Market Trends of North America Residential Water Heaters Industry
This section covers the major market trends shaping the North America Residential Water Heaters Market according to our research experts:
Preference for Gas Water Heaters over other types
The Gas Water Heaters use natural gas primarily to heat buildings and water, to cook, and to dry clothes. More than half of the homes in North America use Gas Water Heaters for space heating and water heating. United States is the major country that has preference for Gas Water Heaters over other types of Water Heaters. In 2021, the residential sector accounted for about 15% of total United States natural gas consumption, and natural gas was the source of about 23% of the United States residential sector's total energy consumption. Sustainability is one of the major reasons for prefering Gas Water Heaters over others in North America, although Gas Water Heaters are slightly expensive. The Residential Gas Water Heaters market will sustain owing to other several factors including development and expansion of gas pipeline network, ability to deliver hot water for extended duration coupled with its utilization across a wide range of applications.
United States dominating the market share of Residential Water Heaters
Technological advancement and growing inclination towards smart appliances that restricts carbon emissions are likely to support the growth of the water heater industry in the United States region. Some of the factors attributing to the dominance of the US include high penetration, and more population as compared to Canada and Mexico. In the Northeast, New York, Pennsylvania, New Jersey, and Massachusetts are expected to generate the highest demand for Water Heaters. This is due to the huge population base supported by high median disposable income. Around 80% of the population in New York City have access to smartphones, and more than 70% have access to high-speed Internet at home. These factors are likely to propel the demand for smart Water Heaters in the United States region. Also the immigration rate is very high in United States compared to other countries. And as a result, more residential spaces are required to accomodate with a facility of Hot Water due to lower temperatures in the United States.
