Electric geysers have gained significant popularity for home use. In several manufacturing sectors, water heaters fitted with solar and geothermal technologies are integrated. Immersion-type heaters, instant heaters, storage heaters, gas heaters, solar heaters, and solar and pump heaters are some of the common water heaters, etc. With initiatives from the governments of various countries towards promoting energy conservation, vendors are offering energy-efficient water heaters for commercial spaces. Furthermore, end-users in the commercial and residential sectors are seeking methods to save expense on energy costs. Increasing tourism across the world is also inducing the hospitality sector, including hospitals, hotels, and airports, to build a resource-efficient business model. As a result, the hospitality industry has become a significant end-user of water heaters that help in saving costs. The growth of Commercial Water Heaters Market expanded significantly over recent years, underpinned by flourishing Global Commercial Sector, increasing Demand for Energy-Efficient Water Heaters, and ongoing initiatives by Governments to Promote Use of Renewable Energy-Based Water Heaters. However, some of the restraints in the market include High Capital Expenditure (CapEx) for Development of Commercial Water Heaters, operational losses in commercial water heaters which are some factors impeding the growth of this market all over the world.
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%.
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.
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.
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.
Some of the major players operating in the market include A.O. Smith Corporation, Rheem Manufacturing Company, Rinnai Corporation, Solahart Industries, Bosch Industries etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.