According to Future Market Insights (FMI), the commercial water heater market is estimated to be worth US$ 8.2 Billion in 2024 and is projected to be valued at US$ 16 Billion in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 6.9%. Economic growth and increased construction activities, particularly in commercial sectors such as hospitality, healthcare, and manufacturing, drive the demand for water heaters. New commercial buildings, hotels, and industrial facilities require reliable hot water solutions to drive market growth.
Global urbanization trends result in the construction of more commercial spaces, contributing to a heightened demand for water heaters. Urban areas witness increased commercial development, necessitating efficient water heating solutions for various applications. Businesses are placing greater importance on energy efficiency and sustainability. Modern commercial water heaters come with advanced technologies and features that enhance energy efficiency, reduce operational costs, and align with environmentally friendly practices.
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The demand for commercial water heaters in various industries, including hospitality, healthcare, education, manufacturing, and food service is expected to propel the market growth. Each industry has specific hot water requirements, driving the need for specialized water heating solutions. The growth of the food service and hospitality sectors, including restaurants, hotels, and catering services, contributes significantly to the demand for commercial water heaters. These establishments rely on hot water for various purposes, such as cooking, cleaning, and guest amenities.
The heightened awareness of hygiene and sanitization, especially in industries like healthcare and food service, has led to a greater demand for hot water. Commercial water heaters play a crucial role in providing the necessary hot water for cleaning and sanitizing purposes. The growth of the global tourism industry contributes to increased demand for commercial water heaters in hotels, resorts, and other accommodations. The hospitality sector, driven by tourism, relies heavily on efficient water heating systems.
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.
“The, commercial water heater market is experiencing substantial growth due to the expanding footprint of the hospitality sector and a heightened focus on improving energy efficiency.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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
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Recent Developments:
- Racold, a brand of Ariston Thermo, is a major player in the Indian market. They manufacture a wide range of water heating solutions, including commercial water heaters.
- Midea Group, based in China, is a leading global manufacturer of home appliances and HVAC systems. They offer a diverse range of products, including commercial water heaters.
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
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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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