North America Residential Water Heater Market Analysis

North America Residential Water Heater Market Analysis

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.