North America Residential Water Heater Market to hit $2 Billion by 2027, Says Global Market Insights Inc.

Selbyville, Delaware, Aug. 11, 2021 (GLOBE NEWSWIRE) — The North America Residential Water Heater Market is projected to cross USD 2 billion by 2027, as reported in the latest study by Global Market Insights Inc. Rising urban migration, increased consumer demand for spending on efficient & smart appliances, and stringent norms to constraint carbon emissions will influence the product penetration.

Rapid ongoing development of sustainable building projects along with rigorous building efficiency norms and standards is anticipated to augment the industry landscape. Ongoing stipulations by the governing authorities to shift toward energy-efficient appliances for restraining the carbon emissions coupled with the energy consumption will drive the market size.

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Electric units are set to grow on account of the escalating demand for alternative heating solutions in contrary to the conventional energy sources comprising coal, wood, and biofuel. The actual energy savings for water heaters mostly depend on the heater location, size along with family size, and the positioning of water pipes. Ongoing development of the building infrastructure comprising single family and multifamily apartments will propel the product demand.  

Some of the major findings in North America residential water heater market report include:

  • The rising demand for residential water heaters on account of their extensive utilization across domestic applications that include cleaning, cooking, and personal hygiene will propel the market size.
  • Increasing smart city projects, rapid expansion of the building infrastructure, and increasing customer inclination toward luxury appliances will accelerate the demand for water heaters.
  • The significant industries are aimed toward building strategic growth ventures with technology providers to bring technical product advancements.
  • Key players operating across the North America residential water heater market include A.O. Smith, Rheem Manufacturing, Bradford White, Navien, and GE Appliances amongst others.

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 Statistics 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}]), Capacity (< 30 Liters, 30 – 100 Liters, 100 – 250 Liters, 250 – 400 Liters, > 400 Liters), 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:

The U.S. market is projected to register over 1.5% CAGR between 2021 and 2027. The increasing demand for electric tankless water systems together with the rising installation of space heating systems will augment the business landscape. Shifting focus toward the utilization of energy-efficient equipment coupled with strict regulations toward environment sustainability will continue to entail the product deployment.

Inorganic growth ventures coupled with introducing new technologies for enhanced product development are some of the significant initiatives, which will favour the business potential. The companies are aiming for mergers and acquisitions with technology leaders to gain a competitive advantage in the industry. Shifting focus toward low-cost production in combination with mounting investments in product innovations will support competitive pricing.

The outburst of COVID- 19 pandemic has distressed the global economy, wherein several industries including construction & component manufacturing continue to be impacted. The OEMs face various challenges in recommencing their manufacturing facilities owing to manpower shortages. However, with ongoing development of the healthcare facilities to fight the virus along with the growing demand for HVAC equipment will enhance the North America residential water heater market statistics.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.