As cited by the research report titled ‘North America Residential Water Heater Market Size 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’, available with MarketStudyReport, North America residential water heater market is estimated to expand significantly over 2021-2027.
 

Expanding real estate sector in the U.S. is a major factor driving North America residential water heater market growth. Increasing demand for energy efficient water heating solutions is also augmenting the market growth across the region. In addition, the pandemic-induced lockdown restrictions has stimulated homeowners to invest in the maintenance of their accommodations, further bolstering the product demand.

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Prominent players are lately adopting lucrative strategies such as partnerships, acquisitions, and new product launches to garner significant returns from the rapidly developing market, thus favoring the industry dynamics.

Based on product type, the instant product segment is expected to accrue considerable returns over 2021-2027 owing to, increasing need for on-demand heating resulting in rising installations in single and multi-home apartments.

Further elaborating on the product landscape, the instant product segment is further categorized into gas and electric. Among these, the electric instant product segment is anticipated to witness substantial growth on account of growing demand for energy efficient water heater systems.

Meanwhile, the 30-100 liters segment is likely to expand notably over the projected timespan due to rising demand for hot water leading to growing number of installation of units of this capacity across small sized houses and apartments.

The <30 liters gas storage product segment is poised to showcase lucrative growth through 2027 on account of its advantages like low emissions and limited installation space.

On the basis of capacity, the >400 liters capacity segment is estimated to record a strong CAGR over the assessment period due to rising product adoption in space heating systems and swimming pools.

Speaking of energy source, the natural gas water heaters segment is estimated to grow at a 7% CAGR through the speculated timeframe.

Leading players profiled in North America residential water heater industry are Navien Inc., American Water Heater Company, Noritz America Corp, American Standard Waterheaters, Westinghouse Electric Corporation, HTP Comfort Solutions LLC, Lennox International Inc., Rinnai America Corp., State Industries LLC, Whirlpool Corporation, Rheem Manufacturing Company, Racold, Ecosmart Green Energy Products Inc., GE Appliances, Bradford White Corporation, Ariston Thermo Group, and A. O. Smith Corporation.