According to the Market Statsville Group (MSG), the global commercial water heaters market size is expected to grow from USD 5724.0 million in 2021 to USD 9670.6 million by 2030, at a CAGR of 6.0% from 2022 to 2030. Commercial water heaters are enclosed vessels in which water is heated by combustion and electric current, providing a continuous hot water supply. The water is heated via a heat transfer technique that involves the use of an energy source such as oil, electricity, and solar to heat water above its initial temperature. In addition, the demand for energy-efficient products has caused commercial heaters to increase, which enables consumers to save energy.
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COVID–19 Impact on the Global Commercial Water Heaters Market
The coronavirus pandemic has affected every industry. As a result of this pandemic, COVID has significantly impacted the manufacturing industry across the globe. Various factors have impacted the business the most. For instance, supply-chain interruptions caused by the shift to online labor resulted in considerable reductions in demand for commercial water in vacant office buildings, offices, restaurants, and other locations. Furthermore, due to travel limitations and lockdowns, the COVID-19 epidemic has caused a considerable shift in water use from large commercial to residential, reducing market players’ income dramatically.Scope of the Global Commercial Water Heaters Market
The study categorizes the commercial water heater market based on type, application, storage capacity, power rating, and regional and global levels.
By Type (Revenue, USD Million, 2017–2030)
- Electric
- Gas
- Oil
- Heat Pump
- Solar
- Hybrid
- Others
By Application (Revenue, USD Million, 2017–2030)
- Healthcare
- Restaurants
- Institutes
- Offices
- Others
By Storage Capacity (Revenue, USD Million, 2017–2030)
- Below 500 Liters
- 500?1,000 Liters
- 1,000?2,000 Liters
- 2,000?3,000 Liters
- 3,000?4,000 Liters
- Above 4,000 Liters
By Power Rating (Revenue, USD Million, 2017–2030)
- Up to 10kW
- 10?50kW
- 50?150kW
- 150?300kW
- Above 300kW
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By Region Outlook (Revenue, USD Million, 2017–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- the Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
The Electric Commercial Water Heaters segment is witnessed to account for the highest market share by type
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In 2021, the electric commercial water heater accounted for the highest market share in the market. The electric commercial water heater has an equipment life that is longer than 20 years compared to other types of heaters as electric water heaters are less subject to corrosion. Many industries opt this electric based commercial water heaters due to its immediate supply of hot water and ease in operating this device, thereby contributing to the growth of the commercial water heater market worldwide.
Asia-pacific accounts for the highest CAGR during the forecast period
Globally, Asia-pacific is estimated to hold the highest CAGR in the global electric commercial water heater market during the forecast period. Asia-pacific is expected to hold the highest share due to the increase in the use of renewable energy and energy-efficient products. The other factor is that the booming tourism industry has contributed substantially to investment in the construction and development of commercial facilities, such as hotels, hospitals, and resorts, which thereby increase the demand for commercial water heaters.
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Key Market Players in the Global Commercial Water Heaters Market
- GE Healthcare
- A.O. Smith
- Rinnai Corporation
- Rheem Manufacturing
- Ariston Thermo spA
- Racold
- Midea Group
- Nibe Corporation
- Nortiz Corporation
- Hubbell
- Valliant
- Danfoss
- Bradford White Corporation
- Flexiheat UK Ltd
