A new research report on the global commercial water heaters has been recently offered by Report Ocean. The study is based on in-depth assessment of this market, taking it past performance, current status, and future prospects in consideration.
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The title of this report is “Global Commercial Water Heaters Market Size study, 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 Regional Forecasts 2020-2027.”
According to the research report, the market for commercial water heaters, worldwide stood at approximately US$5.1 bn in 2019. Experts anticipate this market to rise at an impressive CAGR of more than 6.65% over the forecast period of 2020-2027.
Rapid Commercialization Drives Global Water Heaters Market
Industrialization goes hand in hand with commercialization. As the number of industries increases, the commercial sector reports significant surge. According to the Department of Business, Energy and Industrial Strategy, in 2019, the commercial sector in the UK accounted for a total of 71% of the overall GDP of the country. In 2018, the real estate sector held 6.4% of the US GDP, states the US Bureau of Economic Analysis (BEA). A Canadian Real Estate Wealth magazine estimated that, in 2020, an investment of US$36.9 bn is expected in the Canadian commercial real estate sector, US$3.7 bn more investment when compared to that in 2019.
With increasing number of commercial properties, such as institutional living quarters, sewage treatment plants, medical facilities, shopping malls, hotels, and motels, commercial water heaters are registering multifold rise in their demand. Apart from this, the increasing investments in research and development and the ongoing expansion in the commercial operations across various regions are also supporting the global commercial water heaters market, substantially.
Moving forward, supportive regulations and policies regarding the usage of renewable sources of energy in a number of applications are projected to play a key role in the growth of this market over the period of the forecast. On the flip side, the need for high capital expenditure for the production of commercial water heaters may limit the market to some extent in the near future. However, the integration of commercial water heaters with new-age technologies is likely to presents an attractive opportunity for water heater manufacturers in long term, states the research report.
The regional analysis of global commercial water heaters market is also presented in this research report. North America emerged as the leading regional market for commercial water heaters across the world. Analysts expect this region to retain its dominance in the near future, thanks to the presence of a well-established commercial sector. Among others, Asia Pacific is anticipated to report the highest growth rate over the forecast period of 2020-2027. “Due to the alarming rise in population in some of the Asian economies, this region has become quite attractive for market players in terms of ample untapped opportunities,” says an analyst at Report Ocean.
Impact of Covid 19 on Global Commercial Water Heaters Market
The commercial sector has been severely hit by the Coronavirus pandemic and so are its related markets, including the market for commercial water heaters. With the lockdown being imposed in several countries, many commercial operations were forced to shut down, reflecting badly on the global commercial water heaters market. However, with the gradual commencement of operations, the market is expected to get back to normal shorty.
Key Findings:
- The presence of a well-established commercial sector is aiding North America to retain its position.
- Rapid commercialization is the main factor behind the growth of the global commercial water heaters market.
The global commercial water heaters market is classified into:
By Type
- Electric
- Gas
- Oil
- Heat Pump
- Solar
- Hybrid
- Others
By Liter
- Below 500
- 500-1,000
- 1,000-3,000
- 3,000-4,000 & more
By Rated Capacity
- Up to 10kW
- 10-50kW
- 50-150kW & more
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- A.O. Smith Corp.
- RHEEM Manufacturing Co.
- Rinnai Corp.
- Solahart Industries
- Carrier Global
- Stiebel Eltron
- Viessmann Group
- NIBE Energy Systems
- Valliant Group
- American Water Heaters
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