North America Storage Water Heater Market - By Application (Residential, Commercial), By Energy Source, By Capacity (Below 30 Liter, 30 - 100 Liter, 100 - 250 Liter, 250 - 400 Liter, above 400 Liter), Country Forecast & Outlook, 2024 - 2032

North America Storage Water Heater Market size will record 6% CAGR from 2024 to 2032, led by the rapid adoption of smart home technologies. Of late, smart storage water heaters are widely incorporated with features like Wi-Fi connectivity, remote monitoring, control, energy usage tracking, and automated maintenance alerts. There have also been improvements in insulation technology and the use of advanced materials for enhancing the efficiency and durability of storage water heaters in the region. Growing focus on better insulation for reducing heat loss, leading to lower energy consumption and operating costs will also drive the product demand.

The North America storage water heater industry is segmented into application, capacity, energy source and country.

In terms of capacity, the industry value from the 250 - 400 liter segment will witness strong growth between 2024 and 2032, owing to their robust capacity to store excess hot water generated during the day for use at night and during cloudy periods for optimizing the use of renewable energy. Larger storage water heaters have grown suitable for small businesses, bed-and-breakfast establishments, and other semi-commercial applications that require a reliable and abundant hot water supply. Advances in insulation and heating technologies for addressing the concerns about energy wastage for making them more attractive to environmentally conscious consumers will also add to the segment growth.

Based on application, the North America storage water heater market from the residential segment will register considerable growth rate up to 2032. This can majorly be attributed to the rising obligation for providing hot water for showers and baths for ensuring comfort and convenience for household members. Storage water heaters can also be used to maintain the temperature of hot tubs and swimming pools while providing relaxation and recreational benefits.

Canada storage water heater industry size may accrue substantial CAGR between 2024 and 2032, due to strong focus on energy efficiency driven by stringent regulations and standards aimed at reducing energy consumption and environmental impacts. Homeowners and businesses across the country are increasingly integrating storage water heaters with renewable energy systems like solar panels. The increasing emphasis on reducing carbon emissions is also driving the noticeable shift from traditional gas-powered water heaters to electric models, fuelling the regional product demand.