Commercial Water Heater Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Commercial Water Heater Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Commercial Water Heater Market

The commercial water heater market size was valued at USD 5.59 billion in 2020, and the market is now projected to grow USD 11.45 billion in 2032 exhibiting a CAGR of 5.57% during the forecast period of 2021-2032.

Market growth has been affected in a negative way due to COVID-19 pandemic impacts following the multiple disruptions. The performance has been impacted cosmically due to restraints such as cumbersome movements of goods through the fleets, problems in manufacturing, and problems on the supply side. This was worse off by government-imposed shut down, which led to more adversities in the economic status. Some problems watched the market retreat to the previous year levels due to the adoption of the new conditions by the businesses. However, it is anticipated to return to normalcy once there is a lifting of all the limitations put in place amidst sectors reopening.

Heaters consume approximately 17% of the commercial or building energy making technology to enhance the energy control. There is better heat pump, slimmer insulation, and better designs in the water heating improvement. These, together with improved insulation, decrease hot-water distribution losses in commercial structures. Electricity performance with heaters including storage tanks alongside communication and control technologies also enhance load shifting. This increasing need for energy efficiency generates the requirement for products which provide greater savings and better energy efficiency.

The use of hot water in commercial buildings is well correlated with the overall energy requirement in a building. Some of the areas where maximum heat water usage is necessary are offices, hospitals, hotel, motels, commercial washing, and industrial washing. These buildings have their storage water heaters powered by either gas, oil, or electricity. Other user categories include inhabitants of high-rise residential buildings, as well as residents of housing facilities and dormitories. Thus, energy effective water heating systems are important for regulating energy consumption in such commercial zones.

Comprehensive Analysis of Commercial Water Heater Market

The commercial water heater market growth is also increasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by storage capacity analysis, by power rating analysis, by fuel type analysis and by applications analysis. By storage capacity analysis incudes below 500 L, 500-1000 L, 1000-2000 L, 2000-3000 L, more than 3000 L. By power rating analysis incudes 0 to 10 kW, 10 to 50 kW, 50 to 100 kW, 100 to 300 kW, and more than 300 kW. By fuel type analysis incudes electric, gas, oil, solar, hybrid, and others. By applications analysis incudes healthcare, restaurants, institutes, offices, and others.

The Asia Pacific region lead the commercial water heater market share by benefitting a market size of USD 1.91 billion in 2020 due to its rapid industrialization.

Top players in the market have their responsibility of power & energy industrial prospectus growth of the retailing industry and the markets. These players include, A.O. Smith, Rinnai Corporation, Rheem Manufacturing, Ariston Thermo spA, Racold, Midea Group, Nibe Corporation, Nortiz Corporation, Hubbell, Valliant, Lowe’s, Bradford White Corporation, Flexiheat UK Ltd, Daikin Industries these market players provide a level-playing competitive landscape.

In June 2020, A.O. Smith launched 20 new commercial heat pump models, offering energy-efficient solutions for large commercial applications.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2017-2028

Base Year 2020

Estimated Year 2021

Forecast Period 2021-2028

Historical Period 2017-2019

Unit Value (USD Billion)

Segmentation By Storage Capacity, Power Rating, Fuel Type, Application, and Region

Segmentation By Storage Capacity

Below 500 L

500-1000 L

1000-2000 L

2000-3000 L

More than 3000 L

By Power Rating
0 to 10 kW
10 to 50 kW

50 to 100 kW

100 to 300 kW

More than 300 kW

By Fuel Type

Electric

Gas

Oil

Solar

Hybrid

Others

By Applications

Healthcare

Restaurants

Institutes

Offices

Others

By Region

North America (By Storage Capacity, Power Rating, Fuel Type, Application, and Country)

U.S. (By Fuel Type)

Canada (By Fuel Type)

Europe (By Storage Capacity, Power Rating, Fuel Type, Application, and Country)

Germany (By Fuel Type)

U.K. (By Fuel Type)

Spain (By Fuel Type)

Italy (By Fuel Type)

France (By Fuel Type)

Russia (By Fuel Type)

Rest of Europe (By Fuel Type)

Asia Pacific (By Storage Capacity, Power Rating, Fuel Type, Application, and Country)

China (By Fuel Type)

Japan (By Fuel Type)

India (By Fuel Type)

South Korea (By Fuel Type)

Rest of Asia Pacific (By Fuel Type)

Latin America (By Storage Capacity, Power Rating, Fuel Type, Application, and Country)

Brazil (By Fuel Type)

Mexico (By Fuel Type)

Rest of Latin America (By Fuel Type)

Middle East & Africa (By Storage Capacity, Power Rating, Fuel Type, Application, and Country)

GCC (By Fuel Type)

South Africa (By Fuel Type)

Rest of the Middle East & Africa