North America Electric Water Heater Market to 2027 - Regional Analysis and Forecasts by Product; Application

The North American electric water heater market was valued at US$ 2,838.2 million in 2018 and is projected to reach US$ 3,649.8 million by 2027; it is expected to grow at a CAGR of 2.8% during 2019-2027. Many countries across the world are experiencing a huge increase in urban migration. The rising trend of urban migration has led to the development of residential infrastructures, which is a key factor catalyzing the growth of the electric water heater market in the current scenario. The urban population, with enhanced standard of living experiences more benefits than the rural population. Pertaining to the factor mentioned above, the various technology developers, commodity manufacturers, energy & power generating organizations, infrastructure developers, and governments are striving hard to meet the demands of the urban population. Urban migration and higher living standards, coupled with growing technologies and governmental policies, drive the growth of residential infrastructure in various developing as well as developed countries. The rising number of residential infrastructures is offering lucrative opportunity for the electric water heater market players, which in turn is propelling the growth of market.

Based on application, the North American electric water heater market was led by the residential segment in 2018 with a decent share and is expected to continue its dominance during the forecast period. However, the commercial segmented in electric water heater market is expected to grow at a high rate. In the residential application, the storage electric water heater is the common type of water heating technology used. This technology heats water from the residential domestic supply to the required temperature with a sealed tank that ranges from 20 to 80 gallons in size. Hot water is primarily used in bathrooms, laundries, and kitchens. Choosing the right technology can have big advantages in terms of residential energy costs along with meeting its hot water requirements. Advancements in water heating technology, along with the yearly replacement of water heaters, create an immense opportunity to increase energy efficiency in the residential sector.

The overall size of the North American electric water heater market has been derived using both primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North American electric water heater market. It also provides an overview and forecast for the electric water heater based on all segmentation provided with respect to the North American region. Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the electric water heater industry. AO Smith Corporation, Ariston Thermo S.p.A, Bradford White Corp., Whirlpool Corporation, Haier Inc., Midea Group, Bosch Thermotechnology, Siemens AG, and Viesmann Group are among the key players present in the North American electric water heater market.

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