The residential water heater market in North America is expanding at a decent rate credited to growing urbanization and escalating spending on energy-efficient appliances that save cost on power bills.
As Northern parts of the region experience extreme climate conditions, wherein the temperature drops below 0 degree Celsius during winters, the need for reliable water heating system becomes essential across households.
A latest report by Global Market Insights, Inc. suggests that North America residential water heater market could register an annual installation of over 14 million units through 2027. Improvements in living standards and the development of high-rise residential homes that are equipped with modern amenities will drive the installation of advanced water heaters in the residential sector.
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Let’s look at some of the factors that will further influence its industry size:
Preference for energy-efficient electric water heaters
Electric water heaters are observing constant advancements in terms of design and technology. These units are an ideal alternative to traditional water heating systems that source heat from coal, biofuel, and wood.
The energy-saving capability of electric water heaters primarily depends on its used technology, size and number of users. Some of key benefits of these heaters include its lower upfront cost, longer lifespan, and safety.
Development of large buildings in countries like Canada and the U.S. and the need to accommodate increasing population will steer the demand for electric water heating appliances across homes.
Favorable environmental regulations in the U.S.
The U.S. has emerged as a key market for residential water heaters as the country witnesses rising demand for tankless water heaters and space heating systems. The presence of many leading water heater manufacturers has supported the regional industry growth over time.
New rules established by the government with regards to the need to reduce carbon emission levels will support the adoption of low power consumption water heaters. For instance, the government of U.S. has established a goal to reach 100% carbon pollution-free electricity by 2035 by adopting multiple cost-effective emission reduction measures such as the introduction of smart water heaters that use less energy.
New innovations in water heating technology
Companies that specialize in water heater systems are introducing novel products to meet growing consumer demand for advanced water heating appliances. In August 2021, GE Appliances inked a multi-year partnership with Google Cloud to develop innovative technologies that help enhance consumer experience for next-gen smart home appliances.
Other leading residential water heater companies operating in North America include Bradford White, A.O. Smith, Rheem Manufacturing, and Navien, to name a few.
From the above, it may be conferred that growing shift to energy-efficient appliances along with the efforts taken by the public and private entities to offer efficient housing solutions to the people across North America will drive the demand for advanced water heating solutions.
An upsurge in consumer awareness with respect to the benefits offered by smart water heaters along with improved standard of living will positively influence the North America residential water heater industry outlook in the times to come.
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