Global Commercial Water Heaters Market is expected to foresee significant growth. Asia Pacific to lead the growth
Global Commercial Water Heaters Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Water heating is a heat transfer process that uses an energy source to heat water above its initial temperature. Typical domestic uses of hot water include cooking, cleaning, bathing, and space heating. In industry, hot water and water heated to steam have many uses. Vital features that make water heaters available are energy efficiency and compact size. Commercial water heaters come in the form of water boilers, solar water heaters, oil fired water heaters, and electric water heaters, and are seemingly used in myriad applications across various industries. Regarding cost, often, the least expensive water heaters upfront are the most expensive to operate over the long run and hence their lifetime costs are considered for buying criteria. For instance, as per smarterhouse.org, one of the least expensive systems to buy (conventional electric storage) is one of the most costly to operate over its expected 13-year life. An electric heat pump water heater, though expensive to purchase, has a much lower cost over the long term.
The Global Commercial Water Heaters Market is experiencing significant growth due to the worldwide increasing investments for the development and expansion of commercial sector operations across different regions, the increasing demand and requirement for instant hot water across hotels, hospitals, care centers and offices and the growing technical advancements towards product design of water heaters are the key factors complementing the commercial water heater adoption.
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Commercial water heaters are advanced devices that use a source of energy to heat portable water for use in the commercial sectors such as institutional living quarters, hospitals, sewage treatment plants, hotels/restaurants, motels, shopping malls and many others. They provide various benefits including un-interrupted and continuous water pressure, friendly user interface, and multi usage points along with others benefits.
Based on type, the market is segmented into Electric, Oil, Gas, Solar/Hybrid, Heat Pump, and Others (Biofuel & Solid Fuel-fired commercial water heaters). The Electric segment grabbed XX% market share of the Global Commercial Water Heaters Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as Electric water heaters offer exceptionally high operational efficiency ranging from 95% to 98%.
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Based on Rated capacity type, the market is segmented into Up to 10kW, 10‒50kW, 50‒150kW, 150‒300kW, & Above 300kW. In 2020, the 10–50kW segment dominated the Commercial Water Heaters Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the requirement of instant hot water in commercial sector.
The impact of the COVID-19 pandemic is being felt in global real estate markets, with commercial real estate investment volumes falling across all three regions in the first half of the year. Direct commercial real estate investment fell 29 percent globally to $321 billion in the first six months of 2020 compared to the year-earlier period, according to data from JLL. The drop came amid widespread lockdowns and travel restrictions that stalled investors’ short-term capital deployment plans.
Investment volumes in the Americas region saw the biggest half-yearly decline, with a 37 percent fall. Volumes in Asia Pacific dropped 32 percent. The EMEA region saw activity fall 13 percent, a relative outperformance due to pre-COVID deals that carried into the first half.
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The above factors have also made the decline in the sales of commercial water heaters as hospitality & office sector was severely hit by the pandemic. However, on the flip side due to rise in hospitals admissions & new construction it also made a way into these establishments thereby making the commercial water heaters market making the portion of their losses in initial pandemic timeframe.
Additionally, the report provides detailed initiatives that are being taken in the field of Commercial Water Heaters market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific dominated the Global Commercial Water Heaters Market, accounting for nearly xx% share in 2020 due to increase in the use of renewable energy and energy efficient products.
Global Commercial Water Heaters Market Segmentation
Market Insight, by Type
- Heat Pump
- Others (Biofuel & Solid Fuel-fired commercial water heaters)
Market Insight, by Rated Capacity
- Up to 10kW
- Above 300kW
Market Insight, by Liter
- Below 500 Liters
- 500‒1,000 Liters
- 1,000‒3,000 Liters
- 3,000‒4,000 Liters
- Above 4,000 Liters
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- A.O. Smith Corporation
- Rheem Manufacturing Company
- Rinnai Corporation
- Solahart Industries
- Bosch Industries
- Midea Group
- Stiebel Eltron
- Danfoss A/S
- Bradford White
- Ariston Thermo Group