New York , United States – The commercial water heater market will grow at a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2021 to 2030.
A commercial water heater is a device that uses gas or electricity to heat the water. A water heater uses energy derived from various external sources and transmits it to raise the temperature of the water.
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Growing industrialization is boosting the need for commercial water heaters. The commercial heaters are used in hotels, commercial complexes, shopping malls, restaurants, motels, holiday homes, and community and public places.
Moreover, advancements in commercial water heaters are expected to boost revenue generation during the forecast period. Companies are working on integrating automation and remote operations into commercial water heaters. The recent innovation from the commercial water heaters sector introduced the heaters equipped with LCD, and warning indicators, etc. Moreover, companies such as A.O. Smith are working on adding innovations in the commercial water heaters to ensure easy maintenance.
The integration of artificial intelligence into commercial water heaters would enable the device to understand patterns of usage. Moreover, it will also eliminate the manual need to switch off and on the device. Such advancements are expected to prompt the growth of the global commercial water heater market.
Commercial water heaters are used 24�?7. The device requires timely repair and maintenance. Also, caretakers have to put on extra efforts to perform the tasks, such as disconnecting gas/oil supply pipes, exhaust pipes, and heat exchangers. Thus, the time-consuming efforts for repairing water heaters can decline the growth of the market.
The global commercial water heater market is expected to grow because of the rising disposable income of the population, accompanied by the improving lifestyle activities in urban areas. Rapid urbanization and development of global regions, extending constructional activities, and a rising number of residential and commercial buildings would ultimately affect positively on the market growth.
The Asia Pacific holds the maximum share in the global commercial water heater market. The growing adoption of water heaters in the commercial sectors in the region is expected to prompt market growth. Moreover, the presence of leading players like Rinnai Corporation, A.O. Smith Corporation, RHEEM Manufacturing, and Ariston Thermo in China, India, and Malaysia would contribute to the growth of the global market. Furthermore, the growing investment in the commercial sector in the region would prompt the growth of the global commercial water heater market.
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The global water heater market witnessed a tremendous decline during the COVID-19 pandemic. The strict lockdowns and travel restrictions halted the commercial activities around the globe, which ultimately obstructed the use of commercial water heaters. Moreover, the disruption in the supply chain was another reason for the halt in the growth of the global commercial water heater market.
Commercial Water Heater Key Market Segments:
Others (Bio-fuel & Solid Fuel-fired commercial water heaters)
Based on the Rated Capacity:
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Middle East & Africa (MEA)
A.O. Smith Corporation (US)
Andrewes Water Heaters (Baxi Heating) (UK)
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