Commercial Water Heaters Market: Market Segments: By Type (Electric, Gas, Oil, Heat Pump, Solar, Hybrid & Others); By Liter (Below 500, 500-1,000, 1,000-3,000, 3,000-4,000 & More); By Rated Capacity (Up to 10kW, 10-50kW, 50-150kW and more); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Water heater is an electric device which is used for various purposes to heat water. There are different kinds of water heaters that are used in households, storage heaters, and electric heaters, such as electric rods. Vital features that make water heaters available are energy efficiency and compact size. Electric geysers have gained significant popularity for home use.
Commercial Water Heaters Market is expected to project a notable CAGR of 5.7% in 2030.
Commercial Water Heaters Market to surpass USD 8.7 billion by 2030 from USD 4.8 billion in 2019 at a CAGR of 5.7% throughout the forecast period, i.e., 2020-30. Increased demand for hot water, mainly from hospitals and hotels, is expected to fuel market growth. In addition, increased use of the commodity is likely to boost demand for water heaters in various manufacturing industries, such as the food and beverage processing and chemical industries.
Commercial Water Heaters Market: Segments
Solar water heaters segment to grow with the highest CAGR of 4.1% during 2020-30
Commercial Water Heaters Market is segmented by type as Electric, Gas, Oil, Heat Pump, Solar, Hybrid & Others. Based on type electric segment is the largest segment of the market for commercial water heaters. Electric water heaters give extremely high efficiency in operations. In Asia Pacific, they are primarily used because countries such as China, India, South Korea and Japan are focused on reducing their carbon footprint as a result of the use of fossil fuels.
Commercial Water Heaters Market: Market Dynamics
Flourishing Global Commercial Sector
Commercial sector consists of services such as institutional living quarters, medical facilities, hotels, restaurants, business complexes, shopping malls, and community and public places play an important role in the global GDP of the world’s developed and emerging economies. Similarly, the European Union has laid down a roadmap for new hospitals and primary health facilities in the region to be developed.
High Capital Expenditure
There are a range of precautionary steps taken by main producers of these heaters to ensure their proper functioning over the years. High-grade processes and materials are used by manufacturers of industrial water heaters, as well as requiring skilled labour and specialized equipment to produce them, adding to their rising production costs. Some manufacturers also sell personalized goods with site-specific specifications for customers that increase the cost of producing water heaters.
Commercial Water Heaters Market: Key Players
• Midea Group
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• A.O. Smith Corporation
• Rinnai Corporation
• Mitsubishi Electric
• Nibe Energy Systems
• Johnson Controls-Hitachi Air Conditioning
• Bosch Industries
• Rheem Manufacturing Company
• American Water Heaters
• Bradford White
• Ariston Thermo Group
Commercial Water Heaters Market: Regions
Commercial Water Heaters Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Commercial Water Heaters Market in Asia Pacific held the largest market share of XX.X% in the year 2019 and is anticipated to continue its dominance over the forecast period. Economic growth across countries such as China and India are expected to increase demand for water heaters over the forecast period, combined with the growing availability of gas and electricity across rural areas. The European market for water heaters is predicted to see a 3.2% CAGR over the forecast period. This rise can be attributed to the increasing demand from different commercial and industrial end-users for superior and efficient water heaters. Furthermore, due to severe cold weather in the area, the need for hot water to meet the necessary environmental conditions is likely to fuel the demand for the commodity. In addition, the region’s well-established industrial infrastructure is expected to strengthen the demand for water heaters, thereby growing regional market growth.
Commercial Water Heaters Market report also contains analysis on:
Commercial Water Heaters Market Segments:
• Heat Pump
• Below 500 Liters
• 500‒1,000 Liters
• 1,000‒3,000 Liters
• 3,000‒4,000 Liters
• Above 4,000 Liters
By Rated Capacity:
• Up to 10kW
• Above 300kW
• Commercial Water Heaters Market Dynamics
• Commercial Water Heaters Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Commercial Water Heaters Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Commercial Water Heaters Market?
· What could be the challenging factors in the growth of Commercial Water Heaters Market?
· What are the growth drivers for the Commercial Water Heaters Market?