CHICAGO, Sept. 4, 2020
CHICAGO, Sept. 4, 2020 /PRNewswire/ -- According to the new market research report "Commercial Water Heaters Market by Type (Electric, Gas, Oil, Heat Pump, Solar, Hybrid & Others), Liter (Below 500, 500-1,000, 1,000-3,000, 3,000-4,000 & more), Rated Capacity (Up to 10kW, 10-50kW, 50-150kW & more),and Region – Global Forecast to 2026", published by MarketsandMarkets™, 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.
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By type, the electric segment is the largest contributor in the Commercial Water Heaters Market during 2019.
The electric segment is estimated to be the largest- segment of the Commercial Water Heaters Market, by type, from 2020 to 2026. Electric water heaters offer exceptionally high operational efficiency ranging from 95% to 98%. They are mainly used in Asia Pacific owing to the fact that countries such as China, India, South Korea, and Japan are focusing on limiting their carbon footprint resulting from the use of fossil fuels.
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By liter, the below 500 liters segment is expected to grow at the fastest rate during the forecast period.
Commercial water heaters falling under this category are compact and hence, are easy to install. They provide ample hot water for almost all small commercial applications. Hence, water heaters with this capacity are suitable for low hot water requirement applications in small commercial establishments. Small individual commercial water heaters of below 500 liters capacity are used in the hospitality sector for holiday homes and motels as they ensure interruption-free availability of hot water for bathing, personal laundry, etc. applications.
Asia Pacific: Key market for concentrating solar power during the forecast period.
In this report, the Commercial Water Heaters Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, and Africa. Asia Pacific is expected to be the largest as well as the fastest growing Commercial Water Heaters Market, by region, during the forecast period. Countries such as China, South Korea and Australia are the fastest-growing markets in the Asia Pacific region. Asia Pacific is expected to dominate the Commercial Water Heaters Market during the forecast period as owing to the increase in the use of renewable energy and energy efficient products. Several leading players in the Commercial Water Heaters Market such as A.O. Smith Corporation, Rinnai Corporation, RHEEM Manufacturing, and Ariston Thermo have their manufacturing facilities in countries such as China, India, and Malaysia. The region is home to a number of emerging economies such as China, India, Singapore, and Malaysia. These economies are witnessing increased investments in their commercial sectors.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Commercial Water Heaters Market such as A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. and other players such as 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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