Commercial Water Heaters Market

The commercial water heater uses heat from the air to heat water and saves energy up to 60-80% as compared to oil-fired boilers or electric heat heaters. It is ideally used for commercial applications such as in hospitals, hotels, hostels, spas, and other commercial places. These heaters save the operational cost by tapping into the heat in the air in a safe and affordable way.

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The significant factors responsible for the increase in the demand of the commercial water heaters market include the rising amount of investments for the development and expansion of the commercial sector operation across the globe. In addition to this, the various supportive regulations and grants for using renewable energy sources in different applications is another factor that will contribute to the growing demand of the market in the coming years. As per the Canadian Real Estate Wealth magazine, an investment of USD 36.9 billion is projected to take place in the Canadian commercial real estate sector in 2020, which is USD 3.7 billion more than the investment for the year 2019.

Commercial water heaters have been present in the market for more than a decade. Various water heater manufacturers are introducing advanced commercial water heaters which are equipped with LCD, warning indicators in order to make then more user-friendly. Leading organizations such as A.O. Smith and other players are emphasizing on integrating with different technologies in their commercial water heaters to ensure their ease of operations and maintenance. Moreover, the researchers are carrying out R&D activities in order to incorporate machine learning, AI, and other advanced technologies. These heaters help in decreasing water and electricity wastage, along with ensuring the ease of operations. The combination of these remarkable properties is encouraging the end-users to opt for water heaters in the coming years. On the other hand, the requirement of high capital expenditure for the development of commercial water heaters is a major factor that will hamper the growth of the market.

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Based on the type, the electric segment is anticipated to grow at a higher CAGR during the forecast period. This is mainly due to the ability of an electric water heater to offer exceptional high operation efficiency ranging from 95% to 98%. The electric water heaters are mostly used in the Asia-pacific region as the major economies including India, South Korea, and Japan are emphasizing on limiting their carbon footprint. Furthermore, the improving electrification rate, along with the growing accessibility at the consumer end is likely to enhance the growth of the segment.

On the basis of litre, the below 500 litres segment is projected to lead the commercial water heaters market in the next six years. The water heaters with a capacity of below 500 litres are compact and easy to install, which is the main reason for its increased application in small commercial establishments. Furthermore, the small commercial water heaters are being increasingly used in the hospitality sector for holiday homes and motels as they provide interruption-free availability of hot water for bathing, personal laundry, and other applications.

On the basis of rated capacity, the 10-50Kw segment is predicted to grow at a faster CAGR during the forecast period. In the commercial sector, there is an increase in the need for instant hot water, which has surged the deployment of high-powered water heaters. The commercial water heater with 10-50Kw rated capacity is easy to use, provide high operational efficiency, and decrease water wastage.

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Based on the region, Asia-pacific region is expected to lead the commercial water heater market in the coming years owing to the growing usage of renewable energy and energy-efficient products in Asian countries. Numerous leading players in the commercial water heaters market, including Rinnai Corporation, Ariston Thermo, and other companies, are emphasizing on expanding their manufacturing facilities in various economies such as China, India, and Malaysia. On the other edge, Europe is projected to grow at a higher CAGR over the forecast period. This growth is due to the strong demand for superior and reliable water heaters from several commercial and industrial end-users. Moreover, the requirement for hot water to capture the required environmental conditions is further boosting the market growth in this region.

Various notable players operating in the market include Midea Group, A. O. Smith India Water Products Pvt. Ltd., Daikin Industries, Ltd., Rinnai Corporation, Danfoss, Mitsubishi Electric Corporation, NIBE Industrier AB, Johnson Controls–Hitachi Air Conditioning, Bosch Industriekessel GmbH, and Viessmann Manufacturing Company Inc., among others. 

Key Developments:

• • In 2018, Rinnai Corporation launched an enhanced range of water heaters with integrated Google Homes support. These heaters can be controlled with voice commands from Google assistant and helps in changing the temperature of the water, as well as turning heaters on and off.

The global Commercial Water Heaters Market has been segmented on the basis of type, liter, rated capacity, and key regions. Based on type, the market is segmented into oil, electric, gas, hybrid, solar, heat pump, and others. Based on liter, the market is segmented into below 500 liters, 500-1,000 liters, 1,000-3,000 liters, 3,000-4,000 liters, and Above 4,000 liters. Based on rated capacity, the market is segmented into up to 10 KW, 10-50 KW, 50-150 KW, 150-300 KW, and above 300 KW.

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Key questions answered in this research report:

• • At what pace is global Commercial Water Heaters market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Commercial Water Heaters market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Commercial Water Heaters market?
  • Which litre generated maximum revenues in 2019 and identify the most promising litres during the forecast period?
  • What are the various type areas of global Commercial Water Heaters market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Commercial Water Heaters Market by Type

• • Oil
  • Electric
  • Gas
  • Hybrid
  • Solar
  • Heat Pump
  • Others

Global Commercial Water Heaters Market by Liter

• • Below 500 Liters
  • 500-1,000 Liters
  • 1,000-3,000 Liters
  • 3,000-4,000 Liters
  • Above 4,000 Liters

Global Commercial Water Heaters Market by Rated Capacity

• • Up to 10 KW
  • 10-50 KW
  • 50-150 KW
  • 150-300 KW
  • Above 300 KW

Global Commercial Water Heaters Market by Region

• • North America Commercial Water Heaters Market (Option 1: As a part of the free 25% customization)
    • North America Commercial Water Heaters Market by Type
    • North America Commercial Water Heaters Market by Liter
    • North America Commercial Water Heaters Market by Rated Capacity
    • US Commercial Water Heaters Market All-Up
    • Canada Commercial Water Heaters Market All-Up
  • Europe Commercial Water Heaters Market (Option 2: As a part of the free 25% customization)
    • Europe Commercial Water Heaters Market by Type
    • Europe Commercial Water Heaters Market by Liter
    • Europe Commercial Water Heaters Market by Rated Capacity
    • UK Commercial Water Heaters Market All-Up
    • Germany Commercial Water Heaters Market All-Up
    • France Commercial Water Heaters Market All-Up
    • Spain Commercial Water Heaters Market All-Up
    • Rest of Europe Commercial Water Heaters Market All-Up
  • Asia-Pacific Commercial Water Heaters Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Commercial Water Heaters Market by Type
    • Asia-Pacific Commercial Water Heaters Market by Liter
    • Asia-Pacific Commercial Water Heaters Market by Rated Capacity
    • China Commercial Water Heaters Market All-Up
    • India Commercial Water Heaters Market All-Up
    • Japan Commercial Water Heaters Market All-Up
    • Rest of APAC Commercial Water Heaters Market All-Up
  • RoW Commercial Water Heaters Market (Option 4: As a part of the free 25% customization)
    • RoW Commercial Water Heaters Market by Type
    • RoW Commercial Water Heaters Market by Liter
    • RoW Commercial Water Heaters Market by Rated Capacity
    • Brazil Commercial Water Heaters Market All-Up
    • South Africa Commercial Water Heaters Market All-Up
    • Saudi Arabia Commercial Water Heaters Market All-Up
    • UAE Commercial Water Heaters Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Commercial Water Heaters Market All-Up

Major Players Operating in the Commercial Water Heaters Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Midea Group
  • O. Smith India Water Products Pvt. Ltd.
  • Daikin Industries, Ltd.
  • Rinnai Corporation
  • Danfoss
  • Mitsubishi Electric Corporation
  • NIBE Industrier AB
  • Johnson Controls–Hitachi Air Conditioning
  • Bosch Industriekessel GmbH
  • Viessmann Manufacturing Company Inc.