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Commercial Water Heater Market size was over USD 7.27 billion in 2023 and is anticipated to reach USD 17.31 billion by the end of 2036, witnessing around 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of commercial water heater is assessed at USD 7.67 billion.
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 heater 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.9% |
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Base Year Market Size (2023) |
USD 7.27 billion |
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Forecast Year Market Size (2036) |
USD 17.31 billion |
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Regional Scope |
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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 commercial water heater 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.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Capacity |
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Application |
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On the basis of geographical analysis, the commercial water heater 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.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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