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The US Water Heater Market Revenue to Reach $5.08 Billion by 2029, Gas & Oil End-User Segment Creating Huge Market Opportunities - Arizton
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Integrating smart home technologies allows controlling and monitoring water heaters remotely using mobile apps. Smart features, including energy usage tracking and remote control, enhance user convenience. Furthermore, tankless water heaters have increased in popularity due to their energy efficiency and space-saving design. These units heat water as needed, reducing the need for a storage tank and reducing heat loss. In addition, advances in materials and manufacturing processes contribute to the durability and longevity of water heaters. The longer lifespans and reduced maintenance requirements associated with these technological improvements make consumers more inclined to invest in newer models.
Water heaters come with costs and benefits to the consumers. For instance, Rheem Manufacturing offers the ProTerra Hybrid Electric Water Heater, with features such as controlling water heater settings from a mobile device, easy installation, water leak detection, and others. In addition to these features, the company provides various consumer benefits, including federal tax credits and local utility rebates of up to $1,000 . Furthermore, it offers long-term advantages, with annual energy cost savings up to $491 . Therefore, the demand for water heaters across the US market is boosted.
• Southern US has a higher prevalence of electric water heaters than gas-powered alternatives. Electric heaters generally require more energy to operate. Furthermore, energy costs in the southern states have lower electricity rates, potentially encouraging less conscious usage of water heaters.
• The Western US experiences colder winters than the East and South due to its mountainous regions. This increases reliance on hot water for showering, bathing, laundry, and more, driving up water heater demand. In addition, unlike some other regions, solar water heating is not as widespread in the Western US due to less consistent sunshine and colder temperatures. This means conventional water heaters, fueled by gas or electricity, play a large role in meeting hot water needs.
The US oil and gas water heater market will reach $1.98 billion by 2029, growing at a CAGR of 5.85%.
The 7.8% increase in US shipments of residential gas storage water heaters in November 2021 , compared to 2020, indicates a notable growth trend in the water heater market. This surge could be attributed to various factors, such as increased demand for home improvement, rising awareness of energy-efficient appliances, or fluctuations in weather patterns affecting the need for heating solutions. The shipment growth shows an increasing water heater market and reflects consumer preference, potentially influencing manufacturers and retailers to meet the growing demand for residential gas storage water heaters in the US.
This metric provides insights into the annual growth rate of the US water heater market over the specified time frame.
The report offers in-depth information on the factors that will propel the US water heater market growth from 2023 to 2029. This includes an analysis of various market influences.
Accurate assessments of the US water heater market size and its contribution and focusing on key market segments.
The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the US water heater market, helping businesses prepare for future market dynamics.
The report covers the development of the US water heater market. This provides a comprehensive understanding of the US market.
A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the US water heater market. This includes an overview of key players, their market share, strategies, and key developments.
The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the US water heater market, providing a well-rounded view of the market dynamics.
How big is the U.S. water heater market?
What is the growth rate of the U.S. water heater market?
Which region dominates the U.S. water heater market?
What are the significant trends in the U.S. water heater market?
Who are the key players in the U.S. water heater market?
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