The North American tankless water heater market is estimated to grow significantly at a CAGR of 7.0% during the forecast period. The market is mainly driven due to the growing demand of convenient water heater system in residential sector coupled with developed infrastructure in the region. The significant application of water heaters in the region further encourages the growth of the market. Every year, more than 9 million water heaters are sold in the US which implies that there is a high demand for water heater in North America that further provide a significant share of the market.
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The North American market for the tankless water heater is further classified on the basis of product type and application. Based on the product type, the market is further classified into an electric water heater and gas water heater. The electric water heater segment is projected to have significant growth in the North American tankless water heater market. The growing demand for tankless electric water heater in the residential and commercial sectors due to convenience and cost-effectiveness is further projected to contribute to the growth of the segmental market. On the basis of application, the market is further segregated into residential and commercial. The residential application is projected to hold a considerable share in the North American tankless water heater market. Based on geography, the North American tankless water heater market is further segregated into the US and Canada. Us holds the largest share in the North American tankless water heater market owing to the significant application in the commercial sector.
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North American Tankless Water Heater Market Segment
By Product Type
- Electric Water Heater
- Gas Water Heater
By Application
- Residential
- Commercial
Regional Analysis
- United States
- Canada
Company Profiles
- O. Smith Corp.
- Bradford White Corp.
- General Electric Co.
- Haier Electronics Group Co., Ltd.
- Navien Inc.
- NORITZ Corp.
- Robert Bosch GmbH
- Rheem Manufacturing Company, Inc.
- Rinnai Corp.
- Stiebel Eltron, Inc.
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