Canada Water Heater Market Overview, 2028

Canada Water Heater Market Overview, 2028

Water heaters are used in all areas of Canada, but they are more commonly used in areas with colder climates. This is because water heaters are used to heat water for a variety of purposes, including bathing, showering, washing dishes, and doing laundry. In colder climates, water heaters are essential for providing hot water for these activities. Canada's climate varies significantly from region to region, with extremely cold winters in many areas. This climate necessitates reliable and efficient water heaters to provide a continuous supply of hot water, especially during the colder months. Residents in colder regions opt for higher-capacity water heaters or those with better insulation to meet their heating needs. Energy efficiency is a prominent aspect of Canadian water heater culture. Canadians are conscious of energy consumption due to both environmental concerns and the desire to reduce energy costs. As a result, there's a preference for energy-efficient water heaters, such as tankless models, heat pump water heaters, and solar systems, which can help lower energy bills and reduce greenhouse gas emissions. Different provinces and territories in Canada have varying energy sources available. For instance, some regions rely more on electricity, while others have access to natural gas or other fuels. These regional differences influence the choice of water heater fuel source, with consumers selecting options that are readily available and cost-effective in their area. In rural areas where access to natural gas or electricity is limited, residents rely more on propane or other alternative fuels for water heating. These regional differences contribute to a diverse water heater market. In some areas with hard water, water quality issues can affect the lifespan and efficiency of water heaters. Canadians invest in water softeners or choose water heaters with anti-scale features to address these challenges.

According to the research report, “Canada Water Heater Market Overview, 2028” published by Bonafide Research, the Canada Water Heater market was valued at more than USD 900 Million market size in 2022. Smart water heaters equipped with Wi-Fi connectivity and smartphone apps for remote control and monitoring are becoming increasingly popular. These features provide convenience and allow homeowners to optimize energy use. Water heaters are often integrated with hydronic heating systems in Canada. This trend allows for space heating and hot water supply from a single unit, which is especially popular in colder regions. Heat pump water heaters are adopting eco-friendly refrigerants with lower global warming potential (GWP). This aligns with Canada's commitment to reducing greenhouse gas emissions. Furthermore, some Canadians opt for water heater rental programs offered by utility companies or third-party providers. These programs allow consumers to use water heaters without the upfront purchase cost, impacting market dynamics. Proper sizing of water heaters is gaining importance in the market. Consumers are recognizing the need to match the water heater's capacity with the specific hot water demands of their households. This trend helps reduce energy wastage and ensures an adequate supply of hot water. In remote and off-grid areas where access to natural gas is limited or non-existent, electric water. The agricultural sector, particularly greenhouse operations and livestock farms, require specialized water heating systems to provide temperature-controlled water for irrigation and animal husbandry. Heaters and alternative energy sources like solar power and wind turbines are gaining traction.

Canada, like many other countries, is increasingly focused on environmental sustainability and reducing greenhouse gas emissions. Solar water heaters align with these goals as they utilize renewable energy from the sun, producing hot water with minimal environmental impact. Many provinces in Canada have net metering programs that allow homeowners with solar water heaters to sell excess electricity generated by their solar panels back to the grid. This can offset the costs of the system and encourage adoption. Canadians face high energy costs, especially in regions with cold winters. Solar water heaters help homeowners reduce their reliance on electricity or natural gas for water heating, resulting in significant long-term cost savings. Solar water heaters provide a degree of energy independence, allowing homeowners to generate their hot water supply without being entirely reliant on utility companies. This is particularly appealing to consumers concerned about energy security. Canada experiences diverse climate conditions, with regions that receive ample sunlight during certain seasons. Solar water heaters are particularly effective in regions with abundant sunshine, providing an efficient way to harness solar energy. In addition based on capacity, the 100-250 liters capacity range is ideally suited for residential applications, particularly in households with moderate hot water demands. This capacity range can comfortably serve the needs of a typical Canadian family, including bathing, dishwashing, and laundry. Water heaters in the 100-250 liters capacity range generally have a more affordable upfront cost compared to larger units, making them accessible to a wide range of homeowners, including those with budget constraints. In many Canadian homes, space for utility appliances like water heaters can be limited. The 100-250 liters capacity range is compact and fits well in standard utility rooms or closets, making it a practical choice for residential settings. Canadian households often have a moderate number of occupants, and the 100-250 liters capacity range is typically sufficient to meet the hot water needs of these households without being oversized.

Storage water heaters, also known as tank-type water heaters, have a long history and are well-established in the Canadian market. Consumers are familiar with their operation and have traditionally relied on them for hot water needs. Storage water heaters are generally more affordable upfront compared to some other technologies, such as tankless or solar water heaters. This affordability makes them accessible to a wide range of consumers, including those with budget constraints. Storage water heaters are available in various energy source options, including electric, natural gas, propane, and heat pump models. This diversity allows consumers to choose the most suitable energy source based on their preferences and local availability. Storage water heaters provide a consistent and continuous supply of hot water. The size of the storage tank determines the available hot water volume, ensuring a steady supply for various household tasks, such as bathing, dishwashing, and laundry. In addition based on application, Canada's commercial sector continues to grow, encompassing a wide range of businesses, including hotels, restaurants, hospitals, schools, manufacturing facilities, and office buildings. These establishments have substantial hot water needs for various purposes, such as bathing, cooking, cleaning, and space heating. Canada's thriving hospitality industry, including hotels, resorts, and restaurants, requires reliable and efficient water heating solutions to meet the hot water demands of guests and kitchen operations. This sector frequently invests in water heater upgrades and replacements, driving market growth. Restaurants, catering companies, and food service establishments have high hot water demands for cooking, cleaning, and dishwashing. Efficient water heaters are essential for maintaining smooth kitchen operations.

Considered in this report:
• Geography: Canada
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Canada Water Heater market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Electric
• Solar
• Gas

By Technology
• Tankless
• Storage
• Hybrid

By Capacity
• Below 30 Litres
• 30-100 Litres
• 100-250 Litres
• 250-400 Litres
• Above 400 Litres

By Application
• Residential
• Commercial

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Water Heater industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.