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IN THE NEWSAugust 16, 2019- Haier launched new ES10V-Q1 shock proof heater in the Indian market. The products are armed with safe care technology, designed specifically for particular areas having electricity issues.
The global commercial water heaters market is estimated to gather a large amount of revenue by recording a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing investments for the expansion of commercial sectors, and favorable regulations and grants for using renewable energy sources in several applications. Along with these, growing integration of commercial water heaters with new-age technologies to ensure ease of operations and maintenance, is projected to offer profitable opportunities to the market in the upcoming years. Furthermore, rising requirement of heated water for several processes in facilities such as institutional living quarters, sewage treatment plants, holiday homes, commercial complexes, shopping malls, is also expected to drive market growth in the near future.
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The market is segmented by type into electric, gas, oil, heat pump, solar, and hybrid & others, out of which, the electric segment is anticipated to hold the largest share in the global commercial water heaters market on account of the fact that these heaters offer exceptionally high operational efficiency ranging from 95 to 98 percent. In addition, rising emphasis on limiting carbon footprint resulting from fossil fuel emissions is also assessed to drive growth to the market segment in the future. Moreover, on the basis of capacity, the 250-400 liters segment is evaluated to occupy the largest share over the forecast period owing to the compactness and ease of installation of these heaters, along with their high suitability in small commercial establishments.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global commercial water heaters market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing usage of renewable energy and energy efficient products, and rising presence of market players in the region. For instance, China was the largest consumer of renewable energy in the Asia Pacific region in 2019, consuming about 7.8 exajoules of energy. India on the other hand held the second position, with an energy usage of approximately 1.4 exajoules. Additionally, the market in North America is anticipated to grab the largest share during the forecast period in view of the high consumer spending, increasing installation of instant water heating systems, and escalating expansion of piped gas networks in the region. Apart from these, economic transformations resulting in extensive electricity distribution network, is expected to boost the region’s market growth in the future.
The global commercial water heaters market is further classified on the basis of region as follows:
Our in-depth analysis of the global commercial water heaters market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing investments for expansion of commercial sectors and favorable regulations for using renewable energy sources in several applications.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
High upfront cost of installing commercial water heaters is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing usage of renewable energy and energy efficient products in the region.
The major players in the market are A.O. Smith Corporation, Venus Home Appliances (P) Ltd., Siemens AG., HTP Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, capacity, application, and others.
The electric segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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