Global Commercial Water Heater Market is anticipated to reach US$ 8.90 Bn by 2029 from US$ 5.84 Bn in 2022 at a CAGR of 6.2% during a forecast period.Global Commercial Water Heater Market Overview
Water heating is the process of transferring heat by using a source of energy designed to heat water over its typical temperature. Water heaters ensure that hot water is available at all times. Water heaters are powered by fossil fuels, nuclear power, renewable energy, solar electricity, and other alternative energy sources, which are utilized directly or indirectly. Commercial water heaters are always in use throughout the day and night, and as a result, they require particular care and maintenance regularly.To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2018 to forecast the market through 2029. Where 2022 is considered a base year to forecast the market from 2022 to 2029. However, 2023’s market size is estimated on real numbers and outputs of the key players and major players across the globe.
Global Commercial Water Heater Market Dynamics
The growth of the commercial water heater market is expected to be influenced by strict building efficiency regulations and rules, as well as increased investment in green construction initiatives. Product adoption is expected to be influenced by increased consumer knowledge of the benefits of water heaters, as well as rising requirements for the installation of advanced equipment, especially in commercial and educational institutions, to reduce electricity usage. The US Department of Energy, for example, mandated in 2018 that industrial manufacturers adopt new technology to produce energy-efficient heaters that were evaluated based on thermal efficiency and standby losses. In addition, increased urban migration, growing middle-class income groups, and an increasing preference to decrease power expenses are expected to drive demand for commercial water heaters. Furthermore, growing usage of the product is expected to boost demand for water heaters in a variety of manufacturing industries, including food and beverage processing and chemical production. Favorable efforts to improve air quality are expected to propel the demand for solar water heaters, as well as increased awareness of the need of adopting sustainable solutions. Restraints: Commercial water heaters are in use on daily basis, and their repair and maintenance need extra effort. Water heater maintenance and repair becomes more difficult and time-consuming as a result of this extra effort. As a result, high capital expenditure needs are expected to be a major restriction on the commercial water heaters market's growth throughout the forecast period.Global Commercial Water Heater Market Segmentation Analysis
By Type, Electric water heaters dominated the market in 2022, accounting for 51.6 percent of revenue, owing to growing electrification rates, particularly in the Asia Pacific. They are largely utilized in the Asia Pacific since countries like China, India, South Korea, and Japan are concerned about their carbon footprint as a result of fossil fuel consumption. The higher electrification rate, along with better accessibility at the user end, is expected to boost demand for electric water heaters throughout the forecast period. Furthermore, because nonrenewable resources are quickly disappearing, government regulations aimed at reducing greenhouse gas emissions, as well as an increasing emphasis on energy saving, are likely to drive up demand for solar water heaters. Solar water heaters are expected to grow at 4.8% at CAGR, as demand for energy-efficient water heater systems is growing. By Liter, in 2022, the segment of below than 500 liters was the most popular, accounting for 28.7% of the market. Small commercial water heaters of less than 500 liters in the hospitality sector are used to maintain vacation houses because they ensure that hot water for bathing, personal laundry, and other uses is available without interruption due to their applications for residential and commercial institutions such as hospitals, banks, hotels, governmental institutions, and retail facilities. The products are utilized in saunas, kitchens, bathrooms, and swimming pools, which is driving the segment's growth throughout the forecast period.Global Commercial Water Heater Market Regional Insights
In 2022, the Asia Pacific Commercial Water Heaters Market had the largest market share of 36.6 percent, and this dominance is expected to continue during the forecast period. Economic growth in countries like China and India, along with increasing gas and power supply in rural regions, is expected to boost demand for water heaters throughout the forecast period. In 2022, Europe accounted for xx% of the market share and is expected to grow at a 3.2% CAGR during the forecast period. This growth is due to the growing demand for better and efficient water heaters from various commercial and industrial users. In addition, the necessity for hot water to fulfill the environmental requirements is likely to fuel demand for the product because of the harsh winter weather in the region. Also, the well-established industrial infrastructure in the region is expected to boost demand for commercial water heaters, therefore increasing the growth of the regional market. Extreme climatic circumstances, as well as the existence of significant market players competing on product differentiation, are expected to propel the commercial water heater market in North America. The commercial water heater market in the United States is expected to grow at a rate of more than 4% during the forecast period. Also, the demand for the product is expected to fuel by the refurbishment of current water heating systems with energy-efficient designs.Global Commercial Water Heater Market Scope: Inquire before buying
Commercial Water Heater Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 5.84 Bn. Forecast Period 2023 to 2029 CAGR: 6.2% Market Size in 2029: US $ 8.90 Bn. Segments Covered: by Rated Capacity Up to 10kW 10‒50kW 50‒150kW 150‒300kW Above 300kW by Type Electric Gas Oil Heat Pump Solar Hybrid Others by Liters Below 500 Liters 500‒1,000 Liters 1,000‒3,000 Liters 3,000‒4,000 Liters Above 4,000 Liters Global Commercial Water Heater Market by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Global Commercial Water Heater Market Key Players
1. A.O. Smith 2. Robert Bosch LLC 3. Ariston Thermo SpA 4. Rheem Manufacturing Company 5. Rinnai Corporation 6. Bradford White Corporation 7. NORITZ Corporation 8. Whirlpool Corporation 9. Westinghouse Electric Corporation 10.Bajaj Electricals Ltd 11.Haier Inc. 12.Havells India Ltd 13.Lennox International Inc. 14.FERROLI S.p.A 15.KenmoreFrequently Asked Questions
1. What is the projected market size & growth rate of the Global Commercial Water Heater Market? Ans- Commercial Water Heater Market was valued at USD 5.84 billion in 2022 and is projected to reach USD 8.90 billion by 2029, growing at a CAGR of 6.2% during the forecast period. 2. What are the key driving factors for the growth of the Global Commercial Water Heater Market? Ans- The growth of the commercial water heater market is expected to be influenced by strict building efficiency regulations and rules, as well as increased investment in green construction initiatives. 3. Which region accounted for the largest Global Commercial Water Heater Market share? Ans- In 2022, the Asia Pacific Commercial Water Heaters Market had the largest market share of 36.6 percent, and this dominance is expected to continue during the forecast period. 4. What makes Europe a Lucrative Market for the Global Commercial Water Heater Market? Ans- In 2022, Europe accounted for xx% of the market share and is expected to grow at a 3.2% CAGR during the forecast period. This growth is due to the growing demand for better and efficient water heaters from various commercial and industrial users. 5. What are the top players operating in the Global Commercial Water Heater Market? Ans- A.O. Smith, Robert Bosch LLC, Ariston Thermo SpA, Rheem Manufacturing Company, Rinnai Corporation, Bradford White Corporation, NORITZ Corporation, and Whirlpool Corporation.
1.Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Commercial Water Heater Market Size, by Market Value (US$ Bn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Commercial Water Heater Market 3.4. Geographical Snapshot of the Commercial Water Heater Market , By Manufacturer share 4. Global Commercial Water Heater Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Commercial Water Heater Market 5. Supply Side and Demand Side Indicators 6. Global Commercial Water Heater Market Analysis and Forecast, 2022-2029 6.1. Global Commercial Water Heater Market Size & Y-o-Y Growth Analysis. 7. Global Commercial Water Heater Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 7.1.1. Electric 7.1.2. Gas 7.1.3. Oil 7.1.4. Heat Pump 7.1.5. Solar 7.1.6. Hybrid 7.1.7. Others 7.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 7.2.1. Up to 10kW 7.2.2. 10‒50kW 7.2.3. 50‒150kW 7.2.4. 150‒300kW 7.2.5. Above 300kW 7.3. Market Size (Value) Estimates & Forecast By Liter, 2022-2029 7.3.1. Below 500 Liters 7.3.2. 500‒1,000 Liters 7.3.3. 1,000‒3,000 Liters 7.3.4. 3,000‒4,000 Liters 7.3.5. Above 4,000 Liters 8. Global Commercial Water Heater Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Commercial Water Heater Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 9.1.1. Electric 9.1.2. Gas 9.1.3. Oil 9.1.4. Heat Pump 9.1.5. Solar 9.1.6. Hybrid 9.1.7. Others 9.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 9.2.1. Up to 10kW 9.2.2. 10‒50kW 9.2.3. 50‒150kW 9.2.4. 150‒300kW 9.2.5. Above 300kW 9.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 9.3.1. Below 500 Liters 9.3.2. 500‒1,000 Liters 9.3.3. 1,000‒3,000 Liters 9.3.4. 3,000‒4,000 Liters 9.3.5. Above 4,000 Liters 10. North America Commercial Water Heater Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Commercial Water Heater Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 11.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 12. Canada Commercial Water Heater Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 12.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 13. Mexico Commercial Water Heater Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 13.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 14. Europe Commercial Water Heater Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 14.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 15. Europe Commercial Water Heater Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Commercial Water Heater Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 16.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 17. France Commercial Water Heater Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 17.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 18. Germany Commercial Water Heater Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 18.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 19. Italy Commercial Water Heater Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 19.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 20. Spain Commercial Water Heater Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 20.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 21. Sweden Commercial Water Heater Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 21.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 22. CIS Countries Commercial Water Heater Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 22.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 23. Rest of Europe Commercial Water Heater Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 23.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 24. Asia Pacific Commercial Water Heater Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 24.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 25. Asia Pacific Commercial Water Heater Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Commercial Water Heater Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 26.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 27. India Commercial Water Heater Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 27.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 28. Japan Commercial Water Heater Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 28.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 29. South Korea Commercial Water Heater Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 29.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 30. Australia Commercial Water Heater Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 30.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 31. ASEAN Commercial Water Heater Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 31.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 32. Rest of Asia Pacific Commercial Water Heater Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 32.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 33. Middle East Africa Commercial Water Heater Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 33.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 34. Middle East Africa Commercial Water Heater Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Commercial Water Heater Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 35.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 36. GCC Countries Commercial Water Heater Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 36.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 37. Egypt Commercial Water Heater Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 37.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 38. Nigeria Commercial Water Heater Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 38.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 39. Rest of ME&A Commercial Water Heater Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 39.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 40. South America Commercial Water Heater Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 40.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 41. South America Commercial Water Heater Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Commercial Water Heater Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 42.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 43. Argentina Commercial Water Heater Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 43.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 44. Rest of South America Commercial Water Heater Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Type, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By Rated Capacity, 2022-2029 44.3. Market Size (Value) Estimates & Forecast By Litre, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Commercial Water Heater Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. A.O. Smith 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.4. A.O. Smith 45.5. Robert Bosch LLC 45.6. Ariston Thermo SpA 45.7. Rheem Manufacturing Company 45.8. Rinnai Corporation 45.9. Bradford White Corporation 45.10. NORITZ Corporation 45.11. Whirlpool Corporation 45.12. Westinghouse Electric Corporation 45.13. Bajaj Electricals Ltd 45.14. Haier Inc. 45.15. Havells India Ltd 45.16. Lennox International Inc. 45.17. FERROLI S.p.A 45.18. Kenmore 46. Primary Key Insights