five years with greater demand from residential and commercial markets. The industry will continue growing over the next five years. A steady increase in residential construction activity and strong recovery in nonresidential construction will boost demand for new water heaters. Still, the small footprint of the industry and the large average size of its facilities give it the potential for large unexpected swings related to factory openings or relocations. This will be particularly true as the United States moves toward greater trade protectionism and manufacturers strive to locate their operations around tariff barriers. Water Heater Manufacturing industry revenue is expected to expand at a CAGR of 1.3% to $3.3 billion over the five years to 2029.

The commercial water heater market in the United States has been quite stable over the years in terms of market share. AO Smith has taken up around 50 percent of the market, with Rheem and Bradford White as the second and third leading companies. Rheem accounted for a quarter of the market share in 2020, while Bradford White was responsible for 16 percent of commercial water heater shipments in the same year.

Tankless Smart Water Heater Market Outlook

According to our latest research, the global tankless smart water heater market size in 2024 stands at USD 5.2 billion, reflecting robust demand driven by energy efficiency and smart home integration trends. The market has demonstrated a steady expansion, and as per our analysis, it is set to grow at a CAGR of 8.7% from 2025 to 2033. By the end of 2033, the tankless smart water heater market is expected to reach USD 11.1 billion. This remarkable growth is primarily attributed to the rising adoption of smart home technologies, increasing consumer awareness about energy conservation, and supportive government policies promoting efficient water heating solutions.

One of the primary growth factors fueling the tankless smart water heater market is the increasing consumer focus on energy efficiency and sustainability. Traditional water heaters are known for their high energy consumption and standby heat loss, which has led consumers to seek alternatives that are both cost-effective and environmentally friendly. Tankless smart water heaters, by heating water only when needed, offer significant energy savings—often up to 30% more efficient compared to conventional tank-based systems. Additionally, the integration of smart features such as remote monitoring, scheduling, and real-time energy usage analytics further enhances their appeal to tech-savvy homeowners. These features not only provide convenience but also empower users to optimize their energy consumption, aligning with the broader global shift towards sustainable living.

Another significant driver for the tankless smart water heater market is the rapid advancement in IoT and connectivity technologies. The proliferation of Wi-Fi and Bluetooth-enabled appliances has revolutionized the home automation landscape, with smart water heaters seamlessly fitting into this ecosystem. Consumers can now control and monitor their water heaters via smartphones or voice assistants, offering unmatched flexibility and control. This trend is especially prominent in urban areas where smart home adoption rates are high. Moreover, manufacturers are increasingly focusing on enhancing user experience by introducing advanced diagnostics, predictive maintenance, and integration with other smart home devices, further propelling market growth.

Government initiatives and regulatory frameworks promoting energy efficiency are also playing a crucial role in the expansion of the tankless smart water heater market. Many countries have implemented stringent energy standards and incentive programs to encourage the adoption of energy-efficient appliances. Rebates, tax credits, and certification programs such as ENERGY STAR have made it financially attractive for both residential and commercial users to upgrade to smart tankless systems. Additionally, the growing emphasis on reducing carbon emissions and achieving sustainability targets has prompted businesses and institutions to invest in advanced water heating solutions, thereby boosting market demand across various application segments.

From a regional perspective, Asia Pacific is emerging as the fastest-growing market for tankless smart water heaters, driven by rapid urbanization, rising disposable incomes, and increasing awareness about smart home technologies. North America and Europe continue to maintain significant market shares, owing to early adoption of smart home solutions and favorable regulatory environments. Meanwhile, Latin America and the Middle East & Africa are witnessing gradual adoption, supported by infrastructural development and growing consumer interest in energy-efficient appliances. The regional dynamics are expected to evolve further as manufacturers expand their distribution networks and tailor their offerings to meet local consumer preferences and regulatory requirements.

Product Type Analysis

The tankless smart water heater market is segmented by product type into electric, gas, and hybrid systems. Electric tankless smart water heaters dominate the market,

The global water heater market is estimated to be valued at US$ 36.1 billion in 2024 and is forecasted to reach US$ 92 billion by the end of 2034, expanding at a CAGR of 9.8% between 2024 and 2034.

Report Attributes	Details
Water Heater Market Size (2024E)	US$ 36.1 Billion
Forecasted Market Value (2034F)	US$ 92 Billion
Global Market Growth Rate (2024 to 2034)	9.8% CAGR
North America Market Growth Rate (2024 to 2034)	10% CAGR
East Asia Market Value (2024E)	US$ 8 Billion
Solar Water Heater Sales (2034F)	US$ 9.8 Billion
Key Companies Profiled	A.O. Smith Bosch Haier American Water Heaters Ariston GE Appliances Whirlpool Corporation Rinnai Corporation

Country-wise Insights

Attribute	United States
Market Value (2024E)	US$ 7.2 Billion
Growth Rate (2024 to 2034)	10% CAGR
Projected Value (2034F)	US$ 18.8 Billion

Attribute	China
Market Value (2024E)	US$ 3.6 Billion
Growth Rate (2024 to 2034)	10.3% CAGR
Projected Value (2034F)	US$ 9.5 Billion

Category-wise Insights

Attribute	Electric Water Heaters
Market Value (2024E)	US$ 25 Billion
Growth Rate (2024 to 2034)	9.9% CAGR
Projected Value (2034F)	US$ 64.5 Billion

Attribute	Storage Water Heaters
Market Value (2024E)	US$ 17.8 Billion
Growth Rate (2024 to 2034)	10% CAGR
Projected Value (2034F)	US$ 46.3 Billion

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Water Heater Market Size 2024-2028

The water heater market size is forecast to increase by USD 8.05 billion at a CAGR of 5.97% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and factors. One major trend is the increasing preference for tankless water heaters, which offer energy efficiency and continuous hot water supply. Another trend is the integration of water heaters into smart and connected kitchens, enabling remote control and monitoring capabilities. However, high installation and maintenance costs remain challenges for the market, particularly for larger commercial applications. Additionally, stringent regulations regarding energy efficiency and safety standards continue to shape the market landscape. Overall, the market is expected to grow steadily, driven by these trends and factors, as well as increasing demand for reliable and efficient hot water solutions.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

The market encompasses a range of innovative products and high-performance products, including electric product and solar water heating systems, tankless and storage water heater, and smart technology applications. These solutions are increasingly being adopted in residential establishments and smart city projects to reduce environmental impact and improve energy efficiency. Electric water and tankless water heaters are popular choices for their high energy savings and carbon footprint reduction. Solar products, such as solar water heating systems, further enhance the environmental benefits of these systems. In the context of residential applications, water heating systems play a crucial role in daily life, from cleaning and washing to cooking and patient hygiene. Hospitals also rely on water heating systems for essential services.

Further, green projects and smart city initiatives are driving the demand for water heating solutions that minimize carbon emissions and offer high-performance and innovative features. Aging water heaters, on the other hand, are being replaced with more energy-efficient and eco-friendly alternatives. Storage tanks and cleaning systems are essential components of water heating systems, ensuring consistent water temperature and maintaining system hygiene. Overall, the market is poised for growth as the world transitions towards more sustainable and energy-efficient solutions. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The increasing demand for tankless water heaters is a key factor driving the growth of the market. In the market, there is a growing trend towards energy-efficient models, particularly in residential establishments and smart city projects. With aging water heaters leading to increased maintenance and utility costs, the shift toward electric water heaters is gaining momentum. These advanced heating solutions offer high energy savings, making them an attractive option for both residential and commercial consumers. The Department of Defense and military facilities, hotels, shopping complexes, and commercial buildings are all exploring environmentally friendly products to reduce their carbon footprint.

However, tankless water heaters, which use heavy burners to quickly heat water through a heat exchanger, have been found to be 22% more energy-efficient than gas-powered storage water heaters. As consumer spending on heating technologies continues to rise, companies are differentiating their products by launching energy-efficient electric water heaters, providing instant hot water with lower utility costs and reduced environmental impact. Thus, the demand for energy-efficient models is expected to boost the growth of the market during the forecast period.

Significant Market Trend

Smart and connected kitchens are the primary trends in the market growth. The market is witnessing a significant trend towards the adoption of smart water heating solutions. In residential establishments and smart city projects, advanced water heaters equipped with monitoring systems are gaining popularity. These systems enable end-users to maintain their water heaters effectively, removing allergens, harmful particles, and contaminants that can cause wear and tear. The integration of smart technologies, such as smart thermostats and sensors, into electric water heaters and storage water heaters results in high energy savings and a reduced carbon footprint.

Further, institutions like the Department of Defense and military facilities, as well as commercial buildings, hotels, shopping complexes, and other large establishments, are increasingly investing in environ

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Heat Pump Water Heater Market Size 2024-2028

The heat pump water heater market size is forecast to increase by USD 11.58 billion at a CAGR of 29.08% between 2023 and 2028.

The Heat Pump Water Heater (HPWH) market presents a significant growth opportunity for energy-conscious consumers and businesses seeking to reduce their carbon footprint and lower utility costs. HPWHs utilize renewable energy from the ambient air to heat water, making them an eco-friendly alternative to traditional electric or gas water heaters. Key drivers propelling market expansion include increasing energy efficiency regulations, growing awareness of energy conservation, and the declining cost of renewable energy technologies. However, the market is not without challenges. One of the primary obstacles is the lack of awareness and understanding of HPWH technology among potential customers. Additionally, the upfront cost of HPWHs can be higher than conventional water heaters, which may deter some buyers. To capitalize on market opportunities and navigate these challenges effectively, companies can focus on education and marketing efforts to raise awareness of HPWH benefits, as well as explore financing options or incentives to help offset the initial investment. By addressing these issues, HPWH manufacturers and distributors can tap into the growing demand for energy-efficient and cost-effective water heating solutions.

What will be the Size of the Heat Pump Water Heater Market during the forecast period?

Request Free SampleThe market is experiencing significant growth due to the increasing focus on energy efficiency in both the residential and commercial sectors. Air-source heat pumps, a type of heat pump water heater, are gaining popularity for their ability to provide energy-efficient solutions for residential energy consumption and commercial water heating. Geothermal heat pumps are also making strides in the market, offering renewable energy alternatives to traditional fossil fuel-based systems. Energy savings and environmental impact are key drivers for the adoption of heat pump water heaters. The global heating industry is embracing enhanced compressor technologies and heat exchanger designs to improve efficiency and reduce greenhouse gas emissions. Control systems are also becoming increasingly important, with smart technologies enabling better management of heating and cooling systems. Installation costs and climatic conditions are important factors influencing the market dynamics. Regulations, both environmental and energy efficiency, are also playing a significant role in the growth of the market. In the residential sector, energy efficiency standards are driving the demand for energy-efficient solutions, while in the commercial sector, environmental regulations are pushing companies to adopt greener alternatives to fossil fuel-based heating systems. The market is evolving, with a focus on innovation and sustainability. The integration of renewable energy sources and advanced control systems is expected to further boost the market's growth. Overall, the market is poised for continued expansion, offering opportunities for businesses in the HVAC equipment industry.

How is this Heat Pump Water Heater Industry segmented?

The heat pump water heater industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. ApplicationResidentialCommercialTypeAir source heat pumpGeothermal heat pumpGeographyNorth AmericaUSEuropeFranceGermanyUKMiddle East and AfricaAPACChinaSouth AmericaRest of World (ROW)

By Application Insights

The residential segment is estimated to witness significant growth during the forecast period.The residential segment dominates the market for heat pump water heaters, with its large-scale adoption in residential buildings driven by the benefits of high energy efficiency and renewable energy alternatives to traditional heating systems. The construction industry's recovery from the financial crisis has further fueled demand for these energy-efficient solutions. Heat pump water heaters are increasingly being integrated into residential buildings, particularly in regions with harsh climatic conditions, to meet residential energy consumption needs for both water heating and space heating applications. Energy savings is a significant factor driving the market, as heat pump water heaters offer up to 60% energy savings compared to conventional electric water heaters. Renewable energy sources, such as solar and wind, are increasingly being used in conjunction with heat pump water heaters to further reduce carbon emissions and environmental impact. Installation costs, although initially higher than traditional water heaters, are offset by long-term energy savings. Advanced control system

The global tankless water heater market is calculated at US$ 4.9 billion for 2024, as per a new industry analysis published by Fact.MR. Worldwide sales of tankless water heaters are forecasted to rise at a CAGR of 4.9% and reach US$ 9.5 billion by the end of 2034.

Report Attributes	Details
Tankless Water Heater Market Size (2024E)	US$ 4.9 Billion
Forecasted Market Value (2034F)	US$ 9.5 Billion
Global Market Growth Rate (2024 to 2034)	4.9% CAGR
North America Market Value (2034F)	US$ 1.5 Billion
East Asia Market Value (2024E)	US$ 1.1 Billion
Sales of Electric Tankless Water Heaters (2034F)	US$ 7.3 Billion
Key Companies Profiled	A. O. Smith Rinnai Corporation Haier Smart Home Co Ltd. Rheem Manufacturing Company Bajaj Electricals Ltd. EcoSmart Green Energy Products, Inc. Atmor Noritz America Takagi StiebelEltron Inc. Navien Inc. Bradford White Corporation

Country-wise Insights

Attribute	China
Market Value (2024E)	US$ 500 Million
Growth Rate (2024 to 2034)	7.2% CAGR
Projected Value (2034F)	US$ 1.1 Billion

Attribute	United States
Market Value (2024E)	US$ 400 Million
Growth Rate (2024 to 2034)	7.1% CAGR
Projected Value (2034F)	US$ 900 Million

Category-wise Insights

Attribute	Electric Tankless Water Heaters
Market Value (2024E)	US$ 3.7 Billion
Growth Rate (2024 to 2034)	6.9% CAGR
Projected Value (2034F)	US$ 7.3 Billion

Attribute	Condensing Tankless Water Heaters
Market Value (2024E)	US$ 3.9 Billion
Growth Rate (2024 to 2034)	6.9% CAGR
Projected Value (2034F)	US$ 7.6 Billion

The global residential water heater market, valued at $18,367.44 million in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 6.1% from 2025 to 2033. This expansion is fueled by several key factors. Rising urbanization and increasing disposable incomes in developing economies like those in APAC are boosting demand for improved home amenities, including efficient and reliable water heating systems. Furthermore, growing environmental awareness and stringent regulations promoting energy efficiency are driving the adoption of electric and solar water heaters. The shift towards sustainable energy solutions is particularly evident in developed markets like North America and Europe, where government incentives and consumer preference for eco-friendly products are contributing to market growth. Competition within the market is intense, with leading companies employing diverse strategies to gain market share, including product innovation, strategic partnerships, and expansion into new geographical regions. The market is segmented by water heater type (electric, gas, solar) and distribution channel (specialty stores, department stores & supermarkets, online retailers, and others), reflecting consumer preferences and purchasing habits. The dominance of specific segments will likely vary across regions due to factors such as energy infrastructure, climate, and consumer purchasing power. The market's growth trajectory is expected to be influenced by several factors. Continued technological advancements leading to improved energy efficiency and smart features in water heaters will continue to drive demand. However, fluctuations in raw material prices, particularly for gas-powered models, and economic downturns could pose challenges. The market will also need to address concerns around the environmental impact of certain water heater types, particularly regarding greenhouse gas emissions. Regional variations in growth will be influenced by specific market conditions, including infrastructure development, government policies, and consumer preferences. The forecast period will likely witness a gradual shift towards more sustainable options like solar and electric water heaters, particularly in regions with supportive government policies and increasing consumer environmental awareness. Competition will remain fierce, with companies constantly innovating to offer superior products and services.

The global residential gas water heater market is experiencing robust growth, projected to reach a market size of $865.7 million in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 7.0% from 2019 to 2033. This expansion is driven by several factors. Increasing urbanization and rising disposable incomes in developing economies fuel demand for improved home amenities, including efficient and reliable hot water systems. Growing awareness of energy efficiency and the environmental benefits of gas water heaters, compared to electric alternatives, is also significantly contributing to market growth. Furthermore, technological advancements leading to the development of tankless and high-efficiency models are attracting consumers seeking both cost savings and improved performance. The market is segmented by type (tank and tankless) and application (household and commercial), with the household segment dominating due to widespread residential adoption. Major players such as AO Smith, Rheem, and Rinnai are vying for market share through product innovation, strategic partnerships, and expansion into new markets. While the overall market trend is positive, certain restraints could potentially impact growth. Fluctuations in natural gas prices and government regulations regarding emissions and energy efficiency standards could present challenges. However, the ongoing demand for reliable and efficient hot water solutions, coupled with continuous technological improvements and increasing consumer awareness, suggests that the residential gas water heater market will maintain a strong trajectory throughout the forecast period. The dominance of North America and Asia Pacific in the market is expected to continue, however, emerging economies in other regions also offer significant growth opportunities for manufacturers. The market's diverse product offerings and expanding geographical reach suggest continued expansion and competitiveness within the industry. This in-depth report provides a comprehensive analysis of the global residential gas water heater market, projected to reach $15 billion by 2028. We delve into market segmentation, key players, emerging trends, and growth drivers, offering invaluable insights for businesses and investors alike. Keywords: gas water heater, tankless water heater, tank water heater, residential water heater, water heating system, energy-efficient water heater, Rheem, AO Smith, Rinnai, Noritz.

This statistic shows the tankless water heater sales in North America in 2016 and 2017. In 2017, tankless water heater sales in the United States amonted to 451 million U.S. dollars.

North America Residential Water Heater Market size was valued at USD 3.8 Billion in 2024 and is projected to reach USD 6.15 Billion by 2032, growing at a CAGR of 6.2% from 2026 to 2032. The North America residential water heater market is driven by increasing demand for energy-efficient and eco-friendly heating solutions, supported by government incentives and regulations promoting energy conservation. The growing adoption of tankless and hybrid water heaters, along with advancements in smart technologies, further accelerates market growth. Rising urbanization, population growth, and extreme climatic conditions boost the demand for reliable hot water solutions. Additionally, the replacement of aging water heaters and consumer preference for cost-effective, high-performance units contribute to market expansion.

The commercial water heater market is estimated to be valued at US$ 8.2 billion in 2024. The commercial water heater is predicted to rise at a CAGR of 6.9% from 2024 to 2034. The global commercial water heater market is anticipated to reach US$ 16 billion by 2034.

Attributes	Key Insights
Estimated Market Size in 2024	US$ 8.2 billion
Projected Market Value in 2034	US$ 16 billion
Value-based CAGR from 2024 to 2034	6.9%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

Historical CAGR from 2019 to 2023	8.6%
Forecast CAGR from 2024 to 2034	6.9%

Country-wise Analysis

Countries	The Forecast CAGRs from 2024 to 2034
United States	7.2%
United Kingdom	8.1%
China	7.7%
Japan	8.0%
South Korea	9.0%

Category-wise Insights

Category	CAGR
Below 500 L	6.6%
0 to 10 kW	6.3%

Report Scope

Attributes	Details
Estimated Market Size in 2024	US$ 8.2 billion
Projected Market Valuation in 2034	US$ 16 billion
Value-based CAGR 2024 to 2034	6.9%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in US$ billion
Key Regions Covered	North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia Middle East and Africa
Key Market Segments Covered	Storage Capacity Power Rating Fuel Type Application Region
Key Countries Profiled	The United States Canada Brazil Mexico Germany The United Kingdom France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel
Key Companies Profiled	A.O. Smith Rinnai Corporation Rheem Manufacturing Ariston Thermo S.p.A Racold Midea Group Nibe Corporation Nortiz Corporation Hubbell Valliant Lowe’s Bradford White Corporation Flexiheat UK Ltd Daikin Industries

The global commercial water heater market, valued at $11.02 billion in 2025, is projected to experience robust growth, driven by the increasing demand for hot water in commercial establishments like hotels, restaurants, and industrial facilities. A compound annual growth rate (CAGR) of 4.36% from 2025 to 2033 indicates a significant expansion, reaching approximately $16 billion by 2033. This growth is fueled by several key factors. The rising adoption of energy-efficient technologies, such as heat pump water heaters and solar water heaters, is reducing operational costs and boosting environmental sustainability, attracting businesses seeking to minimize their carbon footprint. Furthermore, stringent government regulations promoting energy conservation and stricter building codes mandating efficient water heating systems are stimulating market growth. The market is segmented by heater type (electric, gas, solar) and distribution channel (offline, online), with the online segment experiencing faster growth due to increased accessibility and e-commerce penetration. While rising raw material prices and potential supply chain disruptions represent challenges, the overall market outlook remains positive, particularly in regions like APAC, driven by rapid urbanization and industrialization in countries such as China and India. Growth within the commercial water heater market is regionally diverse. North America, particularly the US, maintains a strong market presence due to established infrastructure and high consumer spending. However, the Asia-Pacific region is expected to witness the fastest growth, propelled by expanding economies and rising infrastructure development. Europe displays steady growth, influenced by government initiatives focused on energy efficiency. Competition among leading companies is intense, with companies employing strategies focused on innovation, technological advancements, and strategic partnerships to maintain market share. The increasing focus on sustainable solutions and smart technologies within water heaters is expected to further shape market dynamics in the coming years, presenting opportunities for companies that can effectively meet evolving consumer demands and environmental regulations.

This statistic shows shipment figures for residential gas and electric storage water heaters in the United States from 2001 to 2022. According to the source, 4.1 million residential gas storage water heaters were shipped in the United States in 2022.

The valuation of the instant water heater market is projected to surpass US$ 21,825.9 million by 2034. The market is anticipated to grow at a 4.60% CAGR until 2034. In 2024, the instant water heater market size stands at US$ 13,920.5 million.

Attributes	Details
Instant Water Heater Market Size, 2023	US$ 13,359.4 million
Instant Water Heater Market Size, 2024	US$ 13,920.5 million
Instant Water Heater Market Size, 2034	US$ 21,825.9 million
Value CAGR (2024 to 2034)	4.60%

Historical Performance of the Instant Water Heater Market Vs. Forecast Outlook

Attributes	Details
Historical Market Size (2019)	US$ 11,777.9 million
Instant Water Heater Market Size (2023)	US$ 13,359.4 million
HCAGR (2019 to 2023)	3.20%

Category-wise Insights

Top Application	Residential
Value Share (2024)	70.20%

Top Energy Source	Electric
Value Share (2024)	73.60%

Country-wise Insights

Countries	CAGR (2024 to 2034)
United States	3.20%
Canada	4.20%
China	4.60%
India	6.10%
Australia	5.30%

North America Natural Gas Water Heater market size will be USD 3249.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. North America has emerged as a prominent participant, and its sales revenue is estimated to reach USD 4715.5 Million by 2031. This growth is mainly attributed to the demand for energy-efficient solutions.

The North America instant water heater market size reached approximately USD 709.99 Million in 2024. The market is further projected to grow at a CAGR of 3.70% between 2025 and 2034, reaching a value of USD 1021.03 Million by 2034.