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The unpredictable changing weather conditions in North America have propelled the use of heating appliances in the region. Residential water heaters are the most consumed storage water heaters in the market. Remodeling of bathrooms is a major factor boosting the purchase of water heaters in the region. People are making huge investments in appliances such as water heaters that have stylish looks to match with the aesthetics of their bathrooms. Users are also opting for water heaters that do not occupy much space and look modern. These preferences have propelled the demand for tankless water heaters as these heaters are compact, sophisticated and are energy-efficient. Consumers are shifting towards these water heaters to save on their electricity consumption and utility bills. Technavio’s market research analyst predicts the water heater market in North America to grow at a CAGR of around 3% by 2020.
With soaring electricity and gas prices, end users are increasingly adopting solar water heaters. Solar water heaters have low maintenance costs and provide hot water by using solar energy. This reduces the dependence on electricity and gas for heating water. Countries such as the US and Canada are promoting solar water heaters as appliances that use a clean and renewable source of energy. This will boost the demand for solar water heaters over the next five years. Moreover, several vendors in the market are focusing on utilizing renewable energy sources by manufacturing and marketing solar water heaters on a larger scale.
The water heater market in North America is highly competitive with the presence of both local and international players. The regional players are facing tough competition from international players in terms of quality, pricing, and technology. Several established players in the country are looking for strategies to lower manufacturing costs and come up with more energy-saving options in their product offerings. These vendors are also focusing on mergers and acquisitions (M&As) to provide innovations and better technologies.
Leading vendors in the market are -
Other prominent vendors in the water heater market in North America include AERCO, American Water Heaters, Bromic, Bosch, Eccotemp Systems, ECR, Electrolux, GE, Kenmore, Marey, Midea Group, Noritz, TekSupply, Waiwela, and Whirlpool.
During 2015, the storage water heaters dominated the water heater market in North America and accounted for around 96% of the total market revenue. These are the most commonly used water heaters in North America as the water can be heated with a small burner or heating element. The hot water recovery is the most important feature that has increased the preference for these appliances over other types of water heaters available in the market. This will have a positive impact on the water heater market share.
The natural gas water heaters will be the largest segment of the water heater industry in North America and is likely to occupy more than 57% of the total market share by 2020. In countries like the US and Canada, natural gas prices are declining, which is encouraging manufacturers of water heaters to promote and introduce new product lines within the natural gas water heater space. The gas water heaters are cost-effective and their recovery time is shorter than the recovery time of other water heaters
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Segmentation by fuel type
PART 08: Key leading countries
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
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