north america electric water heater Market

The electric water heater market in North America is expected to grow from US$ 2,838.2 Mn in 2018 to US$ 3,649.8 Mn by the year 2027 at a CAGR of 2.8% during the forecast period.

Different countries worldwide 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 heaters market in the current scenario. The urban population experiences more benefits than rural areas, and the same seek an enhanced standard of living. Pertaining to the factor mentioned above, the various technology developers, commodity manufacturers, energy & power generating organizations, infrastructure developers, and governments are constantly 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 countries as well as developed nations. The rising number of residential infrastructure is facilitating the electric water heater market players to witness growth in demand for their respective products.

On the basis of application, the North America electric water heater market was led by a residential segment in 2018 with a decent share and is expected to continue its dominance during the forecast period by 2027. However, the commercial segmented in electric water heater market is expected to grow at a high rate In the residential application, the common type of water heating technology is the storage electric water heater. This technology heats water from the residence? domestic supply to the required temperature with a sealed tank that ranges from 20 to 80 gallons in size. Above half of all hot water use in the bathroom, laundry, and the kitchen. Choosing the right technology can have big advantages in terms of residential energy costs and meeting its hot water requirements. Radical changes in water heating technology, together with the yearly replacement of water heaters, create an immense opportunity to increase energy efficiency in the residential sector.

The overall North America electric water heater market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America electric water heater market. It also provides an overview and forecast for the electric water heater based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically 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 specializing in the electric water heater industry. Some of the players present in the North America electric water heater market are AO Smith Corporation, Ariston Thermo S.p.A, Bradford White Corp., Whirlpool Corporation, Haier Inc., Midea Group, Bosch Thermotechnology, Siemens AG, and Viesmann Group.