Portland, OR, May 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Commercial Water Heater Market by Type (Electric, Gas, Oil, Solar, Hybrid, and Others), by Storage Capacity (Below 500 Liters, 500–1,000 Liters, 1,000–3,000 Liters, 3,000–4,000 Liters, and Above 4,000 Liters), and by Rated Capacity (0–10 kW, 10–50 kW, 50–100 kW, and Above 100 kW): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global commercial water heater industry generated $6.3 billion in 2022 and is anticipated to generate $9.9 billion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032.
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Prime determinants of growth
The global commercial water heater market is driven by factors such as increased investment in the commercial sector and the rise in the use of hybrid water heaters in the commercial sector. However, the high cost of installation and maintenance hampers the market growth. On the contrary, technological advancements in existing technology are expected to offer potential opportunities for commercial water heater industry growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6.3 billion |
| Market Size in 2032 | $9.9 billion |
| CAGR | 4.6% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Storage capacity, Rated Capacity, and Region |
| Drivers | Increased investment in commercial sector Rise in use of hybrid water heaters in the commercial sector |
| Opportunities | Technological advancements in existing technology |
| Restraints | High cost of installation and maintenance |
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the global commercial water heater market owing to the subsequent lockdowns imposed by the governments of several countries.
- However, as the global situation started ameliorating, the demand for hydrogen-based fuels was restored. This, in turn, presented various growth opportunities for companies operating in the commercial water heater market.
The solar commercial water heater segment is expected to grow faster throughout the forecast period.
Based on type, the electric segment accounted for the major share in 2022, garnering more than two-fifths of the global corporate event market revenue and is expected to rule the roost throughout the forecast period. The growth is attributed to the higher operational efficiency of electric water heaters. However, solar segment cis projected to cite fastest CAGR of 5.0% from 2023 to 2032. The solar water heaters are environment friendly, and hence are being promoted by governments across the world.
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The 500-1000 litres segment to retain its dominance by 2032
Based on the storage capacity, the 500-1000 liters segment held the highest share in 2022, holding nearly one-third of the global corporate event market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. This is because they are widely used in hotels, restaurants, hospitals, and small office buildings. However, the below 500 liters segment is anticipated to cite notable CAGR of 4.9% during the forecast period. This is attributed to the potential demand from small commercial buildings, especially with an increased focus on solar commercial water heaters that are being installed on a large scale. These water heaters are majorly used in small commercial places such as small offices, beauty salons, small restaurants, and small or individual health clinics.
The Asia-Pacific region is expected to grow faster throughout the forecast period.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global commercial water heater market revenue. This can be attributed to the surge in demand for commercial real estate in the region as well as infrastructural development in developing economies. The Asia-Pacific commercial water heater market is expected to grow at a highest CAGR of 4.9% during the forecast period owing to the presence of developing economies.
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Leading Market Players: -
- A.O. Smith Corporation
- Danfoss A/S
- Mitsubishi Electric Corporation
- STIEBEL ELTRON GmbH and Co. KG
- NIBE Industrier AB
- Carrier Global Corporation
- Robert Bosch GmbH
- Rheem Manufacturing Company
- Bajaj Electricals Ltd.
- Bradford White Corporation
The report provides a detailed analysis of these key players in the global commercial water heater market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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