“The global commercial water heaters market size is projected to grow at a CAGR of 6.1%, from 2020 to 2026.”
The global commercial water heaters market size is projected to reach USD 7.7 billion by 2026 from an estimated value of USD 5.4 billion in 2020, at a CAGR of 6.1%. Factors driving the growth of the commercial water heaters market include increasing investments for the development and expansion of commercial sector operations across different regions. In addition, supportive regulations and grants for using renewable sources of energy in different applications are also expected to play a key role in the growth of this market during the forecast period.

“The electric segment is expected to hold the largest share of the commercial water heaters market, by technology, during the forecast period.”
The electric segment is estimated to be the largest- segment of the commercial water heaters market, by type, from 2020 to 2026. Electric water heaters offer exceptionally high operational efficiency ranging from 95% to 98%. They are mainly used in Asia Pacific owing to the fact that countries such as China, India, South Korea, and Japan are focusing on limiting their carbon footprint resulting from the use of fossil fuels.

“Asia Pacific: The fastest growing market for commercial water heaters.”
The Asia Pacific is expected to be the largest as well as the fastest growing commercial water heaters, by region, during the forecast period. Countries such as China, South Korea and Australia are the fastest-growing markets in the Asia Pacific region. Asia Pacific is expected to dominate the commercial water heaters market during the forecast period as owing to the increase in the use of renewable energy and energy efficient products. Several leading players in the commercial water heaters market such as A.O. Smith Corporation, Rinnai Corporation, RHEEM Manufacturing, and Ariston Thermo have their manufacturing facilities in countries such as China, India, and Malaysia. The region is home to a number of emerging economies such as China, India, Singapore, and Malaysia. These economies are witnessing increased investments in their commercial sectors.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 47.2%, Tier 2- 30.7%, Tier 3- 22.1%
  • By Designation: C-Level Executives- 42.1%, Managers- 39.6%, Others- 18.3%
  • By Region: Asia Pacific- 50.1%, Africa- 2%, Europe- 25.8%, and North America- 22.1%

Note: The tier of the companies has been defined based on their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = The key players in the commercial water heaters such as A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. and other players such as Viessmann Group (Germany), NIBE Energy Systems (Sweden), Danfoss (Denmark), Valliant Group (Germany), American Water Heaters (US), Daikin (Japan), Mitsubishi Electric (Japan), Andrewes Water Heaters (Baxi Heating) (UK), and more.

Study Coverage:
The report provides a complete view of the commercial water heaters market across the power industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, rated capacity, liter, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
The market has been segmented based on type, rated capacity, liter, and region, with a focus on industry analysis (industry trends). The market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the commercial water heaters market.

Key Benefits of Buying the Report
 

  • The report identifies and addresses key markets for the implementation of a commercial water heaters in various industries, which would help manufacturers review the growth in demand.
  • The report helps solution providers understand the pulse of the market and provide insights into drivers, opportunities, restraints, and challenges.
  • The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.