Commercial Water Heater Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032, Segmented By Type (Electric Water Heaters, Gas Water Heaters, Heat Pump Water Heater, Solar Water Heaters, and Others (Oil Water Heaters, Bio-Fueled Water Heaters, etc.)), By Product Type (Instant, Storage), By Storage Capacity (Less Than 50 Liters, 51-100 Liters, 101-300 Liters, 301-500 Lit
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationThe global commercial water heater market growth is driven by continuous technological changes in order to reduce energy consumption, increasing commercial construction activities, and demand for solar powered water heaters. As the demand for solar powered water heaters are highly preferred in hospitals as there is a constant need for hot water and it is also energy efficient.
Commercial water heaters come in a variety of forms which can heat water for drinking as well as for heating spaces for waters such as pool. Similarly, a commercial space like office buildings, which normally requires limited hot water might require less capacity of water heater, as compared to hotels, condominiums, and hospitals which may use large volumes of water, which may require big capacity water heaters.
To meet the demands of various businesses, commercial water heaters come in a range of various sizes and designs. In the commercial water heater market the tank-style water heaters are also known as instant water heater, which keeps hot water in a big tank and releases it as needed, is the most preferred kind of commercial water heater.
Due to the intensifying market rivalry vendors are being forced to implement various strategies to gain competitive advantage, such as promotional efforts and spending on advertising, to increase the exposure of their services. In order to remain competitive and register a significant market growth, several suppliers are also implementing inorganic growth tactics such as M&As. For instance, in 2021, A. O. Smith Corporation, a leading provider of water technology, announced that it had acquired Giant Factories, Inc, a Canadian company that makes residential and commercial water heaters, for approximately USD192 million.
The global commercial water heater industry's potential will also be strengthened by an increasing shift toward sustainable infrastructures combined with point-of-use applications of improved heating systems in educational institutions and other commercial infrastructures. The market dynamics will be sparked by a paradigm shift toward the adoption of zero greenhouse emission solutions in conjunction with the demand for affordable hot water solutions.
The COVID-19 pandemic has had a significant negative influence on the expansion of the commercial water heater market. The pandemic placed every nation in an entirely unknown position. The commercial water heater market has been negatively impacted by factors such as restrictions on product delivery, alterations to manufacturing and supply chains, and governmental shutdown orders.
A.O. Smith projected that the delays brought on by the COVID-19 impact have resulted in a decrease of roughly 4% in volumes for the commercial heater business.
Energy Saving Properties of Instant Heater is Fueling the Market Growth
when heating 100 gallons of water, an energy-efficient tankless system uses 22% less electricity than a conventional heater, if more than 86 gallons of water may be heated with 8–14% more energy efficiency
Increasing Use of Heat Pump Water Heaters is Fueling the Market Growth
While using 20% to 33% electrical energy for the heat pump compressor, air source or water source heat pumps use 66% to 80% of the heat from renewable sources to heat the water.
Rising Investment from Companies is Aiding the Market Growth
Increased funding for R&D (Research and Development) and other projects is expected to quicken the market expansion for commercial water heaters. Growing demand for on-demand heating in a range of locations, such as hotels, restaurants, resorts, and airports, along with expanding consumer knowledge of modern & advanced products, is expected to improve the industry outlook. For instance, in 2022, Bosch plans to invest around USD 300 million in the heat-pump market and anticipates that the market would expand by 15 to 20% yearly by 2025.
Increasing Support for Solar Water Heater is Driving the Market Growth
Commercial buildings rely on water heaters a lot for different things, so they naturally need more hot water. Because of this, you'll see a bump in running costs if you're constantly using electric or gas water heaters. That's a big reason why many countries are turning to solar water heaters. Governments around the world are getting on board too, encouraging people to switch and offering support. Take New Zealand, for examplebecause of the climate, they need water heaters practically all the time. The New Zealand government, through its energy efficiency and conservation authority, is running campaigns to get people to use renewable energy, helping both the environment and people's electricity bills by promoting and lowering the cost of electricity. They're really pushing for folks to install more solar-powered water heaters to save electricity.
Rising Innovation is Driving the Market Growth
Let's face it, if you live somewhere cold, you probably need a water heater! That's why companies are scrambling to create heaters that can handle seriously freezing temperatures. Think about itnobody wants cold showers in winter. For example, the "EcoPlus Hot Water Heat Pump System" from Rheem and Sanden can keep the water hot even when it's -10 degrees Celsius outside. And Diakin has something similar that toughs it out at -15 degrees Celsius! These kinds of advancements are really going to shape how many of these water heaters people buy in the years to come.
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Market Segmentation
Okay, so how's the global market looking for commercial water heaters? Well, it's broken down in a bunch of ways! We're talking segments based on the type of heater (electric, gas, heat pump, solar, and those other guys like oil and bio-fueled). Then there's the product type – instant versus storage. And of course, size matters, so we look at storage capacityunder 50 liters, 51-100, 101-300, 301-500, and the big boys over 501 liters. Where are these things being used? Think condominiums, salons/parlors, hotels & resorts, healthcare facilities, schools, and other places like colleges, offices, and such. How are they being sold? Direct sales, through dealers/agents, at retailers, online, or even via your friendly neighborhood plumber or contractor. Finally, we break it down by regionNorth America, Europe, Asia-Pacific, South America, and the Middle East & Africa. And of course, we keep an eye on the competition too!
On the strength of rising demand for energy-efficient products and renewable energy sources, as well as the increasing presence of commercial water heater market players in the region, the market in the Asia Pacific is predicted to experience notable growth over the forecast period. For instance, China consumed about 7.8 exajoules of energy in 2021, making it the largest consumer of renewable energy in the Asia-Pacific region. India, on the other hand, came in second place, using about 1.4 exajoules of energy.
In addition, given the North America’s high consumer spending, rising installation of instant water heating systems, and expanding piped gas networks, it is anticipated that this region will hold the largest share during the forecast period. The economic changes that result in a vast electricity distribution network are anticipated to spur market growth in the region in the future.
Company Profiles
A.O. Smith Corporation, Bosch Thermotechnik GmbH, Daikin Industries, Ltd., Ingersoll Rand Inc., Midea Group, Mitsubishi Electric Corporation, NIBE Energy Systems Limited, RHEEM Manufacturing Company, Valliant Group, Viessmann Group,
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion, Volume in Thousand Units and CAGR for 2018-2021 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Type Product Type Storage Capacity Application Sales Channel Region |
| Regional Scope | North America, Europe, Asia-Pacific, Middle East & Africa and South America |
| Country Scope | United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Netherland, Switzerland, China, India, Japan, South Korea, Australia, New Zealand, Thailand, Saudi Arabia, UAE, South Africa, Qatar, Kuwait, Brazil, Argentina, Colombia |
| Key Companies Profiled | A.O. Smith Corporation, Bosch Thermotechnik GmbH, Daikin Industries, Ltd., Ingersoll Rand Inc., Midea Group, Mitsubishi Electric Corporation, NIBE Energy Systems Limited, Rheem Manufacturing Company, Valliant Group, Viessmann Group, etc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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