Commercial Storage Water Heater Market Size - By Energy Source (Electric, Gas), By Application (College/University, Offices, Government/Military), By Channel (Online, Dealer, Retail), By Capacity, Regional Outlook & Forecast, 2024 – 2032

Commercial Storage Water Heater Market Size - By Energy Source (Electric, Gas), By Application (College/University, Offices, Government/Military), By Channel (Online, Dealer, Retail), By Capacity, Regional Outlook & Forecast, 2024 – 2032

Commercial Storage Water Heater Market Size

Commercial Storage Water Heater Market was valued USD 6.01 billion in 2023 and is anticipated to grow at a CAGR of over 6.8% between 2024 and 2032. A commercial storage water heater is a large-scale water heating system designed to meet the demands of businesses, institutions, or other commercial settings. These are built to handle higher volumes of water usage, and typically consist of a large tank, depending on the needs of the commercial establishment.

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Increasing focus on energy efficiency and sustainability will drive the adoption of efficient commercial storage water heaters. Manufacturers are constantly developing models that meet and exceed energy efficiency standards set by regulatory bodies. The standards may differentiate between different types and sizes of commercial storage water heaters. Further, they are subject to periodic updates and revisions to reflect advancements in technology, changes in market conditions, and updates to building codes and regulations, thereby augmenting the market landscape.
 

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Rising adoption of smart controls and monitoring systems in commercial water heaters allowing for remote monitoring, diagnostics, and optimization of water heating operations, improving efficiency and reducing maintenance costs, will positively impact the industry statistics. Growing emphasis on energy efficient solutions in commercial establishments, which reduce operating costs and environmental impact, will strengthen the market growth. Further, businesses are investing in high efficiency models to lower the utility bills and meet sustainability goals, thereby strengthening the business landscape.

Commercial Storage Water Heater Market Trends

Commercial establishments are prioritizing water quality and safety in their water heating systems. Key features including anti-scald protection, corrosion resistance, and advanced filtration systems will ensure safe and reliable hot water supply. Additionally, different industries have unique hot water requirements, wherein storage water heaters are tailored to meet the specific needs of various sectors, including hospitality, healthcare, food service, and manufacturing, thereby driving the business scenario.

Commercial Storage Water Heater Market Analysis

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Based on energy source, the electric segment is likely to exceed USD 4.6 billion by 2032. Growing demand for energy efficient water heaters driven by increasing energy costs and environmental concerns coupled with features including remote monitoring, precise temperature control, and energy management, enhancing operational flexibility and reducing maintenance costs will drive the industry scenario.

Based on capacity, the commercial storage water heater market is bifurcated into <30 liters, 30–100 liters, 100-250 liters, 250-400 liters and >400 liters. Many commercial establishments, comprising hotels, hospitals, manufacturing facilities, and large office buildings, have high hot water demands. Ongoing development of large-capacity water heaters equipped with compact and space-saving designs to maximize floor space utilization will continue to drive the business momentum.

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Based on application, the college/university segment is set to grow more than 7.5% CAGR from 2024 to 2032. The establishments often provide on-campus housing for students, faculty, and staff. Water heaters are essential for supplying hot water in dormitories, apartments, and residential buildings for bathing, washing dishes, and laundry facilities. Industrial-sized water heaters are used to meet the high hot water demand in these establishments. Additionally, they provide hot water for leisure activities, relaxation, and social gatherings, enhancing the overall campus experience for students, thereby augmenting the product demand.

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Europe commercial storage water heater market is anticipated to cross USD 2.8 billion by 2032. In densely populated urban areas of Europe where space is limited, storage water heaters with compact designs or modular configurations are preferred for commercial installations. These space-efficient solutions allow businesses to optimize floor space utilization while meeting hot water demand requirements. Introduction of financial incentives, rebates, or grants to encourage the adoption of energy-efficient storage water heaters in commercial establishments. These incentives help offset the upfront costs of purchasing and installing efficient water heating systems, strengthening the market landscape.
Commercial Storage Water Heater Market Share

European manufacturers are continuously innovating and developing advanced storage water heater technologies to meet the evolving needs of commercial customers. These advancements include improvements in insulation, corrosion resistance, energy efficiency, and integration with building management systems. Industry associations, trade organizations, and research institutions in the region collaborate to promote best practices in commercial water heating and disseminate information on the benefits of storage water heaters.

Commercial Storage Water Heater Market Companies

Eminent players operating in the commercial storage water heater industry are

• American Standard Water Heaters
• A.O. Smith
• Aquamax Australia
• Bradford White Corporation
• GE Appliances
• Racold
• Reece Ltd.
• Rheem Manufacturing Company
• State Industries
• Saudi Ceramic Company
• Westinghouse Electric Corporation

Commercial Storage Water Heater Industry News

• In March 2024, Bradford White showcased its range of innovative products including Bradford White ElectriFLEX HD™, designed for heavy-duty commercial applications. It is equipped with advanced features including field conversion kits, rugged Incoloy lowwatt density elements, to fit the application needs. Further, the Bradford White eF Series® Ultra High Efficiency Commercial Gas Water Heater would be showcased at CPMX, the largest trade shows of North America.
• In December 2023, Rheem Manufacturing introduced two new products in its Maximus product line of gas water heaters. The product offerings include the 75 gallon Maximus Heavy Duty (HD) equipped with LeakSense along with the Maximus plus models available in both 40 and 50 gallon sizes. Further, these equipment meet the ENERGY STAR 5.0 requirements to save on the utility bills, qualify for available tax rebates and credits, that meet with the rigorous demands for larger homes.

This commercial storage water heater market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & ‘000 Units” from 2021 to 2032, for the following segments

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Market, By Energy Source

• Electric
• Gas

Market, By Capacity

• <30 liters
• 30-100 liters
• 100-250 liters
• 250-400 liters
• >400 liters

Market, By Application

• College/University
• Offices
• Govt/Military
• Others

Market, By Channel

• Online
• Dealer
• Retail

The above information has been provided for the following countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Netherlands
  • Portugal
  • Romania
  • Switzerland
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • SK
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina