Commercial Water Heaters Market: Current Analysis and Forecast (2021-2027)

Report Description

Commercial Water Heaters Market was valued at US$ 6 billion in 2020 and is expected to grow at a CAGR of 6% over the forecast period (2021-2027). 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. Increasing commercial infrastructure development across different countries is driving the demand for water heaters. Small and mid-sized companies along with other commercial establishments are using water heaters for their daily production activities. Meanwhile, in order to reduce energy consumption and operational efficiency, companies are adopting highly efficient water heaters. Due to the increasing use, upgrading commercial water heaters is necessary. For instance, as per Statista, the estimated value of the global commercial real estate market was approximately 32.6 trillion U.S. dollars, up from 30.3 trillion U.S. dollars in 2019.

  REQUEST FREE SAMPLE PDF 

Other factors driving the growth of the Commercial Water Heaters Market globally are growing number of stringent policies and supportive regulations and grants for using renewable sources of energy in different applications and the surging adoption of a diversified range of water heaters in the commercial as well as the industrial sector.

A.O. Smith Corporation, Rheem Manufacturing Company, Rinnai Corporation, Solahart Industries, Bosch Industries etc. are some of the prominent players operating in the Global Commercial Water Heaters Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Commercial Water Heaters applications.

Insights Presented in the Report

“Amongst type, Electric segment holds the major share.”

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%.

“Amongst rated capacity type, 10–50kW dominated the market in 2020.”

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.

“Amongst Liter type, below 500 Liters segment dominated the market in 2020.”

Based on liter type, the market is classified into Below 500 Liters, 500‒1,000 Liters, 1,000‒3,000 Liters, 3,000‒4,000 Liters, and Above 4,000 Liters. The Below 500 Liters segment generated 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 due to water heaters falling under this category are compact and hence, are easy to install.

“Asia Pacific represents as the largest market in the Global Commercial Water Heaters Market.”

For a better understanding of the market adoption of Commercial Water Heaters, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of increase in the use of renewable energy and energy efficient products.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

Customization Options:

The Global Commercial Water Heaters Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Commercial Water Heaters were the three major steps undertaken to create and analyze the adoption of Commercial Water Heaters across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Commercial Water Heaters sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Commercial Water Heaters through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Commercial Water Heaters Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as type, rated capacity, and liter. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Commercial Water Heaters in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Commercial Water Heaters. Further, we conducted factor analysis using dependent and independent variables like rise in commercial establishments and the need for water heating technologies. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Commercial Water Heaters Market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Commercial Water Heaters across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Commercial Water Heaters Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Commercial Water Heaters Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, rated capacity, and liter verticals.

The main objective of the Commercial Water Heaters Market Study

The current & future market trends of Commercial Water Heaters were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Commercial Water Heaters in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, rated capacity, and liter verticals
• Defined analysis of the regulatory framework for the Global Commercial Water Heaters industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Commercial Water Heaters for the major regions & countries
• Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
• Company profiles of the Commercial Water Heaters Market players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country level analysis of the industry