North America Residential Water Heater Market size to exceed $3bn by 2027

North America Residential Water Heater Market size is anticipated to surpass USD 3 billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

The North America residential water heater industry is set to grow on account of rapid expansion & development of government sponsored green construction projects along with stringent building efficiency norms & standards. Stringent government regulations and directives to install effective heating equipment to reduce carbon emissions coupled with ongoing development of smart city projects across the economy will positively enhance the product adoption.
 

The outbreak of the COVID-19 has unfavorably impacted the global economy. With lockdown impositions in several adversely affected nations, numerous component manufacturing facilities witnessed halt in operations, thus affecting the business dynamics. It has led to a substantial slowdown in the total production of the heating equipment. The need for huge investments to battle against the pandemic has challenged the adoption of water heaters. However, the eminent industry players are implementing resourceful & meaningful methods to continue operations to encounter their production requirements.
 

The robust construction of multistory buildings along with ongoing extension and development of the realty industry is anticipated to complement the industry statistics. Increasing awareness by consumers toward the benefits of smart water heating appliances together with the rising installation of central and space heating systems will positively influence the North America residential water heater market demand.
 

Strict government mandates owing to growing consumer awareness on reducing the overall carbon footprint will fuel the industry expansion

North America residential water heater market from electric storage segment is projected to gain momentum owing to stringent government regulations to minimize CO2 emissions and increase clean fuel adoption. The important mandates regulating the industry comprises Energy Efficiency Directive, Eco Design, Energy Performance of Buildings and Minimum Energy Performance Standards (MEPS), amongst the others. The rising implementation of zero emission heating appliances to comply with the existing policies and standards will further complement the business dynamics.
 

Browse key industry insights spread across 190 pages with 252 market data tables & 29 figures & charts from the report, “North America Residential Water Heater Market Forecasts By Product (Instant [Electric, Gas], Storage [Electric {< 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, > 400 Liters}, Gas {< 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, > 400 Liters}]), By Capacity (< 30 Liters, 30 - 100 Liters, 100 - 250 Liters, 250 - 400 Liters, > 400 Liters), By Energy Source (Electric, Gas [Natural Gas, LPG]), Industry Analysis Report, Country Outlook (U.S., Canada), Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-residential-water-heater-market
 

Low maintenance and cost-efficient storage water heaters will accelerate the market expansion

Significant investments for the expansion of the existing gas & pipeline network will strengthen the industry dynamics. Availability in several capacities, low standby losses coupled with hassle-free installation are the major factors fueling the residential water heaters demand. These units face several challenges on account of the incapability to deliver hot water for instantaneous uses at homes together with offering continuous hot water supply at different rate of flow. However, feasible installation charges, simple operation, wide-ranging usability combined with low maintenance & repair across the household comprising cooking, personal hygiene, bathing, and space heating will foster the industry forecasts.
 

Increasing disposable incomes, growing urban migration along with advanced product customization will fuel the Canada market size

Rising investments in infrastructure development by government and private organizations coupled with the increasing student migration from several countries to the nation will positively influence the Canada residential water heater market share. The increasing number of green building projects along with escalating demand for hybrid and tankless water heaters will complement the business outlook.
 

The eminent players operating across the North America residential water heater market include A.O Smith, Noritz America, Bosch Thermotechnology, Whirlpool Corporation, Bradford White, State Industries, Ecosmart Green Energy Products, Racold, Westinghouse Electric Corporation, Rheem Manufacturing, Rinnai America Corporation, Ariston Thermo, General Electric Appliances, and Navien Inc., amongst others. New product developments, increasing market competition, introduction of enhanced technologies together with rising inorganic growth ventures are some substantial initiatives, positively influencing the industry demand.