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Commercial Water Heaters Market Size, Industry Analysis Report By Type (Electric, Oil, Gas, Solar, Hybrid, Heat Pump), By Liter (Below 500 Liters, 500‒1,000 Liters, 1,000‒3,000 Liters, 3,000‒4,000 Liters, Above 4,000 Liters), By rated capacity (Up to 10kW, 10‒50kW, 50‒150kW, 150‒300kW, Above 300kW) & Region - Forecasts By 2033

  • PUBLISHED ON
  • 2024-10-08
  • NO OF PAGES
  • 277
  • CATEGORY
  • Machinery & Heavy Industry

 Market Overview

The Global Commercial Water Heaters Market is valued at USD 6,080 million in 2022 and is projected to reach a value of USD 9,760 million in 2033 expanding at a CAGR of 6.10% over the forecast period of 2023-2033.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 6,080 Million

Market Forecast in 2033

USD 9,760 Million

CAGR % 2023-2033

6.10%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product type, end-user industry, company share, company heatmap, company Material Technology type capacity, growth factors and more

Segments Covered

type, liter, rated capacity,

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. Other players in the market include the likes of 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).

Commercial Water Heaters Market: Description

The commercial sector mainly consists of service-providing facilities that includes, institutional living quarters, sewage treatment plants, medical facilities, such as, hospitals and clinics, hotels, restaurants, motels, holiday homes, commercial complexes, shopping malls, as well as community and public places. The commercial water heaters sector has played an important role in the GDP of developed and emerging economies of the world over the forecast period.

The major factors that have driven the growth of the commercial water heaters market mainly includes increasing investments for the development and expansion of commercial sector operations across different regions. Also, the supportive regulations and grants for using renewable sources of energy in different applications have also played an active role over the forecast period.

The commercial water heaters are often less maintained because of their continuous and uninterrupted operations. Thereby, the heating element that is used for heat transfer in them corrodes over time has significantly decreased their heat transfer capability. Also, the tank-type commercial water heaters have suffered from sedimentation and other common problems because of their constant emersion in water.

One of the major factor that has boosted the market growth over the forecast period is that the market has flourished the global commercial sector. This is because the commercial sector mainly consists of service-providing facilities that includes, institutional living quarters, sewage treatment plants, medical facilities (hospitals and clinics), hotels, restaurants, motels, holiday homes, commercial complexes, shopping malls, and community and public places. Also, it has played an important role in the GDP of developed and emerging economies of the world.

One of the major restrain to the market growth over the forecast period is the high capital expenditure for the development of the commercial water heaters market. This is because their designs and operations have relatively remained unchanged and with the new generation commercial water heaters that focus on offering ease of operations and rising comfort, automation and remote operations, it has been one of the top priorities in their development. This has acted as a major restrain to the market growth.

Commercial Water Heaters Market- Segmental Analysis:

Type Insights

The electric segment has dominated the market growth over the forecast period. This is because the Electric water heaters has offered exceptionally high operational efficiency over the forecast period. Global Commercial Water Heaters Market.

Liter Insights

The below 500 liters segment has dominated the market growth over the forecast period. This is because the small individual commercial water heaters of below 500 liters capacity are used in the hospitality sector for holiday homes and motels as they ensure interruption-free availability of hot water for bathing, personal laundry, etc. applications

Rated Capacity Insights

The 10-50 Kw segment has dominated the market growth over the forecast period. This is because of the requirement of instant hot water has been rising at a significant rate. This led to the deployment of high-powered water heaters to cater to this instant hot water requirement.

Regional Insights

The Global Commercial Water Heaters Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of the rising use of renewable energy and energy efficient products. The region is also the home to a number of emerging economies including China, India, Singapore, and Malaysia. These economies are witnessing increased investments in their commercial sectors.

Competitive Analysis

Some of the prominent companies operating in the market are A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. Other players in the market include the likes of 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).

Commercial Water Heaters Market- Segmental Analysis

Based on Type

·         Electric

·         Oil

·         Gas

·         Solar

·         Hybrid

·         Heat Pump

·         Others

Based on Liter

·         Below 500 Liters

·         500‒1,000 Liters

·         1,000‒3,000 Liters

·         3,000‒4,000 Liters

·         Above 4,000 Liters

Based on Rated Capacity

·         Up to 10kW

·         10‒50kW

·         50‒150kW

·         150‒300kW

·         Above 300kW

 

 

1.       Global Commercial Water Heaters Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Commercial Water Heaters Market Scope and Market Estimation

1.2.1.Global Commercial Water Heaters Overall Market Size, Revenue (US$ Mn) and Volume (Units), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2.Global Commercial Water Heaters Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1.Type of Global Commercial Water Heaters Market

1.3.2.Capacity of Global Commercial Water Heaters Market

1.3.3.Power Rating Mode of Global Commercial Water Heaters Market

1.3.4.Region of Global Commercial Water Heaters Market

2.       Executive Summary

3.       Market Factor Analysis

3.1.   Global Commercial Water Heaters Market Application Trends under COVID-19 Outbreak

3.1.1.Global COVID-19 Status Overview

3.1.2.Influence of COVID-19 Outbreak on Global Commercial Water Heaters Market Application Development

3.2.   Market Dynamics

3.2.1.Drivers

3.2.2.Limitations

3.2.3.Opportunities

3.2.4.Impact Analysis of Drivers and Restraints

3.3.   Value Chain/ Ecosystem Analysis

3.3.1.Manufacturers / Vendors

3.3.2.Distributors

3.3.3.Buyers / End-users

3.3.4.Forward Integration & Backward Integration of Key Stakeholders

3.4.   Global Commercial Water Heaters Market - Pricing Trends Analysis & Average Selling Prices (ASPs)

3.5.   Porter’s Five Forces Analysis

3.5.1.Bargaining Power of Suppliers

3.5.2.Bargaining Power of Buyers

3.5.3.Threat of Substitutes

3.5.4.Threat of New Entrants

3.5.5.Competitive Rivalry

3.6.   PEST Analysis

3.6.1.Political Factors

3.6.2.Economic Factors

3.6.3.Social Factors

3.6.4.Technological Factors

3.7.   Impact of Russia Ukraine War on Commercial Water Heaters Market

3.8.   Impact of Economic Downturn on Commercial Water Heaters Market

3.9.   Commercial Water Heaters Production Capacity, by Major Countries

3.10.  Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions

4.       Global Commercial Water Heaters Market Estimates & Forecast Trend Analysis, by Type

4.1.    Global Commercial Water Heaters Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Type, 2019 to 2033

4.1.1.         Electric

4.1.2.        Oil

4.1.3.        Gas

4.1.4.        Solar

4.1.5.        Hybrid

4.1.6.        Heat Pump

4.1.7.        Others             

5.       Global Commercial Water Heaters Market Estimates & Forecast Trend Analysis, by Capacity

5.1.    Global Commercial Water Heaters Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Capacity, 2019 to 2033

5.1.1.        Below 500 Liters

5.1.2.        500‒1,000 Liters

5.1.3.        1,000‒3,000 Liters

5.1.4.        3,000‒4,000 Liters

5.1.5.        Above 4,000 Liters

6.       Global Commercial Water Heaters Market Estimates & Forecast Trend Analysis, by Power Rating

6.1.    Global Commercial Water Heaters Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Power Rating, 2019 to 2033

6.1.1.         Up to 10kW

6.1.2.        10‒50kW

6.1.3.        50‒150kW

6.1.4.        150‒300kW

6.1.5.        Above 300kW

7.       Global Commercial Water Heaters Market Estimates & Forecast Trend Analysis, by Region

7.1.    Global Commercial Water Heaters Market Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Region, 2019 to 2033

7.1.1.North America

7.1.2.Europe

7.1.3.Asia Pacific

7.1.4.Middle East & Africa

7.1.5.South America

8.       North America Commercial Water Heaters Market: Estimates & Forecast Trend Analysis

8.1.    North America Commercial Water Heaters Market Assessments & Key Findings

8.1.1.Commercial Water Heaters Market Introduction

8.1.2.Commercial Water Heaters Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

8.1.2.1.   By Type

8.1.2.2.   By Capacity

8.1.2.3.   By Power Rating

8.1.2.4.   By Country

8.1.2.4.1.     The U.S.

8.1.2.4.2.     Canada

8.1.2.4.3.     Mexico

9.       Europe Commercial Water Heaters Market: Estimates & Forecast Trend Analysis

9.1.    Europe Commercial Water Heaters Market Assessments & Key Findings

9.1.1.Commercial Water Heaters Market Introduction

9.1.2.Commercial Water Heaters Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)

9.1.2.1.   By Type

9.1.2.2.   By Capacity

9.1.2.3.   By Power Rating

9.1.2.4.        By Country

9.1.2.4.1.     Italy

9.1.2.4.2.     Germany

9.1.2.4.3.     U.K.

9.1.2.4.4.     France

9.1.2.4.5.     Spain

9.1.2.4.6.     Rest of Europe

10.   Asia Pacific Commercial Water Heaters Market: Estimates & Forecast Trend Analysis

10.1.  Asia Pacific Market Assessments & Key Findings

10.1.1.    Commercial Water Heaters Market Introduction

10.1.2.    Commercial Water Heaters Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

10.1.2.1.    By Type

10.1.2.2.    By Capacity

10.1.2.3.    By Power Rating

10.1.2.4.    By Country

10.1.2.4.1. China

10.1.2.4.2. Japan

10.1.2.4.3. India

10.1.2.4.4. Australia

10.1.2.4.5. South Korea

10.1.2.4.6. ASEAN

10.1.2.4.7. Rest of Asia Pacific

11.   Middle East & Africa Commercial Water Heaters Market: Estimates & Forecast Trend Analysis

11.1.  Middle East & Africa Market Assessments & Key Findings

11.1.1.   Commercial Water Heaters Market Introduction

11.1.2.   Commercial Water Heaters Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

11.1.2.1.    By Type

11.1.2.2.    By Capacity

11.1.2.3.    By Power Rating

11.1.2.4.    By Country

11.1.2.4.1. U.A.E.

11.1.2.4.2. Saudi Arabia

11.1.2.4.3. Egypt

11.1.2.4.4. South Africa

11.1.2.4.5. Rest of Middle East & Africa

12.   South America Commercial Water Heaters Market: Estimates & Forecast Trend Analysis

12.1.  South America Market Assessments & Key Findings

12.1.1.   Commercial Water Heaters Market Introduction

12.1.2.   Commercial Water Heaters Market Size and Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)

12.1.2.1.    By Type

12.1.2.2.    By Capacity

12.1.2.3.    By Power Rating

12.1.2.4.    By Country

12.1.2.4.1. Brazil

12.1.2.4.2. Argentina

12.1.2.4.3. Colombia

12.1.2.4.4. Rest of South America

13.   Competition Landscape

13.1.  Commercial Water Heaters Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

13.2.  Commercial Water Heaters Market Competition White Space Analysis, By End-user

13.3.  Commercial Water Heaters Market Competition Regional Intensity Map Analysis, By Geographies Served

13.4.  Commercial Water Heaters Market Concentration & Company Market Shares (%) Analysis, 2022

14.   Company Profiles

14.1.A.O. Smith Corporation 

14.1.1.    Company Overview & Key Stats

14.1.2.    Financial Performance & KPIs

14.1.3.    Product Portfolio

14.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

14.2.RHEEM Manufacturing Company

14.3.Rinnai Corporation 

14.4.Solahart Industries

14.5.Carrier Global

14.6.Stiebel Eltron

14.7.Viessmann Group

14.8.NIBE Energy Systems

14.9.Danfoss  Others**

15.   Research Methodology

15.1.      External Power Outputs / Databases

15.2.      Internal Proprietary Database

15.3.      Primary Research

15.4.      Secondary Research

15.5.      Assumptions

15.6.      Limitations

15.7.      Report FAQs

16.   Research Findings & Conclusion

 

 

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size and growth projections?

The Global Commercial Water Heaters Market is valued at USD 6,080 million in 2022 and is projected to reach a value of USD 9,760 million in 2033 expanding at a CAGR of 6.10% over the forecast period of 2023-2033.

What are the drivers shaping various markets?

The major factors that have driven the growth of the commercial water heaters market mainly includes increasing investments for the development and expansion of commercial sector operations across different regions.

Who are the key competitors of market Players?

Some of the major players operating within the market are A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. Other players in the market include the likes of 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).

What are the top performing segments, and countries / regions of each of the markets?

The Global Commercial Water Heaters Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of the rising use of renewable energy and energy efficient products.

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