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North America Residential Water Heater Market size exceeded USD 2 billion in 2020, and the annual installation is expected to exceed 14 million units by 2027. Rising consumer focus on availing smart water heating appliances in line with increasing hot water demand among numerous single family & multifamily apartments will fuel product adoption.
The introduction of strict government rules & regulations focused on the utilization of energy-efficient gadgets and equipment, increasing consumer investments toward advanced technologies accompanied by substantial drop in electricity bills will drive the North America residential water heater industry statistics.
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|Market Size in 2020:||2.7 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||2.2%|
|2027 Value Projection:||3.2 Billion (USD)|
|Historical Data for:||2017|
|No. of Pages:||190|
|Tables, Charts & Figures:||281|
|Segments covered:||Product, Capacity and Energy Source|
|Pitfalls & Challenges:|
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The outburst of COVID- 19 has adversely impacted the global economy. The virus was primarily recognized in December 2019 across the Hubei province of China and has eventually resulted in a public health threat globally. The virus has affected over 200 nations and caused lockdowns in several countries, consequently limiting the business expansion. However, the constant demand for new strategies to respond to the pandemic including healthcare construction has positively influenced the industry dynamics.
Rapid development and expansion of the real estate industry along with rising investments in R&D activities for product upgradation will positively influence North America residential water heater market share. Growing consumer awareness and shifting customer focus toward new product enhancement coupled with increasing necessity for on demand heating will complement the business outlook. For instance, in 2020, Bradford White introduced its advanced and new product range including water storage and water-space heating products.
The adoption of enhanced instant heating systems on account of minimal energy consumption together with compact & simple designs is anticipated to boost the overall industry size. The introduction of innovative smart models, which are cost effective and have high energy efficiency will augment the business dynamics.
The availability of multi capacity series, which can be utilized across an extensive variety of applications along with continuous supply of pressurized water will favor the storage water heater industry share in North America. Simple & aesthetically sound designs, easy repair & maintenance, coupled with minimal deployment costs are the key factors, which will encourage the product adoption. Rising investments in the development, manufacturing & design of smart heating appliances and escalating demand for space heating together with increasing deployment of central heating systems will positively encourage the business potential.
Stringent environment regulations that aim toward limiting the carbon emissions along with shifting focus toward clean fuel adoption will further augment the North America residential water heater market statistics. The policies and standards, which regulate the industry include Minimum Energy Performance Standards (MEPS), Eco Design, Energy Efficiency Directive, and Energy Performance of Buildings, amongst the others. The rising adoption of low emission heating units to comply with the existing industry mandates and norms will encourage the business dynamics. Major industry players are changing their business trends that are aiming toward product differentiation & innovation for an extensive product series to address various household and customer requirements, escalating the product deployment.
The gas-based residential water heater market will sustain owing to several factors including development and expansion of gas pipeline network, ability to deliver hot water for extended duration coupled with its utilization across a wide range of applications. Installation of these units depends on requirement of space for setting up vents in house exterior and ventilation area for combustion. Nevertheless, stringent government norms concerning the air quality, uneconomical installation cost coupled with combustion process and exhaust outlets will limit the installation of these units across small or domestic applications. However, minimal cost of natural gas makes the equipment inexpensive while comparing to its counterparts.
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North America has witnessed extensive development in the past decade. The Canada market is expected to grow at rate of over 3% CAGR between 2021 and2027. Water heaters are majorly installed in households to be utilized for applications including cooking, personal hygiene, and cleaning among others. Rising customer expenditure on luxury appliances along with increasing investments by private industries and government authorities for development of building infrastructure will stimulate the market size. Economic development on account of easy availability of electricity will further fuel the North America residential water heater market expansion.
Product design and development along with the introduction of innovative products equipped with enhanced features comprising leakage detection, Wi-Fi, and remote monitoring are the major strategies implemented by industry-leading manufacturers. Mergers & acquisitions and joint ventures with technology providers will bring new technology and growth prospects across water heater industry. The eminent industry players operating across the North America residential water heater market include Whirlpool Corporation, American Water Heaters, HTP Comfort Solutions, Bradford White, A.O Smith, Nortiz America, Ariston Thermo, , Rheem Manufacturing, State Water Heaters, GE Appliances, Rinnai America, Navien Inc., Lennox, International and Ecosmart, amongst others.
North America residential water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’USD Million” and “’000 Units” from 2017 to 2027, for the following segments:
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