Water Heater Manufacturing in the US - Industry Market Research Report

In hot water: Slowing demand for water heaters will hinder industry revenue growth

The Water Heater Manufacturing industry is relatively small in terms of participation, with only eight companies in operation. Most of these companies have at least some manufacturing capacity located outside the United States, and the industry is heavily affected by off- and on-shoring decisions made by these few companies. Industry revenue is estimated to grow at a CAGR of 2.6% to $3.6 billion over the five years to 2023, including an increase of 1.0% in 2023 alone. The COVID-19 pandemic initially hampered discretionary purchases as homeowners grew weary of the economic environment. However, home improvement spending soared with individuals spending much more time at home during the pandemic.

This industry manufactures water heaters, which are used in a variety of settings. Most industry products are found in homes, office buildings and industrial facilities. They are made in various sizes and types and are mostly powered by gas or electricity.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.