Canada Water Heater Market Size & Outlook, 2023-2030
Canada water heater market, 2018-2030 (US$M)
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Canada water heater market highlights
- The Canada water heater market generated a revenue of USD 1,056.1 million in 2023 and is expected to reach USD 1,468.2 million by 2030.
- The Canada market is expected to grow at a CAGR of 4.8% from 2024 to 2030.
- In terms of segment, gas was the largest revenue generating product in 2023.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
Water heater market data book summary
| Market revenue in 2023 | USD 1,056.1 million |
| Market revenue in 2030 | USD 1,468.2 million |
| Growth rate | 4.8% (CAGR from 2023 to 2030) |
| Largest segment | Gas |
| Fastest growing segment | Solar |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, Canada accounted for 3.6% of the global water heater market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. water heater market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,468.2 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to water heater market will help companies and investors design strategic landscapes.
Gas was the largest segment with a revenue share of 57.99% in 2023. Horizon Databook has segmented the Canada water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
The reopening of the U.S. economy is anticipated to have a positive impact on the Canadian economy on account of the growing exchange of goods and services among countries. According to the Office of the U.S. Trade Representative, the U.S. goods and services trade with Canada was worth USD 718.40 billion in 2019, with exports valued at USD 360.40 billion and imports valued at USD 358.00 billion.
According to Natural Resources Canada statistics, Canada is the fourth-largest producer and sixthlargest exporter of natural gas as of 2019. Water heater consumers in Canada prefer to use the natural gas for both space and water heating, resulting in an increased demand for gas water heaters in the country over the forecast period.
The market for condensing tankless units witnessed a significant boost with the implementation of new NRCan (Natural Resources Canada) Amendment 15 to the Energy Efficiency requirements on January 1, 2020.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada water heater market , including forecasts for subscribers. This country databook contains high-level insights into Canada water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada water heater market size, by product, 2018-2030 (US$M)
Canada Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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