The global commercial water heaters market size is projected to reach USD 7.7 billion by 2026 from an estimated value of USD 5.4 billion in 2020, growing at a CAGR of 6.1%. The increasing investments for the development and expansion of commercial sector operations across different regions and supportive regulations & grants for using renewable sources of energy in different applications are the key factors driving the commercial water heaters market are driving the growth of this market.
The commercial water heaters market is dominated by a few global players, mainly from the North America, Asia Pacific, and Europe. Key players in the commercial water heaters market include A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. Other players in the market include the likes of Viessmann Group (Germany), NIBE Energy Systems (Sweden), Danfoss (Denmark), Valliant Group (Germany), American Water Heaters (US), Daikin (Japan), Mitsubishi Electric (Japan), Andrewes Water Heaters (Baxi Heating) (UK), and more.
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The solar segment is estimated to be the fastest-growing segment of the commercial water heaters market, by type, from 2020 to 2026. Solar commercial water heaters segment is getting a boost during the forecast period due to the increased awareness about the usage fo renewable technology in water heating for commercial operations. Additionally, supportive grants, incentives, and regulations are also helping this market to grow at a healthy pace.
The 10–50kW segment of the commercial water heaters market, by rated capacity, is estimated to grow at a faster rate from 2020 to 2026. Ease of operations owing to their instantaneous water heating capability is driving the growth of the 10–50kW rated capacity segment of the commercial water heaters market.
The below 500 liters segment of the commercial water heaters market, by liter, is estimated to grow at a faster rate from 2020 to 2026. The growth of this segment can be attributed to the ample water provided by below 500 liters commercial water heaters for almost all applications, except for a few water-intensive applications.
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The commercial water heaters market has been segmented, by region, into Europe, North America, Asia Pacific, Africa, and South America. The Asia Pacific region is projected to grow at the fastest rate, from 2020 to 2026, followed by North America and Europe. Countries such as China, South Korea and Australia are the fastest-growing markets in the Asia Pacific region, owing to the increase in installations of solar based commercial water heaters. China is projected to grow at the highest CAGR from 2020 to 2026. This is mainly due to the increasing investment in technologies that can help it in limiting its carbon footprint and increase the efficient usage of electrical power.
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