According to Future Market Insights (FMI), the commercial water heater market is projected to reach USD 8.2 billion in 2024 and is expected to grow to USD 16 billion by 2034, with a CAGR of 6.9%. This growth is driven by economic expansion and increased construction activities in sectors such as hospitality, healthcare, and manufacturing, all of which require reliable hot water solutions.
The trend of global urbanization is leading to the construction of more commercial spaces, thereby increasing the demand for water heaters. As urban areas develop, there is a rising need for efficient water heating solutions across various applications. Businesses are increasingly prioritizing energy efficiency and sustainability, with modern commercial water heaters incorporating advanced technologies that enhance efficiency, lower operational costs, and support environmentally friendly practices.
The demand for commercial water heaters spans multiple industries, including hospitality, healthcare, education, manufacturing, and food service, each with specific hot water requirements. The food service and hospitality sectors, including restaurants, hotels, and catering services, significantly contribute to this demand, as they rely on hot water for cooking, cleaning, and guest services.
Heightened awareness of hygiene and sanitization, especially in healthcare and food service industries, has further increased the need for hot water. Commercial water heaters are essential for providing the necessary hot water for cleaning and sanitizing purposes. Additionally, the growth of the global tourism industry fuels the demand for commercial water heaters in hotels, resorts, and other accommodations, where efficient water heating systems are critical.
Key Takeaways from the Market Study:
- From 2019 to 2023, the commercial water heater market expanded at a CAGR of 8.6%.
- Based on storage capacity, the below 500 L segment is expected to rise at a CAGR of 6.6% from 2024 to 2034.
- The commercial water heater demand in China is predicted to grow at a CAGR of 7.7% through 2034.
- In the United States, the commercial water heater industry is estimated to register a CAGR of 7.2% from 2024 to 2034.
- The United Kingdom is projected to expand by a value CAGR of 8.1% between 2024 and 2034.
- The commercial water heater market in Japan is anticipated to record a CAGR of 8.0% during 2034.
Competitive Landscape:
The market players are adapting strategies to cater to the specific needs and preferences of diverse consumer bases. Market players are actively forming strategic alliances, entering into partnerships, and pursuing mergers and acquisitions to propel technology development. Manufacturers are increasingly offering customized and specialized commercial water heating solutions to meet the unique needs of different industries.
Key Players Profiled in the Report:
- A.O. Smith
- Rinnai Corporation
- Rheem Manufacturing
- Ariston Thermo S.p.A
- Racold
- Midea Group
- Nibe Corporation
- Nortiz Corporation
- Hubbell
- Valliant
- Lowe’s
- Bradford White Corporation
- Flexiheat UK Ltd
- Daikin Industries
Commercial Water Heater Market Segmentation Analysis:
By Storage Capacity:
- Below 500 L
- 500-1000 L
- 1000-2000 L
- 2000-3000 L
- More than 3000 L
By Power Rating:
- 0 to 10 kW
- 10 to 50 kW
- 50 to 100 kW
- 100 to 300 kW
- 100 to 300 kW
By Fuel Type:
- Electric
- Gas
- Oil
- Solar
- Hybrid
- Others
By Application:
- Healthcare
- Restaurants
- Institutes
- Offices
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/commercial-water-heater-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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