February 15, 2022 01:58 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The global commercial water heater market size is projected to reach USD 8.69 billion by 2028 and exhibit a CAGR of 5.5% during the forecast period. The rising emphasis on amplifying the efficiency across building technologies and systems is expected to bolster the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Commercial Water Heater Market, 2021-2028”. The market size stood at USD 5.59 billion in 2020 and USD 5.98 billion in 2021.
Additionally, increasing hot water consumption across restaurants, hotels, and healthcare is expected to boost the market growth. In essence, the growing commercial applications for energy-efficient water heaters are likely to foster growth for the market. Request To Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/commercial-water-heater-market-103908
Companies Covered in this Market Report:
COVID-19 Pandemic: Delay in Projects to Impede Market Growth The coronavirus pandemic has negatively impacted the market growth. The disruptions in supply chains and raw material procurement have affected the market growth. Strict curfews and lockdowns implemented to curb the virus spread have severely impacted the market growth. Moreover, the temporary closure or shutdowns of commercial places aggravated the situation. The market is likely to experience monumental growth once the pandemic ends.
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Storage Capacity, Power Rating, Fuel Type, Application, and Region are studied for the Market
On the basis of storage capacity, the market is segmented into more than 3000 L, 2000-3000 L, 1000-2000 L, 500-1000 L, and below 500 L. On the basis of power rating, the market is fragmented into more than 300 kW, 100 to 300 kW, 50 to 100 kW, and 0 to 10 kW. On the basis of fuel type, the market is divided into hybrid, solar, gas, electric, oil, and others. On the basis of application, the market is categorized into offices, institutes, restaurants, healthcare, and others. Geographically, the market is classified into Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa.
Rising Demand for Energy-Efficient Products to Fuel Market Growth
Water heaters account for approximately 18% of building or commercial energy. Several technologies are being implemented to improve the product’s efficiency. Thin insulation, improved designs, and advanced heat pump incorporated in such heaters can improve their efficiency. Hence, the increasing emphasis on augmenting building technologies and systems’ efficiency is likely to bolster the global commercial water heater market growth.
The rising demand for energy-efficient products in commercial applications is anticipated to be a key factor driving the market growth. The growing use of highly efficient commercial water heaters to reduce carbon dioxide emissions and energy consumption is expected to boost market growth. Lastly, rising water heating installations for buildings and public are expected to create lucrative growth opportunities for the market. Increasing hot water consumption across restaurants, hotels, and healthcare is expected to boost the market growth. However, high maintenance and installation costs may impede market growth.
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Sustainable Initiatives by Market Players to Boost Growth in North America
North America is anticipated to emerge dominant in the global commercial water heater market share. The significantly increasing hot water consumption coupled with sustainable initiatives by major market players to provide energy-efficient products is projected to fuel the region’s market growth. Europe is predicted to gain remarkable growth in the coming years. The zero carbon emission movement drives hybrid commercial heaters due to their high heat efficiency and augments the growth of the commercial water heater market.
Asia Pacific is expected to gain substantial growth during the forecast period. The escalating demand for high capacity, energy-efficient water heaters across China is likely to be a key factor driving the region’s market growth.
Latin America and the Middle East & Africa are likely to witness moderate growth. Favorable incentives and subsidies on solar water heaters are expected to boost the market growth of the two regions.
Key Players Adopt Ingenious Strategies to Garner Growth
The market comprises several key players operating at large and small scales, delivering various products accordingly. The market includes Rinnai Corporation, AO Smith, Rheem Manufacturing, and Midea Group amongst the top market players. The key players emphasize introducing products to expand their product lines. They focus on product developments, partnerships, and strategic acquisitions to amplify their market presence and revenues. For instance, in June 2021, the Air Conditioning, Heating, Refrigeration Institute (AHRI) awarded AERCO a certification for 100% success and accomplishment in AHRI’s performance test.
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